There are many types of health insurance policies available in the market today. While it’s great to have so many options to choose from, you must carefully consider your unique needs in order to make the right decision. What may work for your friends or colleagues may not necessarily work for you.
There are many factors to consider before buying your health insurance cover. These include the type of coverage or level of protection you require, your medical history, hereditary conditions, lifestyle choices, sum assured, waiting period, add-on riders and other benefits.
Let us look at the main types of health insurance policies available to you –
Your health insurance needs depend on whether you are an individual, a young married couple or a family.
Individual Health Insurance Plan:
An individual health insurance plan is beneficial for young people with an active lifestyle. As the name suggests, it provides coverage for only one person. This takes care of any unforeseen health risks that they may face. One of the most common misconceptions is that young people don’t need to worry about health insurance. This couldn’t be further from the truth. The sooner you get health insurance, the better.
When you are young, and in the pink of your health, the premiums are significantly lower. This means that your insurance coverage can be extremely cost-effective. With No Claim Bonus or (NCB), the sum assured increases for the next year. It also gives you enough time to complete the waiting period or cooling period for certain benefits and critical illness cover becomes available. Apart from this, health insurance policies also provide certain tax benefits. Insurers like Niva Bupa, understand the unique needs of individuals and hence have specially designed several plans for them. One such plan is Niva Bupa’s Health Companion, an affordable health insurance plan available to individuals for as low as Rs. Provides comprehensive coverage at low premiums. 5,085 per annum.
A couple or husband and wife plan covers both the individuals under a single health insurance policy. Instead of going through the hassle of two separate policies, a couple’s policy makes it easy to manage health insurance. It can also be more economical in most cases as the combined policy premium is lower. It is best for young couples who are healthy, have an active lifestyle, or who are planning to have children in the future.
Niva Bupa’s GoActive and Heartbeat health insurance plans are great for couples. The GoActive plan goes beyond hospitalization and provides access to cashless OPD and diagnostic services. It also provides exemption for enrollment before the age of 35 years. The Heartbeat plan offers special maternity and newborn benefits as well as international coverage, apart from hospitalization, OPD treatment, daycare, and much more.
Read Also : Benefits & Advantages of Health Insurance Policy
Family Health Insurance Scheme:
A family health insurance plan, known as a family floater policy, covers family members of all ages under a single plan. This is ideal for those whose parents may not have individual health policies. With a family floater policy, you can get affordable premiums, avail tax benefits and ensure hassle-free claims.
Reassure by Niva Bupa gives you the option of a family floater plan. It covers a maximum of six members of the family, in which Rs. 1 crore coverage. Apart from regular coverage, it also offers exceptional benefits like unlimited reinstatement for same and different diseases in a policy year, booster benefit that doubles your sum assured in two years, claim-free years, live healthy benefit that Offers up to 30% off on renewals, advanced treatments, renewals for life and more. It also offers a protection benefit option that allows you to control various aspects of the policy, such as protecting claims on non-payable items up to the sum insured in case of hospitalization. Booster Benefit Safeguard means that claims in a policy year will not have any impact on your booster benefit if the claims made in a policy year are up to Rs. 50,000,
Niva Bupa offers a wide range of insurance plans customizable for your specific requirements which you can view here . Therefore, protect the health of yourself and your loved ones. Get the right health insurance today!
benefits of health insurance
The cost involved in health care is very high today which makes health insurance a part and parcel of our life. Medical emergencies can strike us at any time and turn our world upside down, leaving us shattered and broken. Health insurance policy is a savior in such cases and can cover the financial loss to a great extent during such emergencies. Health insurance policies may not provide coverage for emotional loss but are great support for people during medical emergencies and especially when they are dependent on money for survival.
India is currently one of the fastest growing economies in the world and this positive situation has increased the earning potential of Indians. Though we are in a better position in life, no human being would want to spend more money than is necessary when it comes to medical expenses. Also, it may not be a good idea to depend on relatives or seek help from friends during emergencies. This is where a mediclaim policy comes into play and is a great help. This assistance insures your family thereby ensuring complete peace of mind for the affected person and his/her family.
Medical expenses are skyrocketing these days and during a medical emergency every person wants to get the best treatment and does not settle for anything substandard. This leads to a situation where you lose all your savings and most likely end up in a financial crisis.
Health Insurance and Tax Benefits in India
As a measure to publicize the idea of health insurance, the Government of India has come up with great tax benefits of health insurance under section 80D of the Income Tax Act on health insurance policy premiums. Though health insurance policies are great ways to save tax, they are still considered only as a risk cover.
choosing the right health insurance
There are two major types of health insurance policies. For an individual it is called ‘Individual Health Insurance Policy’ and for a family it is called ‘Family Floater Policy’. We also have other policies like ‘Mediclaim Policy’ and ‘Critical Illness Policy’. Mediclaim policy provides cover when the patient is hospitalized due to illness, disease or accident. Critical illness policy provides coverage when the patient is diagnosed with a pre-existing critical condition. There is also an option to add critical illness rider to the existing health insurance to enhance the risk cover.
India is witnessing a boom in the health insurance sector these days and most of the health insurance providers are competing in the market to bring various health insurance policies for the betterment of the people. Thus it is important for us to choose our health insurance after a preliminary research on which policy benefits us based on our needs.