Monday, June 21, 2021

What are the types of private insurance available in India?

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We cannot control the uncertainties of the future, but we can avoid it to some extent by taking an insurance policy. Although, there are various insurance options available in the market. So, it is tricky to decide which insurance is best suited for you.

Buying the best type of insurance is always defined by some particular circumstances. Determinants such as family background, employment, income, credit score, age, and lifestyle need to be kept in mind while deciding insurance portfolio.  Thus, it is important to look forward to the different types of private health insurance available in India with their benefits.

Private insurance

Private insurance refers to the insurance coverage, proposed by a private company and is not regulated by the government. 

You can obtain private insurance with the help of the following sources:

  • by Agents 
  • By employer 
  • State marketplace plans.

Buying private insurance is an economical way to secure the people and their family members during emergencies. There is an abundance of private insurance in India, which secures the various risks associated with the individuals with the least premium policy. However, to get the best private insurance plan, you must know all the options available near you.

Types of private insurance plans available in India:

  1. Individual Health Insurance Plans

 This insurance gives full coverage to a person during his medical expenses. This plan is for single individuals. The determinants of an amount for the policies are age, medical condition, and income of the individual. You can also customize your plan according to your needs and other add-ons like accident covers.

  1. Family Floater Health Insurance Plans

This type of plan fulfills the needs of your entire family. This policy is very cost-effective compared to an individual policy as it preserves a lot of effort and money. 

The premium of this policy depends upon the age of the eldest family member insured under the scheme.

  1. Employer-sponsored Insurance Plans

To secure the life & well-being of the employees of the company, Employers own such insurances. The premium for these insurance is lower than an individual policy.

  1. Senior Citizen Health Insurance Plans

These health insurance plans are specifically designed for senior citizens( above the age of 65 years).

In such insurance plans, premiums are more expensive as senior citizens are more prone to health problems. 

  1. Critical Illness Health insurance cover

 This insurance plan covers all kinds of critical diseases like cancer, kidney & lung failure, brain disease, Heart strokes, and paralysis. Medical expenses of such illness are extremely high that no one can afford it easily. With the help of insurance, the individual is given a certain amount of money against the diagnosis of any critical illness disease included in the policy.

Unlike individual and family floaters plans, the insured person needs not to be hospitalized to get the benefits, only the diagnosis of a disease is sufficient.

BENEFITS OF PRIVATE INSURANCE

  • Maximum Cover for the medical expenses

Buying a policy from private insurance will help you to control all medical expenses with minimum risk.

It covers the following points:

  • Cashless treatment
  • Costs covered before, during, and after the hospitalization.
  • It covers all the ambulance expenses if mentioned in the policy.
  • One can get the Benefits of a Claim- Bonus in the form of a discount if not recovered in the previous year of holding the policy.
  • Free medical check-ups.
  • Coverage for the expenses of hospital rooms.
  • Other benefits such as dental, bariatric surgery, etc.

 

  • Security toward Lifting of Medical Costs 

Over time, the charge of medical treatment is also progressing. So, insurance policies are becoming the best solution to secure oneself against inevitable expenses. One should also buy these policies to avoid paying heavy amounts in the hospital.

  • Benefits for Young generations

It is good to buy private insurance policies when you are at a young age. Young buyers do not need to face the waiting period.

  • Additional Protection to the group- Employee Cover

The largest organizations give the facilities of health insurance coverage to their employees. Yet, several people may notice the group plan is not suitable for their requirements.

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