An Overview of the Different Types of Health Insurance Policies

An Overview of the Different Types of Health Insurance Policies

A health insurance plan extends monetary protection to you and your loved ones in the event of hospitalisation or a medical emergency. But health conditions differ from person to person and so one size doesn’t fit all. You may have a genetic illness such as diabetes, while someone in your family may suffer from a heart ailment. You may want to cover just yourself in a policy or may want to include your dependents too. To ensure that everyone’s needs are met sufficiently, insurers offer different types of health insurance plans.

By understanding the different types, you can choose the one that’s ideal for your needs. So take a look at the various health insurance plans below.

Individual health insurance policy

If you wish to insure just yourself, then an individual health insurance policy is the one you should pick. It covers only your hospitalisation and medical treatment as per the terms of the policy. Typically, your dependents can’t make a claim on your individual health insurance policy unless it offers a death benefit in which case the nominee will receive the amount.

Family floater health insurance policy

If you wish to insure yourself and your dependents with a single health plan, then apply for a family floater policy. The sum insured of a family floater health insurance policy can be utilised by all family members who are policyholders. If your parents are dependent on you and you have a family of your own, this is an affordable, convenient option.

Top-up health insurance policy

If you feel that your basic health insurance coverage is inadequate, you can enhance it by availing a top-up health insurance plan. It offers extra coverage that comes into play once you use up your primary policy’s coverage. This policy is valid only until you make a claim.

Critical illness health insurance plans

If you or a loved one is likely to suffer from a critical illness such as a heart ailment, kidney failure or cancer, you should consider a focused critical illness insurance policy. It offers a lump sum benefit if you are diagnosed with any of the illnesses specified in the policy document. Alternatively, you can also avail a critical illness add-on but note that its benefits may not be as extensive.

Group health insurance policy

A group health insurance covers the healthcare expenses of an entire group like the employees of an organisation. It has perks like low premiums, discounts and waivers, no medical examination and no waiting period for pre-existing diseases. However, group insurance ceases to cover your healthcare expenses if you leave the group. If you’re purchasing this policy for your employees, for example, you also have the ability to customise it to an extent.

Personal accident cover

To protect your health in the event of an accident it is important to buy a personal accident cover. This not only covers injuries but also accidental death and total/partial disability. You can purchase a personal accident cover as a standalone policy or as a rider to cushion the blow of expenses that you are likely to incur.

Maternity health insurance

A maternity health insurance is tailor-made for pregnant women. Generally, such policy covers both the mother and the new born against delivery, pre-natal, post-natal, and other hospitalisation expenses. You can purchase it either as a standalone policy or as a rider.

Using this overview as your frame of reference you can buy health insurance plans that best suit your needs. Regardless of which policy you wish to buy, consider purchasing it from Bajaj Finserv. You can enjoy coverage up to Rs.50 lakh, easy claims, cashless facility, free health check-ups and more depending on the policy you choose. Also, Bajaj Finserv Health Insurance plans cover alternative treatment methods like Ayurveda and Unani and are easy to apply for. You can do so simply and quickly by choosing to apply online. To get immediate medical coverage check your pre-approved offer from Bajaj Finserv.