Health insurance works as a financial protection too against medical expenses. It is an insurance which usually provides either direct payment or reimbursement for expenses associated with illness, injuries and hospitalization as detailed in the scope of the policy cover. The cost and range of protection provide by the health insurance depends of the insurer and the specific policy purchased. Some policies also cover pre-and post-hospitalization expensed.
Starting age is 18 which goes up to 60 in most cases, depends on the policy type and insurer
Young dependents can be added to polices taken by adults
Maximum age till which cover is offered
75years in most cases
Some policies offer cover for life
It's an annual renewal policy in case of most policies across Insurance
Depends on Insured's age an state of health
Depends on policy type and sum assured
Depends on Insured's age and state of health
Depends on policy tenure
Premium frequency is annully
Offers additional cover in the form of riders
Grace period in premium payment
Individual, Family and group
||What is offer
||Lump sum payment in case of death due to accident.
|Permanent total disability
Lump sum payment in case of loss of limbs resulting in permanent total disability
||Anyone who is mostly traveling by public transport, and is in a job where accident risks are high (construction sites, manufacturing setups etc.) Also for those who don’t have financial dependents.
|Permanent partial disability
||Lump sum payment in case of permanent partial disability, for instance partial vision or hearing loss.
|Temporary total disability
||Lump sum payment in case of temporary total disability arising form an accident; for instance fractured leg.
|Individual health plan
||These are traditional healthcare plans modeled on the old mediclaim type polices offered by the PSU insurers. Typically, the benefits include room, board and other hospital service such as x-ray lab expenses and operating room use. The cover extends to pre-and post-hospitalization and diagnostics, subject to limit and conditions in the policy
||Acts as the base of your health insurance portfolio and is a must even if it is provided by an employer.
|Family floater plan
||An extension of the individual plan, these cover a family by spreading the risk across the members. For instance, a Rs.2 lakh cover is spread across four family members; two adults and two children.
||For those who can not afford individual plan for the entire family; a floater is a good start. It is also good for those who have a cover from employer to augment
|Senior citizen health plan
||Most individual health plans are capped at 60 year; these are plans for senior citizens and come with a lower value of cover
||These who are senior citizens and looking for a basic health cover.
|Groups health plans
||For employee in organizations, comes with certain additional benefits