HEALTH INSURANCE

The most appropriate financial planning tool available in the insurance market is to ensure the safety of one’s loved ones are various health insurance plans that covers each family member.

Let’s face it, medical treatments aren’t cheap in India. Without health insurance coverage you could end up paying off medical bills for the rest of your life. Innovative Insurance can help you find an affordable healthcare plan that’s right for you. Contact us today to learn more.

It will have a single annual premium and a fixed sum insured. There is much more available now with each insurance company. The premium to be paid depends on the age of the family members. It usually covers the policyholder, spouse, and up to 4 children. There are plans in which parents, siblings, and extended family members (such as in-laws) are also covered for an additional premium.

Types of Health Insurance Plans in India:-

Health Insurance in India can be broadly classified into the following types:

★ Family Floater plans: The best and highest selling plan, which covers the entire family in one health insurance plan. It works under the assumption that not all members of a family will suffer from illness at one time. These plans cover hospital-related expenses which can be pre and post hospitalization. Most health insurance companies in India offering family insurance have a wide network of hospitals that help the insured people in times of an emergency.

★Senior Citizen Health Insurance Plans: As the name suggests, senior citizen health insurance plans are for the older people of the family. These plans cover health issues arising during old age. As per IRDAI guidelines, each insurer must provide cover up to age of 65 years.

★Maternity Insurance Plans: Maternity health insurance plans provide coverage for maternity and other additional expenses. These policies take care of both pre and post-natal care, and delivery of baby i.e. normal or cesarean deliveries. Just like other health insurance plans, the maternity insurance providers usually have a wide range of network hospitals and also takes care of ambulance expenses. As you progress and you reach 60 years of age, your body needs special attention. Hence, it is only wise to invest in a health insurance plan that takes care of your specific needs. Various insurance providers have customized plans that are designed for senior citizens and cater to the needs of older people of the society. Some of the best health insurance plans are provided by Star Health Insurance, Bajaj Allianz, Max Bupa, HDFC Ergo Health Insurance (Apollo Munich), ICICI Lombard and Religare Health Insurance,

★ Super Surplus Insurance Plans: Saves you money if you already have an existing plan given by your employer. Works as a add-on or top-up to your existing plan to give you extra coverage at a low cost

★ Hospital Daily Cash Benefit Plans: Hospital Daily cash benefits is a defined benefit policy that provides a certain sum of money for every day of hospitalization.

★ Critical Illness Plans: These plans are benefit-based policies, where a lump sum benefit amount is paid on diagnosis of covered critical illness. These diseases are usually specific, with high severity and low frequency in nature. Hence, the treatment cost is high when compared to day to day medical / treatment need. Some of these illnesses include heart attack, cancer, stroke etc. Women are subjected to a number of health hazards and medical conditions that the other gender does not have to suffer from. This is basically because of the difference in their biological make and the fact that there are several risks associated with pregnancy, childbirth and menstruation. Many insurance providers understand a woman’s plight and have introduced various health insurance plans that combat critical illnesses associated with the fairer sex of the society. Critical illness plan which covers a number of medical conditions such as breast cancer, cervical cancer, burns, paralysis, fallopian tube cancer, uterine or endometrial cancer, vaginal cancer and ovarian cancer.

★ Health Insurance For Parents: As a child, your parents always invested in raising you well and giving you the best. Hence, now it is important that their needs are catered to so that they stay in the pink of their health in their later years. Therefore, various insurance providers have rolled out special health insurance plans that cater to the medical needs of your parents. These plans cover pre and post hospitalization charges, ambulance charges and a few of them are also inclusive of pre-existing diseases.

Here are some major benefits and features of a health insurance plan in India:-

• Cost savings: Buying an individual health insurance policy for each person in the family can be a drain on your wallet. A family floater health insurance plan is more cost-effective. Some providers also provide rebates when you choose a higher sum insured which results in even more savings.
• New member additions: New members of the family can be added into the existing plan without the need to take out a separate one for them.
• Sum insured is larger: Sum insured for each person will be lower under an individual health insurance policy whereas in a family floater plan it will be much higher.
• Streamlined policy/premium: You can save time with a family floater plan because it makes it easier to pay, track, and manage payment of premiums.
• Tax savings: Premiums paid are eligible for tax benefits under Section 80D of the Income Tax Act 1961.
• Restoration of coverage: Some providers offer a feature called Restore Benefit, where you can restore the full coverage if it has been exhausted during the policy period as long as it is for claims that are unrelated.
• Cashless hospitalization: Getting your medical expenses reimbursed afterward can be a hassle and financially challenging as you need to pay the bills upfront. However, with a family floater health insurance plan, you can get cashless treatment in-network hospitals.
• No claim bonus: If there have been no claims during the policy period, you will get an increase in sum insured the next year when the policy is renewed, varies from insurer to insurer.
• Flexibility in policy terms: There are different options available in policy terms, ranging from 1 to 3 years. This is convenient if you don’t want the hassle of remembering to renew your policy every year.
• Newborn and maternity cover: This is very beneficial for those who are planning a family although there is a waiting period for this that varies from insurer to insurer.

There is almost every Company provide this insurance, you may contact us for hassle-free services and a free quote.

If you want to read more about health insurance:-

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Brochures of few best plans in India of various companies:-

• Star Comprehensive Insurance Policy
• Reliance Health Infinity Health Insurance
• Future Generali Health Total Plan