A health insurance policy covers medical expenses incurred as a result of an accident, illness, or injury. An individual can acquire such insurance for a set policy tenor by paying monthly or annual premiums.
Online health insurance is a cost-effective and convenient way to obtain financial security in case of medical emergencies.
Here are different types of health insurance plans in India:
Individual health insurance
A single policyholder is covered under this plan. The quantity of coverage will be determined by the insured person's age, medical history, and location if it is in a large city.
Family health insurance
A family health insurance policy is a type of health insurance that covers all members of your family under a single premium and a fixed sum insured. This policy gives guaranteed coverage up to six members in the family at the same time for hospitalisation, or any medical expenses incurred against the treatment taken for any illness or injury.
Critical health insuranceFor severe illnesses such as cancer, kidney failure, brain tumour, and others, a critical illness plan provides a fixed benefit/payout. When a policyholder is diagnosed with a critical condition, the plan offers a lump sum payment, allowing him to receive intensive medical care without worrying about the costs.
Senior citizen insurance
A senior citizen health plan is tailored to persons over the age of 60. The plan focuses on medical contingencies (which may vary according to the policy) for people of a certain age and allows them to receive healthcare without worrying about medical bills.
Personal accident insurance
Personal accident insurance is a contract between an insurance company and the person insured. The former agrees to compensate the latter or his or her family financially in the event of death or disability caused directly and solely by accident. If an accident results in an injury that necessitates immediate care, the policy will pay the costs.
Medical bills: Coverage for medical expenses incurred during hospitalisation, prior to and after hospitalisation etc.
Pre-existing diseases: After a specific waiting period, you will be covered for any pre-existing sickness.
Reimbursement of claims: Hospitalization expenses incurred as a result of a medical condition are reimbursed on raising a claim with the insurer.
Tax rebate: Annual premium paid towards health insurance plan are subject to tax exemption under section 80D of the Income Tax Act, 1961. The amount of tax exemption varies between Rs. 25,000 and Rs. 75,000.Hence it is imperative to have medical insurance in today’s day and age due to escalating costs of medical treatments. Online health insurance makes this process extremely easy.