Classification of Health Insurance Plans in India

Health insurance plans are policies that provide coverage for your incurred surgical and medical expenses. Depending upon the type of policy cover you chose, you need to either pay the bill first and then get reimbursement or avail cashless treatment across a network of hospitals under your health insurance provider.

The premium amount of a health insurance cover is according to the policy coverage and it has to be regularly paid since the time of policy inception till the end date. You can avail No Claim Bonus for the claim free years only if you renew your policy on time. If in case, you allow your health insurance plan online to lapse, all the No Claim Bonus benefits will be lost.

Health Insurance Plans in India

Insurance Provider

Plan Maximum Assured Sum Age Tenure (Years)
Apollo Munich Health Insurance Easy Health Plan Standard Variant: INR 15 Lakh

Exclusive Variant: INR 50 Lakh

Premium Variant: INR 50 Lakh

5-65 Years 1 or 2
ICICI Lombard Complete Health Insurance Plan Up To INR 50 Lakh Children: 91

Days Adults: 18

1 or 2
Bajaj Allianz Health Guard Up To INR 50 Lakh Children: 91 Days-30 Years

Adults: 18 – 65 Years

1, 2, or 3
Religare Health Insurance Health Care Plan Up To INR 6 Crore 91 Days 1, 2, or 3
Max Bupa Health Insurance Heartbeat Family First Health Insurance Plan Individual Cover: Up To INR 15 Lakh

Family Cover: Up To 50 Lakh

According To The Policy

1 or 2

Various Types of Health Insurance Plans in India

1. Individual Health Plan

This type of health insurance plan covers a particular individual and offers financial coverage for medical and surgical expenses. With this plan, you can avail benefits such as pre-hospitalisation cover, post-hospitalisation cover, cashless treatment, reimbursement, etc. However, the entire medical cover is for the policyholder only.

2. Family Health Plan

As the name suggests, these plans are for your whole family. This type of health insurance policy cover can be availed once or many times by one or more family members. However, the overall amount covered under this plan is fixed for the whole family. Additionally, these insurance plans are expensive.

3. Senior Citizen Health Plan

Senior citizen health plans are for people of age 60 years or more. This is availed to cover old-age illnesses and hospitalisation charges. However, the full medical history should be disclosed at the time of the purchase of the plan.

4. Critical Illness Health Plan

Critical illness insurance cover can be availed as an add-on for an existing plan or as a standalone policy. It is provided for critical illnesses such as paralysis, kidney failure, cancer, etc., and the sum assured is also high because these illnesses cost more.

5. Unit Linked Health Plan

Unit Linked Health Plans commonly referred to as ULHPs have recently become popular because of its insurance + investment option. Apart from offering health cover, a certain amount is invested to enable you to pay remaining or additional medical expenses.

Importance of Buying a Health Insurance Plan

1. Financial Security

The charges of medical services are rising every year. In a situation like this, if you or someone from your family is admitted to the hospital or require urgent medical care, how will you manage the expenses? These expenses involve numerous charges such as hospitalisation charges, doctor’s fees, post-hospitalisation charges, etc. All of this requires a lot of money, which can be easily arranged if you have a health insurance cover.

2. Cashless Treatment

Most insurance providers have tie-ups with renowned hospitals across the nation. You can go to these hospitals, avail cashless treatment and drop your worries about arranging huge sums of money at short notice. There will be no hassles of reimbursement, as the health insurance provider will directly clear your bill.

3. Pre and Post Hospitalisation Cover

Health insurance covers pre and post-hospitalisation charges for some days. This will provide you with relief in terms of money and additional financial security for expenses other than hospitalisation.

4. Medical Check-Up

Health insurance plans offer some free medical check-ups every year if you have a good No Claims Bonus history. You can go to one of the certified hospitals and get a regular check-up to determine if you are healthy.

Best Health Insurance Cover: Compare Policies First

It is important to buy a health insurance plan to secure yourself from the medical expenses and hospitalisation expenses. However, it is also necessary to choose the right policy with required add-ons to avail the best possible coverage. Compare health insurance plans on first, list out the pros and cons of different policies, and select the one that matches your needs.