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Knowing about types of health insurance in India

There are numerous types of health insurance plans available on the market these days. These plans are offered to help Indian citizens get adept and timely assistance during a medical emergency. Buying health insurance plans with great care will help you get maximum benefits of the plan. Using quotes online will help you get the best plan available on the market.

The attentiveness for buying health insurance in India is ultimately rising. Individuals have apprehended that purchasing a medical insurance plan is a long term investment. In order to tap this developing request, health insurance providers offer numerous types of mediclaim plans to appeal their clienteles. Before starting the purchasing procedure it is essential to be acquainted with the diverse types of medical insurance policies that are accessible in India.

1. Individual Health Insurance Plan

Individual plan also acknowledged as the ‘Standard Mediclaim policy’ is one of the simplest forms of insurance. It is available with all health insurance corporations in India. This plan is intended to cover hospitalization expenditures for an individual up to the sum guaranteed of the plan.

2. Family Floater Health Insurance Plan

Family floater insurance plan is also one of the most common types of health insurance plans in India. It provides a cover to the entire family under one umbrella. The plan covers self, spouse and 2 dependent kids in a single plan. Some health insurance corporations also authorise parents or parents in law under the same plan. The key feature of this insurance plan is that the sum guaranteed floats amongst the family members recorded in the plan. The whole sum assured can be used either by a single member of the family registered in the plan or it can utilized by more than one member in the same year.

Quotes for a family health insurance are inexpensive as compared to the total quotes for individual insurance plans. In simple words, family floater plan proposes a wider cover at a lower premium.

3. Critical Illness Health Insurance Plan

The critical illness health plan offers cover only for the critical sicknesses stated in the plan phrasings. The highpoint of this plan is that the covered individual obtains a lump sum amount (regardless of the hospital bill) as stated in the plan on being identified with a serious illness (as demarcated by the insurance corporation).

4. Senior Citizen Health Insurance Plan

The plan caters to entities above the age of 60 years. This plan has a shorter waiting period. The senior citizen plan usually has a developed renewable age and the premiums are also higher.