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Home » Terms Related to Health Insurance Policy you Should Know
Insurance

Terms Related to Health Insurance Policy you Should Know

EditorialBy EditorialJanuary 16, 2023Updated:January 16, 2023No Comments4 Mins Read
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Terms Related to Health Insurance Policy you Should Know
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It has become so important to take care of your health as there are several threats to our health present in the environment. You might lead a good and healthy lifestyle, but unfortunately, a medical emergency can occur anytime without warning. So that’s why you need to understand the need to have a health insurance policy.

Health insurance acts as the safest net, ensuring your financial well-being in a medical emergency. Mediclaim policy covers the medical expenses you incur due to accidents, illness, or injury. Investing in a suitable health insurance policy ensures that your family is financially untroubled.

What Exactly is a Health Insurance Policy?

A Health Insurance policy is a contract between the policyholder and the insurance company where the insurance company provides financial coverage to the policyholder to the sum assured limit. In addition, it offers medical coverage for expenses that occurred due to an emergency or planned hospitalization.

Health insurance helps you to get the best treatment without worrying about a lack of funds. It also provides tax savings on the premium paid to the health insurance company under Section 80D of the Income Tax Act, 1961.

How to Choose a Good Health Insurance Policy?

Now that you know what a health insurance policy is, you need to know how to select the suitable type that will take care of all your needs. Here is the list of benefits you should look for in any health insurance plan.

  • It should protect you against a large number of medical illnesses
  • Flexibility to select your health cover
  • The premiums should not increase during the policy term even if your health condition changes
  • The policy should cover you even in your old age
  • There should be a large hospital network for easy access to medical treatment
  • Most importantly, it should allow you to take care of yourself and your family without worrying about medical bills

Types of Health Insurance Policies in India

Health insurance is a cost-effective way of protecting your finances. However, it is a major decision that requires you to be careful while purchasing. So, you need to know the types of health insurance plans to ensure the right deal! Following are the different types of health insurance policies you can consider per your insurance needs.

  • Mediclaim Policy

Mediclaim insurance policy provides coverage for the hospitalization expenses incurred due to illness or accident. It includes nursing charges, surgery expenses, doctor’s fees, etc. This insurance policy is available in the market as a group and individual Mediclaim insurance.

Image Source: Shutterstock

  • Individual Insurance

This insurance policy is meant for an individual only. Under individual insurance, you are entitled to receive the amount incurred during hospitalization. You can claim up to the basic sum insured.

  • Family Floater Policy

The family floater policy came with a twist and was meant for the entire family. You can cover your whole family under a single policy with a family floater health insurance policy. The sum insured will be equally divided among the family members.

  • Unit Linked Health Insurance Policy

Unit-linked plans, also known as ULIPs, are investment cum insurance plans with the dual benefits of insurance and investment. With this policy, a portion of paid premiums is utilized in the stock market, and the policyholder is offered insurance coverage. You should note that the returns are based on how the market performs.

  • Group Mediclaim Policy

Group health insurance policy is gaining popularity among large-scale enterprises which employers offer. This Mediclaim policy helps retain talent within an organization.

  • Critical illness Policy

This policy is specially designed to treat specific illnesses. Treating the diseases can be expensive, especially for a middle-class family. By purchasing a critical illness policy, you can mitigate those expenses up to an extent. The critical illness policy pays a pre-decided amount towards treatment, irrespective of pre-or post-hospitalization expenses.

  • Personal Accident Policy

The personal accident policy covers the owner or driver against accidental injury or death. A lump sum amount is paid to the insured or its dependents in case of death or loss of income due to permanent disability.

Conclusion

Buying a health insurance policy is not something that people do when it is too late. A medical emergency can come knocking at any time. The financial expenses associated with such situations could make a big hole in your pocket. A good health insurance policy can protect you and your family from this financial crisis and provide the best medical treatment without worrying about the cost of it.

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