The awareness for buying medical insurance in India is finally growing. People have realized that buying a medical insurance is a long term investment. To tap this growing demand, medical insurance providers offer various types of mediclaim policies to lure their customers. Before starting the buying process it is important to know the different types of medical insurance plans that are available in India.
1. Individual Health Insurance policy
Individual policy also known as the 'Standard Mediclaim policy' is one of the simplest forms of insurance, and is available with all health insurance companies in India. As the name suggests, this policy is designed to cover hospitalization expenses for an individual up to the sum assured of the plan.
For instance: Mr. Ram has an individual policy for Rs 3 lakh. If Mr. Ram is hospitalized, the insurance company / TPA will bear the medical expenses up to a maximum limit of Rs 3 lakh.
2. Family Floater Health Insurance
Family floater insurance policy provides a cover to the entire family under one umbrella. This plan covers self, spouse and two dependent kids in one policy. Some medical insurance companies also permit parents or parents in law under the same plan.
The main feature of this insurance policy is that the sum assured floats among the family members listed in the policy. The complete sum assured can be used either by a single member of the family listed in the policy or it can used by more than one member in the same year.
Quotes for a family floater health insurance is cheaper than the total quotes for individual insurance policies. In simple words, family floater policy offers a wider cover at a lower premium.
3. Critical illness Health Insurance policy
The critical illness health policy offers coverage only for the critical illnesses mentioned in the policy wordings. The highlight of this plan is that the insured individual receives a lump sum amount (irrespective of the hospital bill) as specified in the policy on being diagnosed with a critical ailment (as defined by the insurance company).
4. Senior citizen Health Insurance
As the name suggests, the senior citizen policy caters to individuals above the age of 60 years. This policy has a shorter waiting period. The senior citizen policy generally has a higher renewable age and the premiums are also higher.
Each type of insurance policy has its own set of advantages and drawbacks. The best policy that suits your needs would depend upon various factors like age, budget, number of individuals to be covered etc. Whatever you buy, you need a specialized agent to assist you and help you buy medical insurance
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