Many people in India are unaware that there are several types of health insurance in India. It is essential to know what these are to make an informed decision. Each plan has its own perks and specific claims, which you must know to ensure you buy the right health insurance.
Types of Health Insurance in India
In this section, you will get an overview of the different types of health insurance in India. The table below highlights the types of insurance and who will benefit the most from each type.
Types of Health Insurance
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Who is it Suitable for?
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Individual Health Insurance
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Individuals below 16 years without any dependants
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Family Health Insurance
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Entire family
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Senior Citizen Health Insurance
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Senior citizens above the age of 65 years
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Group Health Insurance
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Company employees
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Maternity Health Insurance
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Expecting or trying women
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Critical Illness Health Insurance
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People with critical illnesses such as cancer or heart, lung, or kidney problems
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Top-Up Health Insurance
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Individuals/families who want additional coverage on top of their original insurance plan
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Personal Accident Health Insurance
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Individuals who travel often and want partial/complete coverage in case of accident or death by accident
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Disease-Specific Health Insurance
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Individuals who wish to have coverage for a specific disease
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Mediclaim Health Insurance
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Individuals who wish to have their hospitalisation charges covered
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Hospital Daily Cash Health Insurance
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Individuals who wish to have their hospitalisation charges covered
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Unit Linked Insurance Plans (ULIPs)
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Individuals who want insurance coverage and want it to be an investment at the same time
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Now that you have an overview see what these health insurance types mean and what is covered.
Individual Health Insurance
Individual health insurance is for a single individual between the ages of 18 to 65 years. The premium amount varies for each individual based on age, health, and the sum insured. It covers all the regular hospitalisation charges, diagnostic tests, health check-ups, and more.
Family Health Insurance
Family health insurance is a policy that covers the medical expenses of the entire family under a single plan.
- Some policies are limited to immediate family members, including your spouse and 2-3 children.
- Whereas other policies include your extended family, including your parents and parents-in-law.
The sum insured for each family member differs, but all the benefits are the same.
Senior Citizen Health Insurance
Senior citizen health insurance is for individuals above the age of 65 years. The premium rates are higher for these plans as the medical requirements of older adults are more extensive. However, they also include add-on benefits such as coverage for critical illnesses.
Group Health Insurance
Group health insurance is usually offered by employers to employees. It covers all the individuals working directly under the company. The benefits for each individual on the same level are the same. Higher-level employees could have extra benefits or additional coverage.
Maternity Health Insurance
Maternity health insurance is for women who are expecting a child. It covers maternity-related expenses, including prenatal and postnatal care, childbirth, and sometimes newborn care.
Critical Illness Health Insurance
In critical illness health insurance, the insurance company provides you a lump sum of your sum insured in case of a diagnosis. If you have a policy with a sum insured of ₹5 Lakh and are diagnosed with a critical illness included in the policy terms, then the company pays you a one-time amount of ₹5 Lakh and terminates the policy.
Top-Up Health Insurance
A top-up health insurance is purchased to give you additional coverage on top of your primary insurance policy. This is mainly purchased when you have exhausted your primary policy.
Personal Accident Health Insurance
A personal accident health insurance kicks in when there's partial or permanent disability or death due to an accident.
- In case of partial or permanent disability, you could receive weekly or monthly compensation.
- In case of death, the family is paid a one-time lump sum.
Disease-Specific Health Insurance
Disease-specific health insurance focuses on covering specific diseases or a group of related diseases like cancer, diabetes, or heart conditions. Extensive coverage is available, but only the expenses incurred by the particular disease noted at the time of buying the insurance.
Mediclaim Health Insurance
It is a basic health insurance plan that covers the cost of hospitalisation up to a specific limit. It might not have extensive benefits, but on the other hand, the premium is relatively low.
Hospital Daily Cash Health Insurance
In a hospital daily cash health insurance, the insurance company pays a fixed amount for each day of hospitalisation. The cost paid is irrespective of the actual expenses incurred.
Unit Linked Insurance Plans (ULIPs)
Unit Linked Insurance Plans (ULIPs) combine health insurance and investment. A part of the premium goes towards insurance coverage, and the remaining part is invested in equity, debt, or both.
There are unlimited options for different types of health insurance in India. And now you have the information to decide which is the best for you. There are multiple insurance providers in the market, but you can get assured of service and complete customer support from Generali Central. Generali Central health insurance for a trustworthy service.
FAQs
1. How many types of health insurance are available in India?
:There are more than 10 types of health insurance available in India.
2. What is the difference between Mediclaim & health insurance?
:The significant difference between Mediclaim & health insurance is that Mediclaim only covers hospitalisation expenses, but regular health insurance covers broader expenses, including pre and post-hospitalisation charges.
