What is Individual Health Insurance.?
Whenever you think about your life – job, love, marriage, etc, you wish responsibleness, assurance, and answerableness for everything. you try to surround yourself with loyal folks in your peer teams moreover as workplace staff. As you recognize that our life is choked with uncertainty and unknown circumstances which may occur anytime at anywhere. therefore so as to steer a contented and stress-free life we want to assure ourselves that we have a tendency to area unit safe and secured through some backup support. Why we want insurance? to steer a contented life one wants cash and honest health. such a lot of non-public and public organizations have started providing compensation schemes for folks living in each rural and developed areas.
Health insurance is a vital issue thanks to many reasons. Those who don’t have any reasonable health arrange face hardships in medical treatment that results in the complication of the situation. because of a lack of insurance, the value of health treatment becomes a burden for people moreover as their family members. On the contrary, those that have health insurance enjoy a better and relaxed life as they’re able to meet the necessities of any medical emergency. the simplest health insurance policy is the one that takes complete care of medical expenses. It additionally includes the coverage over incapacity and long treatment and tutelar care wants to rely upon the company and therefore the arrange. it’ll additionally assist you in availing tax edges.
Basically, personal health insurance means that an individually outlined protect every member. it’s obtainable for a private instead of a corporation or teams. It provides health coverage to the insured individual. you will be pleasantly stunned by obtaining totally different choices within the same. these days the insurance market in India has set out with many insurance choices.
An individual health cover can give coverage to the insured against basic medical care prices. aside from it, this may additionally give further edges to create the coverage way more effective. the advantages of the arrange vary from company to company. Staying healthy is a vital issue for a private. folks ought to place attention as their high most priority. Remaining healthy could be a necessary issue. Customers can purchase the health insurance arrange as shortly as doable. Early health insurance can insure customers for their lifetime.
Importance of Individual Health Insurance Plan
Having a health insurance plan is vital for the individual and for the family as well. It is essential for health and financial wellness. Health insurance provides coverage against unforeseen medical expenses. You must buy it as soon as possible. There is a popular saying about the same
Key Points of Individual Health Plan
People who do not have any health plan suffer from the worst health outcomes, whereas those who have it get quality care at the right time. Guarantees peace of mind and stability of finances with medical insurance cover
you can get better access to healthcare facilities with An individual health policy. some insurance policy issuer companies also send SMS alerts on customer’s mobile related to when and where they have to diagnostic screenings.
Covers medicine & drug costs
buy costly medicines for the various disease under normal circumstances is very difficult. Under the basic individual health insurance policy, most insurers cover such medical expenses.
Many insurers provide discounts which help customers in saving money at the time of checkup or in case of hospitalization.
Advantage Of Best Individual Health Insurances
Provides a cashless facility every insurer provides a list of network hospitals. If the policyholder gets admitted in any of the network hospitals then he/she does not have to pay anything because of the facility as insurers cover such expenses i.e Cashless Health Insurance
Covers pre and post-hospitalization
pre and post-hospitalization expenses covered by Individual health policy. the norms depend on the insurer and the type of selected plan
No claim bonus
If the customer does not make any claim during the policy period. The customer will get a no claim bonus, which the policyholder can use to pay future premiums.
Some insurers provide the facility of a free checkup at select diagnostic centers and hospitals which saves your time and money.
You can avail tax benefits under section 80D when you buy an individual health insurance plan.
You Must Check Before Buying Individual Health Insurance Plans
Right here we tell you the top eight essential factors to contemplate before purchasing any medical insurance plan for yourself.
Most medical insurance plans come with a waiting period just in case of pre-existing diseases.in that case insurance company do not pay any expense incurred during the above-mentioned, any illness that you were suffering from before buying the policy, the company will not responsible for that expenses
Pre & Post Hospitalization Expense
find a policy which gives you maximum day in cover because in hospitalization cases, Pre and post hospitalization prices will be changed
No claim Bonus
No claim bonus is the benefit furnished for the year in which you don’t claim the insurance company against any disease or illness. In many cases, it gets delivered for consecutively five years.No Claim bonus normally 10% but it can be higher up to 50%.
In Co-payment System the insurance organization and the policyholder pay a few percentages of the total relevant amount. The proportion is decided earlier. This procedure may reduce your premium, but it’s essential to understand if you could pay your part of cash at the time of an emergency. If you can’t, then it’s better to not opt for this option at all otherwise you might have to face complications later on.
