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Types of Health Insurance

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There are many categories of health insurance policies. You can choose from any one of these depending upon your requirements.

Policies for individuals
The first is the Individual Mediclaim policy. This is a basic policy for individuals looking to insure themselves against diseases or injuries.

Floater policy
The Floater health insurance policy covers your entire family with one sum and one premium. It takes care of all the expenses as covered by the individual policy, only the amount is now spread across the whole family instead of one person.

Critical illness policy
Critical illness policy is a bit more specialized. Some illnesses are categorized by insurance providers as critical. These can vary from company to company but some of the illnesses usually listed here are cancer, heart disease, kidney failure, major organ transplants, strokes, paralysis etc. These policies come with multiple options in terms of assured funds and other policy terms. These also provide disability coverage to ensure that the patient is covered for loss of income during the period of illness.

Overseas policy
An Overseas Mediclaim policy provides insurance cover during your period of travel abroad. It can be harrowing to fall ill or to get injured in a foreign land and this policy helps to alleviate medical payment concerns from the patient's mind.

Student medical insurance
Student medical insurance covers the cost of healthcare while studying abroad. Many foreign universities insist upon one of these policies for their overseas students. These are also cheaper to buy in India than abroad.

Tax saver policy
Tax saver is a new class of insurance launched to take full advantage of the income tax benefit under section 80 D of the Income Tax Act 1961. The premium is fixed at Rs 15,000 for all plans. For Senior Citizens aged 65 and above, the premium is Rs. 20,000 This plan includes reimbursement of OPD expenses for up to Rs. 10,000. This includes diagnostics tests, dental treatment and related expenses. This insurance is suitable for people who are looking to cover all their medical expenses in a tax free manner.

Based on your individual needs, you can decide which of the above policy options suit you best. It is best to protect yourself sooner than later so you can be well prepared for all that the future brings...


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