Types of Health Insurance Plans in India - Gupta Investments

Health Insurance

Health insurance acts as an excellent financial shield to protect your loved ones during medical emergencies and hospitalisation. There are multiple choices in the market, but you need to choose the type of plan that works for you.

Types of Health Insurance

Individual Health Insurance Plan

The Individual Health Insurance Policy offers coverage on an individual basis. Under this type of health insurance, you are entitled to get the hospital bills paid. You may be entitled to an amount equal to the sum insured.

Family Floater Health Insurance Plan

The Family Floater Health Plan is for the entire family. Under this type of health insurance policy, your family is covered in a single policy. The sum insured is equally shared by the beneficiaries of the plan. The premium is comparatively lower compared to the Individual Health Insurance Policy.

 

Types of Health Insurance

Senior Citizen Health Insurance Plan

The Senior Citizen Health Insurance Policy provides coverage for those above 65 years of age. If you want to buy health insurance for your parents or other senior citizens, you should opt for this plan. Generally, premiums for senior health plans are higher than the above two types of health insurance plans.

Critical Illness Insurance Plan

Critical illness insurance plans are designed to provide financial protection if you are diagnosed with a serious illness or condition. This type of health insurance provides coverage for critical diseases like heart attack, kidney failure, paralysis, stroke, cancer, etc. In general, if you claim against the law, the insurer pays a one-time lump sum.

Group Health Insurance Plan

Group health insurance plans are designed to cover a group of people. The most common type of group plan is Group Medical Insurance (GMC). Typically, an employer or company provides GMC to its employees.

The GMC policy may be for an individual employee, or it may allow you to include members of your family in the same policy. You may have to pay an additional fee to install them, but that depends on your employer.


Blog: Why You Need Health insurance?

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