Network hospitals are the panel hospitals in which for any medication you don’t need to pay the bills as a substitute you could experience a cashless facility wherein there is no fuss of submitting documents for repayment. All the treatment costs are settled directly between the hospital and insurance company. It’s prudent to avail of such policies that provide you the choice of a wide range of network hospitals in order that you’ll avail the services anywhere you want
No claim Bonus
Whenever there is a case of hospitalization, you have to bear a predefined room rent. Some policies offer a coverage amount on room rent at 2% of the sum insured while a few don’t have any limit for such fees.
Last but not least are the exclusions. It’s obligatory to study the exclusions, terms, and conditions of every policy.
Keep in mind these essential features while choosing your policy, you are sure to get the best individual health insurance, that will suit) your lifestyle and requirements.
Best 3 Individual Health Insurance
ICICI Lombard iHealth Plan
ICICI Lombard iHealth Plan Benefits.
In this Plan, you can avail unto 1500Rs on ambulance expenses per hospitalization.
For all the variants of this plan, domiciliary expenses are covered up to sum insured.
This plan does not cover outpatient hospitalization expenses.
CRITICAL ILLNESS COVERAGE
This plan has an option to opt for additional cover for listed critical illnesses for coverage above INR 2,00,000. If the sum insured amount more than 2,00,000rs, you can avail of additional coverage offered in this plan.
expenses on alternative practices like Ayurveda, Unani will do not covered under an individual insurance plan
This plan does not cover dental expenses.
This plan has an option to opt for daily cash allowance which is provided after 3 days of hospitalization, but the insured person can use the DAILY CASH allowance for a maximum of 10 days. you can get allowance between 500rs to 2000rs per day.
ORGAN DONOR COVER
in this plan coverage included for organ donors during organ transplantation for the insured up to 50000rs for insured above 200000rs.
This plan has an option to opt for the convalescence benefit of INR 10,000. If you are hospitalized continuous 10 days you can get this benefit
Religare Health Insurance
Benefits of Religare Health Insurance
- No upper-limit for entry age.
- There will be no premium increase due to any claim.
- Free health check-up for all insured members – regardless of claims history in one time per year.
- if claim amount exhausts your coverage you will get automatic policy recharge, without extra cost.
- Daily allowance to meet incidental expenses.
- all claims settled directly by the insurer company.
- Options of the sum insured 2- 60 lacs.
- No. of members- The plan covers a maximum of 6 members of your family with up to 2 children and 4 adults.
- Lifetime renewal – This plan offers lifetime renewal, so it keeps you stress-free so that you do not have to face financial burden and medical emergency and you are well prepared.
- All Hospitalization Cover including pre & post-hospitalization expenses in this plan hai 30 days pre and 60 days post hospitalization with other related medical expense as rules.
- Health Check-ups – Offers free health check-up for insured person per year.
- Pre-existing diseases- Pre-existing diseases are covered after 4 years of the waiting period.
- Cashless Hospitalisation.
- Policy term options of 1Year, 2 Year or 3 years (Policy terms can be changed as per rules).
- Tax benefit on premiums paid under Section 80D of the Income Tax Act, 1961.
- An extra premium of up to 50% may be levied on the premium payable based on individual underwriting.
- If no claim made in a whole year sum insured amount increase by 10%. max increase limit of 50 %.
Bajaj Allianz Individual Health Guard Policy
Most Common Features of Bajaj Allianz Individual Health Guard Policy
- Policy Renewal available till the age of 80 years, you can renew the policy when you are aged 80 of years.
- No medical tests required for Sum Insured up to Rs.10 lacs for age up to 45 yrs
- No sub-limits on hospitalization expenses and room rent
- Free Medical check-up after 4 claim-free years
- Family discount of 10%
- A medical check-up is compulsory if age over 46 yrs. 100% cost of the check-up is refunded by Bajaj Allianz on policy issuance
- A cashless facility is available at all impaneled hospitals.
How To Find Best Individual Health Insurance Policy.
Check limits and sub-limits
Before buying any policy Check Carefully there limits. the limits can alter your benefits please check limit as your paying capacity and benefits.
Claim settlement ratio
It is an important factor that you must check before making your purchase decision. With it, you can ensure that your claims would not be wrongly withheld by the insurance provider.
Don’t rely on premium
It is an important feature, but you should not make any decision on the basis of the premium amount. You should also check the features of the plan rather than just the premium costs.
Please check how many years the policy proposed to cover, and also check renewability features and other advantages.