Health services are becoming more and more expensive. If there is a chance of hospitalization due to some serious illness, then not only the budget gets messed up, but future financial goals are also badly affected because sometimes our savings also have to be spent in treatment. In such a situation, health insurance is becoming increasingly popular with time and its demand is increasing not only in cities but also in small towns and cities. However, it is not enough to just buy a health insurance policy, but a health insurance policy should also be appropriate. In such a situation, before purchasing any health insurance policy, understand about its various forms and then take it according to your needs.
There are two types of identity plans
There are basically two types of health insurance plans – Indemnity Plans and Defined-benefit Plan. Idemnity plans are traditional health insurance covering hospital expenses and its maximum limit is equal to the sum insured. On the other hand, under the defined benefit plans, the insured gets a lump sum after the illness is detected.
Avoid These 6 Mistakes While Buying Health Insurance, Hospital Expenses Will Be Concerned
Indemnity Health Insurance
- Medical Insurance: Under this, expenses are covered in case of illness or accident due to hospitalization. This includes nurse charges, surgery expenses, doctor’s fees, oxygen, anesthesia etc. This is called Mediclaim Policy, which is available as Group Mediclaim, Individual Medical Insurance, Overseas Medical Insurance etc.
- Individual Insurance: Under this policy, hospital expenses are covered up to an amount equal to the basic sum insured. Under this policy, covered members are individual sum insured, ie if you have individual health cover of Rs 10 lakh and your wife / husband are also covered in it, then both can claim claims of up to Rs 10 lakh.
- Family Floater Plan: Under this, the whole family can be covered under one policy. Under the family floater health insurance policy, the sum insured is divided equally among all the members. The special feature of this policy is that instead of taking a separate health policy for all the members, the family floater health insurance policy will have to pay a lower premium.
- Unit Linked Health Plans: This is a plan offering benefits of both investment and insurance. A part of the premium paid under this is invested in the stock market and the remaining portion provides insurance coverage. Returns depends on the market.
- Group Mediclaim: It is becoming increasingly popular to provide health insurance cover to its workers by medium and large category companies. This policy is very helpful to keep your employees engaged with the company.
How is the Critical Illness Policy different from a common health insurance policy? What is the benefit of investment in it?
Definite-Benefit Plans
- Critical Illness Plan: This policy is designed to cover critical illnesses. It is not possible for the middle class family to bear the expenses of some serious diseases, then such a policy proves very helpful. Under this policy, the hospital bill can be reduced to a limit. Under the policy, the insured gets a predetermined lump sum after the illness is detected. Under this policy, cancer, stroke, kidney failure, paralysis, coronary ortery bypass surgery, primary pulmonary arterial hypertension, transplant of major organs, etc. are covered.
- Hospital Daily Cash: It is offered as a built-in cover of health insurance coverage. Under this, the insured gets cash up to a specified limit every day in addition to hospital expenses.
- Personal Accident Plan: Under this policy, the owner / driver of the vehicle gets coverage in case of injury or death due to an accident. A lump sum is given to the insured’s family on death and to the insured in case of permanent partial or complete disability.
(Source: PolicyBazaar)
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