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Types of Health Insurance Plans in India


Health insurance is the most important and cost-effective way of protecting your finances. It is an imperative decision that requires you to be careful while buying. By saying that, without knowing the types of health insurance plans available in India, you can’t ensure the right deal!



The exponential upsurge of quality healthcare expenses has made it compulsory for everyone to be covered with a health insurance. Health insurance mitigates those unexpected financial burden arising out of an accidental hospitalisation or illness. Buying health insurance in India is easy, only if you approach the right way. In this regards, to guarantee a sufficient coverage you should be well aware of the types of health insurance policies. Below is the rundown on the different types of health insurance that you can consider as per your insurance needs:

Different Types of Health Insurance Plans in India


There are two types of health insurance policies -


  1. Indemnity Plans

  2. Defined-benefit Plan


  1. Indemnity Health Insurance


Indemnity plans are the traditional health insurance that covers your for hospitalisation expenses up to the sum insured. These plans include:


  1. Mediclaim Insurance

  2. Individual Coverage

  3. Family Floater Coverage

  4. Senior Citizen Coverage

  5. Unit Linked Health Plans


1. Medical Insurance


Mediclaim insurance compensates you for the hospitalisation expenses incurred due to illness or accidental stay. It includes in-patient expenses such as nursing charges, surgery expenses, doctor’s fee, oxygen, anaesthesia etc. This insurance is known as Mediclaim Policy that is available in the market as group Mediclaim, individual medical insurance overseas medical insurance etc.


2. Individual Insurance


Individual insurance policy is meant for an individual only. Under this policy, you are entitled to receive the incurred amount during a hospitalisation. The insured can claim up to the basic sum insured. With this policy, the covered members get individual sum insured. For instance, if you own an individual health cover of Rs. 1 lakh where your spouse is also covered, you both can claim up to Rs.1 lakh, individually.


3. Family Floater Plan


This policy comes with a twist and meant for the entire family. You can cover your complete family under a single plan with Family Floater health insurance policy. The sum insured is equally divided among the members. One positive thing is that the premium that you shell out with these plans are comparatively lesser than the individual or Mediclaim policies.


4. Unit Linked Health Plans


Unit Linked Plans, commonly known as ULIPs are investment cum insurance plans that come with the dual benefits of investment and insurance. With this plan, a portion of paid premiums are utilised in the stock market and the insured is offered with insurance coverage. The returns are based on how the market performs.


5. Group Mediclaim


Group Health Insurance plans are gaining popularity among the medium or large scale enterprises which are offered by the employers. This policy is helpful in retaining the talent within an organisation. With health insurance plan becoming imperative, the employers cover their employers for a financial crisis and prudence.


2. Definite-Benefit Plans


On the other hand, under a defined-benefit plan, the insured is compensated a lump sum amount on the detection of illness. These plans include:


  1. Critical Illness Plan

  2. Hospitalisation cash benefit plan

  3. Personal Accident Plan



1. Critical Illness Plan


This plan is especially design to treat certain specific illness. With lifestyle disease are on the rise, covering yourself against these illnesses has become imperative. As treating these can be an expensive affaire, especial for a middle-class family, buying critical insurance you can mitigate those expenses up to an extent. On the detection of an illness, it pays a pre-decided amount towards treatment, irrespective of pre-or post hospitalisation expenses. The major diseases that are covered most of the critical illness plans include:


  • Major organ transplant

  • Cancer

  • Stroke

  • Aorta graft surgery

  • Multiple sclerosis

  • Kidney failure

  • Paralysis

  • Coronary artery bypass surgery

  • First heart attack

  • Primary pulmonary arterial hypertension


2. Hospital Daily Cash


This coverage is offered by some of the health as an in-built cover under their health insurance coverage. Under this policy, the insured is paid with a daily cash allowance up to a certain limit, apart from the hospitalisation expenses.


3. Personal Accident Plan


This policy covers the owner/driver against an accidental injury or death. A lump sum amount is paid to the insured or its family in case of death, loss of income due to permanent partial or total disability.


The Bottom Line!


The soaring medical costs have made it almost compulsory to own health insurance plan in India. You may find a variety of health insurance plans available to cater to your different insurance needs. However, it requires thorough research of the market before zeroing down on a plan. Hence, it becomes vital to compare the different insurance types online in terms of their offerings, premium or claim settlement ratio of the insurers. It is observed that, most of the time we end up paying an exorbitant premium without getting the sufficient coverage. It wouldn’t happen if you go with a proper comparison and buy. There is no dearth of types of health insurance policies in India. It’s just you have to be proactive and careful to ensure the right one. In this regard, you can consider the afore-mentioned types of health insurance and cover yourself for the unforeseen!

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