Types of health insurance plans – which one is right for you ?

The importance of health insurance cannot be overstated in today's world. In the event of a medical emergency, it provides assistance by covering exorbitant hospital bills and treatment costs. Further, health plans offer tax benefits under section 80D of the Income Tax Act. In order to maximize your benefits, however, it is important to choose the right plan for your needs.

Several types of health insurance plans are available in India, each with its own features and benefits. Let's take a look at some of them to better understand their purpose and help you choose the best plan.

Health insurance plans available in India
 

Individual Health Insurance: 
 

These plans provide coverage for a single individual and can be customised to suit specific needs and budgets. They are ideal for people who are not covered by an employer-provided plan or for those who want additional health insurance coverage.

A few benefits include:

· Hospitalisation charges, ambulance charges, day care charges, etc., are covered

· Surgery costs, room rent, physician's fee and laboratory tests are covered

· Lifetime renewal

· Some plans provide coverage for certain critical illnesses, or offer additional riders

Family Floater Health Insurance:
 

 This type of medical insurance provides coverage for an entire family. In a family floater plan, the sum insured can be used by any member of the family, making it ideal for families with multiple members, as it offers a higher sum insured at a lower premium than with an individual plan for each member.

A few benefits include:

· You can get your immediate family members, such as spouse or new-born, added in a floater

· Some policies have an upper cap on the entry age up to 75 years

· A few policies offer automatic restore/top-up of sum assured by 100%

Senior citizen health insurance: 
 

Specially designed for senior citizens, these plans provide coverage for medical expenses incurred due to illness or injury. Although they typically have a higher premium, they offer a higher sum insured and a wider range of coverage options.

A few benefits include:

· Most plans do not require any pre-medical screening 

· Most plans cover pre-existing diseases

· No maximum age limit

· Lifetime renewal

Critical illness insurance:
 

These are often offered as riders along with existing health insurance plans and provide coverage for specified critical illnesses that require multiple visits to the hospital over a long period or take longer to cure. These may include certain types of cancers, heart attack, renal failure, etc. They typically have a lower premium and provide a lump sum benefit upon diagnosis of the covered illness.

A few benefits include:

· Most plans provide coverage for up to 36 major critical illnesses

· High life cover at affordable rates

· You get the complete sum assured if diagnosed with a terminal illness

Group health insurance:

These plans are offered by employers to their employees, and provide coverage for employees and their dependents. They are typically less expensive than individual health insurance plans and offer a wide range of coverage options.

A few benefits include:

· Negligible waiting period

· Health insurance coverage for pre-existing diseases

· Medical coverage for family members and dependents

Metra Trust - A preferred choice for any type of health insurance

It is essential to understand the features and benefits of every health insurance plan before making a decision. Having a reliable healthcare partner for all your insurance needs can offer some peace of mind during times of crisis. Metra Trust has partnered with leading insurance providers like Niva Bupa, Star Health, Aditya Birla Health, ICICI Lombard, SBI General, and Future Generali. It offers the right guidance along with competitive premiums and a hassle-free experience. Click here to learn more and get yourself and your loved ones insured today!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.