Types of Health Insurance Plans

Types of Health Insurance Plans

Health insurance has become vital considering the rate at which treatment cost is rising. Let’s understand the types of health insurance plans that exist in the market .

Individual health insurance

In individual health insurance, an individual is liable to receive hospitalization expenses up to the sum assured. For example, your family consists of 3 family members including and you have taken individual insurance plan with a coverage limit of Rs 3 lac each. In this case, if any member is hospitalized the expenses would be taken care off by hi/her individual policy till the maximum sum insured of Rs 3 lac. The policies of other two members would remain intact, and they can use their health policies to recover the medical costs if the need arises. However, chances are meek that all the family members would fall ill and require hospitalization in the same year.

Family Floater health insurance

As the name suggests, family floater plans offer a single mediclaim policy covering all the family members’ upto the extent of sum assured. The premium of family floater health insurance plans is relatively lower than the individual policies.

Group health insurance

Group mediclaim policies are generally provided by the employer to their employees covering their family members also. A group health insurance provided by your employer is valid till the time you are part of that organization. The moment you leave your employer your policy also ceases. So, it is good to have personal health insurance plan as well.an example of a company offering group insurance is Aarp vermont retired teachers association

Unit Linked Health Insurance

ULip health insurance plans are still new to the Indian market. The Health plans consist of regular health insurance and marked linked investment.


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