Health Insurance Plan: Types and Benefits

Health insurance is another type of insurance that has been on trend for a few years. Like Life Insurance, there is great importance this type of insurance too. Yes, Health insurance is insurance that helps extend the financial coverage at the time of medical treatment. Intent to extend the financial support to you we have mentioned about Health Insurance Plan, its types and benefits for us.

Understanding Health Insurance Policy

Health insurance is intended to protect you financially against hospitalization expenses, prescription charges, and other medical expenses. With rising medical and hospitalization expenses, purchasing health insurance is no longer simply a choice; it is now a requirement if you seek the top medical treatment without stressing the financial burden it could put on your budget.

After you have signed up for the premium plan, it covers all the expenses you must pay in the form of surgeries, hospitalization, and other medical treatments. You can purchase health insurance with regular premiums. The premiums are based on age, medical condition, coverage, policy duration, and so on. Be sure to find the most suitable health insurance plans and additional riders that will meet your needs for medical treatment in the future.

Types of Health Insurance

Based on the nature and circumstances, various types and plans also fall under Health Insurance. In essence, based on the nature of the illness and its future possibilities, Health Insurance Policies are divided into various types.

Individual Health Insurance

An Individual Health Insurance plan is designed for one person. As the name implies, it is available to one person. It will reimburse anyone covered by this plan for the costs resulting from illness or medical costs.

These medical insurance plans will cover surgical, hospitalization, and post-medication expenses up to the insurance limit. The plan's cost is determined by the health history and age of the buyer.

Additionally, the insured can also cover their spouse, children, and parents, paying an additional premium under this same policy if you are insured for any illness, a waiting time of between 2 and 3 years before applying for benefits.

Family Health Insurance

Family Health Insurance Policy is an entire health insurance package that protects all members of your family in one coverage. The plan is for all family members, including your spouse, children, and even your elders. In this plan, One family member will be required to pay for the premium while the whole family is covered in one premium.

If two members of your family are receiving treatment simultaneously then you can claim insurance for both of them. Insurance for both until when the limitation is met. The premium amount is determined according to how old a member is covered within the plan.

Employee/ Group Health Insurance Policy

Group Health is one of the current market's newest varieties of health insurance plans. Numerous large and medium-sized companies offer this insurance policy to their employees. The business's employer purchases this kind of health insurance for its employees.

The price of this insurance policy is significantly less than that of the Individual Health Insurance Policy. It is given to the employees' group to help with the financial crisis and ensure prudence within the company.

Senior Citizen Health Insurance

As indicated by the name, these kinds of Health Insurance in India provide insurance to people older than 65. If you're planning to purchase the insurance plan for grandparents or parents this is the most suitable insurance policy for you.

The Senior Citizen Health Insurance will provide you with insurance for medical treatment and hospitalization costs, regardless of whether it is due to a health issue or an accident. It covers hospitalization costs and post-treatment costs as well. Additional benefits such as Domiciliary Hospitalization, Psychiatric, and other benefits are also covered.

Personal Accident Insurance

The amount of road accident instances can lead to people's death or disability, and the cost of treating them can be a little traumatic. Therefore, taking advantage of your Personal accident insurance is a wise decision.

The policy will pay an unspecified amount to the victim or their family members as support. These Personal Accident Insurance Plans are vital to you.

It also offers additional coverage such as temporary total disablement, help service, emergency services worldwide, and accident in-patient hospitalization based on private accident plans.

Critical Illness Insurance Policy

A Critical Illness Insurance plan ensures the individual by providing a lump sum of money to treat life-threatening illnesses. When you purchase the insurance plan, the conditions are included, and if you are affected by any of the listed diseases, you may claim your insurance benefits.

Hospitalization is not required for filing an insurance claim under this kind insurance policy. insurance policy. Only the confirmation of illness will allow you to avail yourself of the advantages of the insurance. The amount it will pay is determined before the post-hospitalization and pre-hospitalization expenses.

Cancer, Aorta graft surgery, Kidney failure, Stroke, Paralysis, Heart attack, etc., are listed on Critical Illness diseases.

Benefits of Health Insurance Policy

Medical emergencies can strike at any time regardless of your well-being or your disciplined lifestyle. Therefore, it is essential to plan and protect yourself and your family members from any medical emergency. To do this, we need an insurance plan. Take a look at these advantages of Health Insurance.

Financial Coverage

The most crucial reason for insuring is to safeguard against financial loss. Since there is no way to stop the uncertainty and severity of risk, they can fill it by providing financial assistance to the insured. To receive financial assistance or cover the losses and incidents is the only benefit of a health insurance policy.

Medical expenses coverage

Since it's financial protection that allows you to get the top medical treatment with no strain on your budget is the goal of health insurance. Health insurance plans protect against the high cost of medical treatment.

It covers hospitalization costs, day-care procedures, and domiciliary and ambulance expenses. Therefore, you can be focused on recovering quickly instead of worrying about expensive costs.

Cashless Claim Service

With cashless claim options, you can receive treatment at the most renowned hospitals in India without having to pay anything out of pocket. All you have to do is get admitted to one of the hospitals within the network to the insurer's tie-up.

After you have informed the TPA (third party administrator) and the insurance company about your admission to the hospital, they will inform the medical staff at the hospital and pay the cost immediately. The treatment costs must be within your coverage amount to be eligible for a cashless claim.

Coverage against critical illnesses

Insurance companies nowadays provide critical illnesses insurance as an independent plan or an optional rider. The insurance policy protects against serious illnesses like kidney failure, bone marrow transplants, stroke, and loss of limbs, among others.

When you're diagnosed with one of the severe illnesses on the list predetermined by your insurance, you are eligible to receive an amount in a lump sum. We may use this money to pay for the cost of treatment for your illness, daily expenses, and all other financial obligations.

Tax Benefits


According to Section 80D in the Income Tax Act, the amount you pay for health insurance coverage covered under 80D is exempt from the tax burden for the specific year. The exemption is available for individual plans and family floater policies that include your spouse, you, children, and parents.

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