What Are the Most Commonly Bought Medical Insurance Plans in India?
Medical insurance plans are one of the primary tools used by an individual to plan one’s finances and periodic budget. Unfortunately, healthcare costs and requirements are quite high and can cause a dent in the wallet. Moreover, it is impossible to account for medical emergencies in advance, which is why the role of medical insurance plans is so valuable. Medical insurance is an insurance coverage that offers the insured financial protection against losses or medical expenses incurred when coping with an illness, a chronic ailment, or injury.
Understanding the diverse types of medical insurance plans in India is a must if you wish to safeguard yourself against unforeseen expenses. Here are the most commonly bought medical insurance plans in India.
- Individual Health Insurance
An Individual Health Insurance is a medical insurance plan in India that provides coverage for hospitalisation, surgery, and an array of different medical expenses incurred by a single individual wherein the insured can fully claim the coverage. This is one of the most sought after plans due to its flexibility and convenience for a single individual in accordance with his/her requirements.
- Family Floater Health Insurance
As the name suggests, this is an immensely popular medical insurance plan in India for families. In Family Floater Health Insurance, a single sum insured applies to all the family members insured. A Family Floater Health Insurance Plan is beneficial & affordable for families since the premium is relatively lower in comparison to Individual Health Insurance policies. Individuals can incorporate their spouse, children, and parents in a Family Floater Health Insurance. This makes it an attractive plan for all types of families.
- Senior Citizen Health Insurance
A Senior Citizen Health Insurance is an invaluable medical insurance plan in India as it safeguards senior citizens who are often prone to illnesses and emergencies. This type of health insurance adds an additional layer of safety for individuals typically above the age of 61. It extends financial security by offering high coverage sums in addition to customisation benefits, and a variety of other helpful features.
- Maternity Insurance Plans
A Maternity Insurance Plan is typically offered as an add-on or additional rider along with the main insurance policy – this helps in lowering the burden on the individual’s pocket. This medical insurance plan in India covers expenses pertaining to both standard baby delivery methods – caesarean and normal delivery. All the costs incurred in the prenatal stage, delivery, and postnatal stages are included in this insurance plan. Newly married couples and young families should highly consider buying this policy before it may get too late.
- Diseases Specific Health Insurance
A Disease-Specific Health Insurance offers coverage for the treatment costs related to a specific disease such as diabetes, hypertension, cardiac ailments, and dengue. These costs range from diagnosis to advanced treatment for all stages of the disease. This medical insurance plan in India is affordable and ideal for individuals looking for cost-effective plans and those who may not be able to access other plans due to pre-existing health complications.
- Critical Illness Plans
‘Critical Illnesses’ are deemed as life-threatening; these include conditions such as cancer, stroke, paralysis, coma, and major-organ transplants. They have a serious effect on an individual’s well-being and require immediate care and attention. These medical insurance plans in India are designed to offer coverage against these life-threatening conditions that may arise. In this plan, the insured receives coverage after the illness is diagnosed. It covers expenses ranging from treatment and medication to recuperation expenses.
If you are interested to understand more about medical insurance plans in India, you can visit Care Health Insurance – a leading health insurance provider offering flexible, customizable, safe, and seamless medical insurance plans for all types of needs. The user-friendly portal allows users to browse through different plans and decide in one hassle-free process.
About the Author
Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.
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