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Individual Health Plans

In recent years, there has been a growing recognition of the significance of health insurance in ensuring financial stability. This has led individuals, especially young and independent individuals, to prioritize obtaining individual health insurance plans. These plans are specifically designed to provide coverage for various healthcare expenses, including hospitalization, diagnostic tests, treatments for critical illnesses, and unforeseen medical emergencies. By opting for an individual health plan, individuals can protect themselves financially and gain access to the necessary medical care without the burden of hefty expenses.

What is an Individual Health Plans ?

Individual health insurance is a specific type of health insurance policy that provides medical coverage based on an individual sum insured. These plans offer the flexibility to customize coverage options according to personal preferences and requirements. One of the key advantages of individual health insurance is the ability to include family members or dependents under separate covers, ensuring comprehensive protection for the entire family.

Individual health insurance plans come with a range of benefits. They provide wider coverage, including essential aspects such as in-patient hospitalization, covering expenses related to hospital stays, surgeries, and medical treatments. Additionally, these plans often cover pre and post-hospitalization expenses, ensuring that medical costs incurred before and after a hospital stay are taken care of. Another valuable aspect is coverage for daycare procedures, which includes medical procedures or surgeries that do not require an overnight hospital stay. Moreover, individual health insurance plans often offer coverage for ambulance charges, ensuring that emergency medical transportation costs are covered.

Individual Health Plans

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Individual Health Plans Policy FAQ's
1. Best individual health insurance plans in India?
Following are the best individual health insurance plans in India:

1. Aditya Birla Activ Health Platinum

2. Care Plan

3. HDFC ERGO Optima Restore

4. NivaBupa Health ReAssure Plan

5. Bajaj Allianz Health Guard

6. ICICI Lombard Complete Health

7. Reliance Health Gain Insurance Policy

8. SBI Arogya Supreme

9. Star Comprehensive Plan

10. Tata AIG Medicare Health Insurance

2. Are vision and dental related expenses covered by Individual Health plans?

No, dental, vision and hearing related treatments are not covered by Individual Health plans. Please check with your Insurance Provider for special clauses applicable under their plans.

3. Who should ideally buy a Family Floater plan?

Ideally, a young, nuclear family should buy a Health Plan on a Family Floater basis. The premiums are lower and also the possibility of requiring serious medical assistance at this stage is low.

However, if you, your spouse or your children suffer from illnesses that could incur significant expenses, a separate plan for each person is advisable.

4. Can I avail Tax Benefits under Individual Health Insurance plans?
Yes, policyholders can avail of Tax Deduction under section 80D of the Income Tax Act. Tax deductions can range from Rs. 25,000 to Rs. 1 Lakh, depending on the age and number of members added to the plan.
5. What is meant by Cumulative Bonus in Health Insurance?
Cumulative Bonus is offered against each claim-free year, wherein the Sum Insured increases by 5%-10% annually, depending on the Insurance Provider chosen by you.
6. What does Claim Settlement Ratio mean?

Claim Settlement Ratio is an aspect whose importance can not be undermined. It tells you the number of claims settled by an Insurance Provider of the total number of claims filed.

Visit ‘Health Insurance - Claim Settlement Ratio’ for insights into the CSRs of various Healthcare Insurance Providers in India.

7. What is covered under an individual health insurance plan?
Individual health insurance covers the following expenses:

◉ Medical examinations

◉ Emergency services

◉ Hospitalization

◉ Laboratory services

◉ Physician fee

◉ Room, boarding expenses

◉ Maternity and newborn care

8. Is there a minimum age for purchasing individual insurance?
Individual insurance can be purchased by anyone at any age.
9. Will there be any additional charges other than standard premiums?
Aside from regular premiums, there are a few other additional charges that have to pay: Co-payments, Deductibles, and Coinsurance.
10. What is the benefit of buying personal health insurance at a young age?
If you buy personal health insurance at a young age your premium of health insurance will be lower. Also, you might get some extra benefits along with basic health insurance coverage.
11. Is it possible for a minor to purchase personal health insurance?
Personal health insurance offers complete coverage for the insured, although in some situations, the plan can also cover parents and in-laws.
12. What is an Individual health insurance?
The policy that an individual buys for himself and that comes with a single sum assured is called an individual health insurance policy. Individual health insurance plans offer medical coverage to an individual only.