What are the Various Types of Health Insurance in India

In the individual type of health insurance plans, the person buying the insurance is the sole beneficiary of the health insurance. It ensures that the policyholder is covered in the event of a medical emergency. This type of health plan can cover a variety of medical expenses while the policy is still in effect. However, the sum insured and the health insurance premium payable may be influenced by variables such as the individual purchasing the health insurance's age, gender, smoking habits, and so on.

Family floater plan is a type of health insurance than can be used to cover medical costs for family members like your spouse, parents/in-laws and dependant children/siblings in addition to yourself. Family floater health insurance is the way to go if you want to buy health insurance for you and your family without having to pay premiums for multiple policies. Additionally, these medical insurance policies have a collective sum insured that keeps premium prices reasonable while providing adequate health cover for multiple family members.

Among the different types of health insurance policies, group health insurance is often provided by companies to their employees. The low cost of premiums on group health insurance is the reason for purchasing it as an incentive for employees. It is not only convenient for the employer but also for the employees because insurance companies frequently offer refills on the assured sum. However, the low premiums required for such group insurance policies do have a drawback – the sum insured for these health insurance policies is quite low.

Among other types of health insurance policies in India, Senior Citizen Health Insurance is more expensive. It is because people in their late adulthood, which begins at the age of 60, are more vulnerable to critical illnesses and diseases. As a result, this type of health insurance covers medical expenses such as medication, pre and post-treatment care costs, and critical and terminal illnesses.

In some cases, senior citizens are required to undergo a full body examination. This aids in determining the health insurance premium rate and maturity value.

Maternity health insurance is one of the types of health insurance that is appropriate for couples or families who are planning to have a baby. If you are looking for family planning insurance options, this is a viable investment. It will assist in covering both pre and post-delivery costs, as well as the infant's expenses for a period of 90 days, including all pregnancy-related expenses. However, the waiting period for this type health insurance variant can be up to two years or longer.

Critical illnesses like heart disease, stroke, lower respiratory infections, Alzheimer's disease, and other conditions are on the rise. Such diseases impose a significant financial burden on individuals. A critical illness insurance policy , which is usually provided as an add to term insurance plans provides a lump sum payout in the event the insured person is diagnosed with a critical illness as per the list provided by the insurer. However, the cover is terminated after the diagnosis and the lump sum assured amount is paid out by the insurer.

There is an additional option known super top-up health insurance , however, that is not a unique health insurance variant or type. It is a feature that may be available with any of the health insurance types mentioned above.