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What Is Micro Health insurance? Do You Need It?

India comes top in the list of developing country, but they are not developed yet. A data by the World Bank in 2019 stated that more than 65% population of India are from rural areas. People living in rural areas are more prone to illnesses and injuries. And the healthcare sector in these areas is still developing. So, to get proper medical treatment, people from rural areas have to travel to semi-urban or urban areas.

We all know that cost of basic healthcare in India has skyrocketed enormously in the last few decades. This as result has taken a major toll on the finances of the common man. Especially, now when the majority of Indian rural area is infected with COVID-19 and they need proper financial security. This is where micro health insurance helps people. 

Micro health insurance is specially designed to help the rural sector of our country. This insurance provides coverage to individuals that are living in rural sectors. Some of the features of micro health insurance are mentioned below: 

You will get a limited sum insured under this plan, which ranges from Rs 1 lakh to Rs 5 lakh.

  • This insurance is highly affordable as premium rates are on the lower side.
  • This policy comes with the tenure of a year only.
  • This policy covers all the family members if taken on a family floater basis.
  • No medical check-ups are required before buying this plan as the sum insured is low.
  • The policyholder should be 65 or less.
  • One can renew this plan lifelong without any hindrance. 
  • Now let's talk about what is covered and what is not covered under this plan. Given below are the benefits that you will be eligible for if you buy this health insurance online:

  • Coverage for both pre-hospitalization and post-hospitalization expenses.
  • The policyholder will get co​verage against the hospitalization bills. For that, a policyholder should be hospitalized for 24 hours or more.
  • It will also provide coverage for day-care treatments.
  • The cost of the ambulance will also be paid under this plan.
  • Micro Health insurance In India

    As of now, there are only a few insurance companies in India that offer micro health insurance plans for the population of rural India. This plan provides extremely good coverage to the rural population at an affordable premium rate. The main objective of this plan is to provide financial support to the people of rural areas so that they can get the best treatment without using their hard-earned savings. 

    Other than this plan, the Government of India has introduced several health plans for the poor and backward class of our country. One of the most popular health plans is the Ayushman Bharat Scheme or the Pradhan Mantri Jan Arogya Yojana or PMJAY. This plan has revolutionized the health insurance sector in India, especially for low-income class individuals.

    Under this plan, the policyholder only has to pay Rs 30 as a premium and they can get a coverage of Rs 5 lakh. Another scheme introduced by the Government of India is the Aam Aadmi Bima Yojana scheme. However, this plan is not open for everyone as it only provides coverage to individuals engaged in 48 specific occupations such as fishing, weaving, etc.