subject: Health Insurance In India Types And Advantages [print this page] Health insurance is a safe way to protect yourself and your family in critical illness conditions. There are two types of health insurance policy in India. Read on this article to get information about them.
Health care costs in India are drastically increasing day by day. This has led the residents of India to insure themselves and their family members. Health insurance is one of the most popular financial investments that offer protection against medical emergencies. Health insurance provides financial support in sickness and disability conditions. There are basically two types of health insurance policy in India which can provide healthcare facilities to the residents of India. Let us discuss the types of health insurance available in the market.
Medical Insurance:
This type of insurance policy covers medical expenses while the insured was admitted in the hospital. There are many different types of medical insurance available in India including group medical insurance, overseas medical insurance, senior citizen medical insurance, etc. The residents of India can get this insurance policy from government or private insurers and lead a comfortable and secure life.
Critical Illness Insurance:
Critical Illness plan insures you in the cases of serious illnesses. This insurance policy can provide guaranteed cash sum against any medical emergency. In critical illness plan, the insured receives a lump sum amount when diagnosed with any type of critical illness. Typically, a critical illness plan covers following types of illness: aorta graft surgery, stroke, major organ transplant, paralysis, primary pulmonary arterial hypertension, first heart attack, coronary artery bypass surgery, multiple sclerosis, kidney failure, cancer etc.
This means a critical Illness plan includes many medical conditions of a person. But most of the health policies in India do not include any medical expenses from HIV, misuse of drugs and also injuries in riots.
What is covered by Health insurance?
1. Operation theatre fees
2. Intensive care
2. Drugs, dressings and other consumables
3. Cost of equipment like pacemaker, artificial limbs
4. Diagnostic tests costs
5. Pharmaceuticals and any additional doctor's fees.
6. Room boarding expenses by the hospital nursing home
Who are the providers of Health insurance policy in India?
The following are the popular health insurance policy providers in India
1. HDFC
2. ICICI
3. Apollo Munich
4. Maxbupa
5. Kotak Mahindra
6. Birla Sun Life
7. Bajaj Allianz Health Guard
8. HSBC Health Insurance
9. Reliance Health Insurance
10. Tata AIG
What are the eligibility criteria for health insurance?
1. The person who purchases a policy is supposed to be at least 18 years old.
2. Maximum 60-65 year old person is eligible for health insurance. People aged more than 65 years can be insured under policies for senior citizens.
3. Certain health policies also have a minimum limit for age of the person insured. Many policies can insure people above 3-5 years of age.
What are the advantages of health Insurance?
1. Easy access to routine medical check-ups and health care
2. Health insurance pay-outs are not taxable
3. Health Insurance gives security to both individuals and businessman
4. Impose lifetime limits on health coverage
5. Free preventative health services
Different types of health insurance plans are available in the market and online as well. To select the best one, you should compare different health insurance in India and then make your decision.
by: Sukanya Mitra
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