Everyone wants to keep himself/herself fit and healthy. When you are healthy, you find yourself in the right frame of mind to handle any obstacles that you face. You make healthy choices, indulge in a regular workout session, and follow a good diet, but may still find yourself falling sick which needs medical attention.
Medical exigencies can hit anyone and at any time. Due to its unpredictability, you need to stay prepared on the financial front to treat them. The costly medical treatment is always a reason for worry for most people. When it comes to medical care, its ever-rising cost will burn a hole in one’s pocket. The medical inflation in India is estimated at a rate of around 15% and it may increase further, which would make medical treatment unaffordable for most people. Having Individual Health Insurance is an ideal way out.
Table Content
- What is an Individual Health Insurance Plan?
- Individual Health Insurance Plans in India
- Exclusions under Individual Health Insurance Plans
- Coverage under Individual Health Insurance Plans
- Tax Benefits under Individual Health Insurance Plan
- Key things to consider before buying an Individual Health Insurance Plan
- Health Insurance Plans Online
- Steps to buy online Health Insurance Plan
- What are Different Types of Single Health Insurance Plans?
- Let’s know about Inclusion and Exclusion in an Individual Health Insurance Policy.
- Final Words
- Related posts:
What is an Individual Health Insurance Plan?
An individual health plan provides comprehensive health coverage for an individual against medical exigencies. It covers the medical expenses incurred for injuries, illnesses, or other medical conditions and thus served as a financial guard against medical expenses pertaining to the hospitalization. An individual health insurance plan is designed to cover the policyholder against expenses incurred while receiving the medical treatment. You can avail the of cashless hospitalization when hospitalized in a network hospital (as listed by the insurer). You have the option to get the reimbursement of medical expenses from the insurer after discharge from the hospital, in case you are hospitalized in a non-network hospital.
An individual health plan can be bought by an individual aged 18 years or above. When you buy a plan, you need to pay the premium amount as determined by the insurance company and the insurance company is obliged to pay the permissible medical expenses up to an amount equal to the sum insured available during a policy year.
| Suppose, you bought an individual health plan with a sum insured of Rs 2 lakhs. In case, you become hospitalized due to a medical condition and if the cost of the medical treatment/ procedures is Rs 1.8 lakhs, the insurance company will pay the entire bill amount. In other scenarios, if the medical treatment cost is Rs 2.15 lakhs, the insurance company will pay for an amount up to the sum insured (Rs 2 lakhs) and the rest of the amount Rs 15,000 will have to be paid from your pocket. |
Individual Health Insurance Plans in India
| Plan Name | Minimum Entry Age | Sum Insured | Pre Existing Diseases | Co- Payment | No Claim Bonus | Pre & Post Hospitalization |
|---|---|---|---|---|---|---|
| Care Policy | Child: 91 days, Adult: 18 years | 3 Lakh to 75 Lakh | Covered after 4 years | Applicable | Up to 150% of SI | 30 & 60 days |
| Future Health Suraksha-Individual Policy | Child: 90 days, Adult: 18 years | Rs 50,000 to 10 lakh | Covered after 4 years | Applicable | Up to 50% of SI | 60 & 90 days |
| ICICI Lombard Complete Health Insurance Plan | Child: 6 years, Adult: 18 years | 3 Lakh to 50 Lakh | Covered after 4 or 2 years, depends on SI opted | Not applicable | Up to 50% of SI | 30 & 60 days |
| HDFC ERGO Health Optima Restore Individual | Child: 91 days, Adult: 18 years | 3 Lakh to 50 Lakh | Covered after 3 years | Not Applicable | Up to 100% of SI | 60 & 180 days |
| ManipalCigna ProHealth Protect Plan | Child: 91 days, Adult: 18 years | 2.5 Lakh to 10 Lakh | Covered after 4 years | Applicable | Up to 100% of SI | 60 & 90 days |
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