Different Types of Health Insurance


Updated July 23, 2014 ‚óŹ 500 views
Different Types of Health Insurance

We all know life is uncertain and full of surprises, but the question here is how well we are prepared for the uncertainties life has to offer us with. How many mishaps one needs to go through to realise how important it is to have a life cover?

Even a small viral fever can cost you a lot as it not only involves the fee for the doctor’s consultation but a whole new list that might pinch your complete financial planning for that particular month. So, when something as small as a viral fever can do such a damage think of what something really severe can do to you.

We aren’t here to scare you for any reason or create fear about something wrong might happen to you or your loved ones. Rather we are here to just keep you ready for adverse situations. We bring to you the importance of medical insurance and the different types of them you can choose as per your needs and preferences.

There are majorly three types of health insurance available. Let us try to understand each of them individually.

Individual Mediclaim

Individual Mediclaim is the simplest form of health insurance policy. It helps an individual with the various expenses incurred due to hospitalisation by taking care of the sum assured by the company. The premium one has to pay for these policies is also depended upon the amount that is assured on maturity of the policy. For instance if you purchase a policy worth Rs 2 Lacs, then under the circumstance of hospitalisation, the insurance company will bear all your expenses up to 2 lacs.

Family Floater Policy

These are mere enhanced version of the Mediclaim policy; as the benefits incurred aren’t liable to an individual alone but also benefits the family. Therefore each family member who is opted for in the policy comes under its umbrella of protection. The premium levied from a family floater is comparatively less from that of an individual policy. Example: Suppose a family floater policy is been purchased worth Rs 6lacs for a family of 3 members. One of the member is hospitalised and an expense of Rs 4.5lacs is incurred from them, the insurance company takes care of that amount however the cover comes down to Rs 1.5lacs for that particular year. The next year however one can start again with a cover of Rs 6lacs. This is a very beneficial scheme as every member gets a bigger cover: as two members falling sick and needing hospitalisation is very less.

Unit Linked Health Plans

Similar to the ULIP, health insurance companies too have come up with Unit Linked Health Plans. These plans come with a dual benefit of insurance and investment; and also pay back an amount at the end of the insurance term. The market performance however defines the returns incurred from this scheme. These plans are however naive and still in their development phase.

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