Different types of Health insurance policies available in India

In India, there are chiefly 4 types of health insurance plans available at present. You need to compare and choose the best health insurance policies in India as per your requirement and budget.

Individual Health Insurance Policy: As the name suggests, individual health insurance policies are designed to meet the medical expenses of an individual. For example, if you opt for this type of health policy with a sum assured amount of Rs. 5 Lakh, you can claim up to Rs.5 Lakh if you fall sick and the disease is covered under your health policy.

Family Floater Health Insurance Policies: This type of health insurance plan is meant to cover an entire family. The sum assured amount can be shared among all family members under the policy. For example, If you opt for a family floater health insurance policy with a sum assured amount of Rs. 5 Lakh to keep your family of 4 members protected, all four members are entitled to make claims till the exhaustion of the total sum assured. If you make a claim of Rs. 1 Lakh, the other 3 members are still eligible to claim the rest of Rs. 4 Lakh to cover their hospitalization charges.

Senior Citizen Health Insurance Policy: These types of health insurance policies take care of the medical needs of senior citizens. In the early days, health insurance companies in India didn't have any health policy in store for the people in advanced age. However, many health insurance companies in India nowadays have come up with beneficial and cost-effective health policies to safeguard senior citizens.

Critical Illness Policy: This type of health insurance policy offers monetary protection against expenses for treatment of some specific life-threatening critical ailments like cancer, massive heart attack, and the likes. Policyholders are usually provided with one-time lump sum payouts once they are diagnosed with any of the critical illnesses mentioned in the policy. Critical illness plans are available both as standalone health policies and as an add-on to a standard health plan. One can compare the merit of both types of plans and choose the more advantageous one.

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