A comprehensive guide to Health Insurance Policy

A health insurance policy is synonymous with peace of mind.  It comes in handy when you or your loved ones require medical aid and with a medical policy, you do not have to spend your hard-earned cash. So, a health insurance policy is a wise way of safeguarding both your health and finances. But, before you purchase a health insurance policy, you need an outline of what it is and how it can benefit you.

What fundamental features should you be looking for in a health insurance policy-

  • Your health insurance  policy should  provide  quality medical care
  • It should take care of all possible expenses that you can incur in the event of hospitalization. Your insurer should give you the best services for the money you pay as premium.
  • A health insurance policy should offer you a large number of cashless network of hospitals where you can seek medical assistance without having to pay cash up front.
  • Your health insurance policy should cover all major ailments including eye or dental problems that are often excluded.
  • Your health insurance policy should contain the preventive care clause that will allow you regular free health check-ups.

Types of Health Insurance Policy

Individual Health Insurance Policy- this is a scheme you get for yourself. It covers all your medical needs and it is a very popular health insurance policy in India.  Its features are-

  • It includes all your hospitalization (both pre and post hospitalization costs) and accompanying costs like doctor’s consultation fees, medical tests, room rent etc.
  • It can either be a one year or a long-term policy
  • The minimum age of purchasing  individual health insurance scheme is  18 and the maximum age varies from  65 to 80

Family Health Insurance policy- it is very similar to an individual health insurance policy. But, unlike the individual health insurance scheme, it includes the entire family. Its features include-

  • You can include your spouse, children (up to three) your parents, in-laws and even your siblings as your dependents.  In fact, these policies are very flexible. If you have another child or if a policyholder passes away, you can change your policy by simply informing your insurer.
  • You have to pay just one premium for the entire family.
  • If you run out of your sum insured, you can simply top it up.
  • A family floater plan offers specific benefits to your child like bilirubin count test, autism tests etc.

Critical Illness Health Insurance Plans:  This kind of health insurance policy covers many grave and debilitating ailments like tumours, paralysis, cancer etc. its features are-

  • Simply diagnosis is sufficient for the benefits of the policy to kick in. You do not have to be hospitalized.
  • It has a waiting period of 3 months.
  • The tenure of the policy is between 10-15 years.

Global Personal Guard: it is an exhaustive health insurance policy that shields you from life’s hardships. It is especially useful when you are travelling abroad because accidents can happen anywhere. Its features are-

  • It covers death, temporary or permanent disability.
  • You can include your favourite add-on covers like accidental hospitalization expenses, air ambulance covers, loss of income due to disability cover, loan protector cover, children education benefit etc.

Group health Insurance- employers today offer health insurance policies to employees as part of their employee benefits package. All the employees of the organization are categorized together under the same group. Its features are-

  • As an employer, you have to pay only one premium for all your employees
  • No waiting period for preexisting ailments or maternity benefits.
  • An employee can include her/his family members in the policy as well
  • If an employee quits or retires, she/he can no longer avail of the benefits of the group health insurance policy.

A health insurance policy can shield you against any untoward health scares. When a medical emergency does arise, you will not have to sleep over how to tide over the crisis financially. You can simply focus on healing and recuperating.


health insurance , health insurance policy

Authors articles

Other articles