The health insurance market in India is undergoing rapid growth, making it the fastest-growing market in the world. Conventionally, buying insurance plans in India is cumbersome, but it is gradually changing with the rise of insurance companies and digital insurance. In this blog, we will discuss in detail the best health insurance plans in India that you can pick for yourself or your family.
List of Different Types of Health Insurance Plans in India
Let us take a look at the following types of health insurance plans or policies in India:
Individual Health Insurance
Individual health insurance plans are best for any single or unmarried person. This plan covers hospitalisation and medical expenses of that particular individual within the sum insured limit. Additionally, in case of more than one family member, each member under the policy will get the sum insured individually. This insurance policy is one of the most common insurance policies in India.
Family Floater Health Insurance
A family floater health insurance policy is best to cover all medical and hospitalisation expenses for the entire family under a single policy. In this policy, all the family members share the sum insured on a floater basis. One of the biggest advantages of a family health insurance plan is that its premiums are lower than individual mediclaim policies. Moreover, you can opt for Rs. 1 crore health insurance under this plan.
Senior Citizen Health Insurance
This health insurance policy covers all healthcare expenses of individuals above 60 years (senior citizens). It emphasises the health requirements of senior citizens and does not require any pre-medical screening before purchasing the policy. However, the premium costs are comparatively higher than regular health insurance policies due to their increased chances of age-related health issues. Senior citizen health insurance plans are among the best health insurance plans in India.
Critical Illness Insurance
A critical illness insurance policy is beneficial in offering coverage for essential medical and hospitalisation expenses for critical illnesses, such as cancer, lung diseases, kidney failure, and heart-related diseases. After the disease is detected, the policyholder gets the sum insured from their insurer, irrespective of the overall medical expenses. This does not require hospitalisation to raise a claim, and it comes with a waiting period of up to 90 days before the first diagnosis of any particular covered disease.
Maternity Insurance
Maternity insurance is a specific type of women’s health insurance plan that covers all medical expenses of childbirth and pregnancy. It also covers the additional expenses for prenatal and postnatal phases of pregnancy, vaccination, and treatment for the newborn baby. Pregnancy health insurance has a waiting period that ranges from 3 months to 4 years. This particular waiting period makes it one of the best health insurance plans in India.
Personal Accident Insurance
It covers the expenses of the policyholder against any kind of accidental death or physical disability. Under this policy, the insurer pays a certain amount of money to the policyholder in case of loss of income due to partial or permanent disability. In case of death, the insurer pays the entire amount to the nominee. It will financially protect your family against accidents or unforeseen incidents, like death.
Top-up Health Insurance
Policyholders can purchase this insurance policy to cover medical expenses if their base policy gets exhausted. This policy comes with compulsory deductibles and offers a higher sum insured to the policyholders. This is similar to the recharging of your existing health insurance plan. It helps policyholders receive additional medical coverage apart from buying a new policy. Due to its additional advantage, it is one of the best health insurance plans in India.
Mediclaim Insurance
Mediclaim insurance compensates for all the essential hospitalisation expenses occurring due to any illness or accident. It includes several inpatient expenses, like nursing charges, surgery expenses, doctor’s fees, anaesthesia, and oxygen. Unforeseen cases of hospitalisation are one of the biggest concerns in the recent Indian health sector. This health plan covers any kind of unforeseen hospitalisation expenses, which is one of the primary reasons for the financial burden.
Indemnity Health Insurance
Indemnity plans are a special type of health insurance policy where policyholders can claim hospital expenses up to a certain limited amount. Policyholders can make multiple claims till the maximum limit is reached.
These plans have reimbursement and cashless facilities, where the insurance provider reimburses bills after discharge from the hospital. Additionally, you do not need to pay the bills under this plan as the insurer will pay all the bills, along with additional medical expenses.
Final Words
The costs of medical treatments are skyrocketing across India, making quality healthcare unaffordable for many. Investing in top health insurance plans allows access to excellent medical treatment without draining savings. Carefully compare policies and their coverage to choose the best for your family. The ABHA Card is vital, offering a digital health ID for streamlined access to medical history and benefits, improving healthcare management.