Today we are going to discuss the Best Individual Health Insurance Plans in India. Health Insurance is an agreement between an insurance provider and an individual, the policy agreement guarantees to take care of certain medical costs later based on the investment made. Some plans offer health insurance for individuals while others offer health insurance for families and groups.
The Individual Health Insurance plan covers only one individual (the policyholder), who will gain the benefits of his/her investment. An Individual health insurance plan is utterly vital as it offers coverage for several healthcare expenses to an individual, as per the sum insured chosen and premium paid. Tax benefits under Section 80D of the Income Tax Act, 1961 can also be availed.
Features of Individual Health Insurance Plans
1. This kind of health insurance offers cover only for the insured individual and covers certain medical costs based on the premium paid.
2. The policy covers hospitalization charges.
3. Lifetime renewal option is available.
4. Tax deduction benefits available under section 80D of the Income Tax Act, 1961.
5. Covers surgery costs, room rent, physician’s fee, and laboratory tests, etc.
6. The insured has to pay a predetermined amount for certain health care services known as co-payment.
7. Pre and post-hospitalization expenses are covered under this plan.
8. Provides coverage for critical illness.
Who should buy Individual Health Insurance Plans
1. The plan is best suited for individuals with higher health risks.
2. Single individuals with family members who are already insured.
3. An individual who wants to earn the benefit of the sum assured rather than the floating sum assured.
4. Individuals want to renew the policy without having to worry about any age restrictions.
5. Individuals who want higher protection than offered under a family floater plan.
6. Cashless facility for claim settlement can be availed in this plan.
Inclusions of Individual Health Insurance Policies
- Medical expenses.
- In-patient hospitalisation.
- Pre and post-hospitalization expenses.
- Day care procedures.
- Cashless facility.
- Lifetime renewability.
- AYUSH treatments.
- Domiciliary hospitalization.
- Ambulance charges.
- Organ donor expenses.
- Dependent children coverage upto 25 years of age.
Exclusions of Individual Health Insurance Policies
- Act of war or invasion.
- Abuse due to Alcohol/Narcotics.
- Self-inflicted injuries.
- Mental conditions and treatments.
- Breach of law or criminal activity.
- Participation in military operations.
- Participation in extreme sports.
- Cosmetic surgery.
- Dental treatments.
- Infertility/HIV/AIDS treatments.
Best Individual Health Insurance providers
ICICI Lombard Personal Protect Insurance Policy
1. You can choose the coverage against Death or Permanent Total Disablement (PTD) due to an accident with a Sum Insured amount between Rs. 3-25 lakhs.
2. There will be no requirement for individuals to go through any health check-up to buy this policy.
3. The policy has an easy claim process with minimal documentation. While the coverage for this policy will be worldwide.
4. For the ICICI Personal Protect Insurance Policy any individual between the ages of 18-60 years is eligible for a policy term of 1-5 years.
Bajaj Allianz Individual Health Guard
1. Under this policy you will receive hospitalization charges and a 10% discount for family members. You can also get cashless hospitalization at more than 3700 partner hospitals across the country.
2. The policy will cover pre and post-hospitalization expenses that occurred 60 days before or 90 days after hospitalization. This will also cost the ambulance upto Rs. 1000 in case of emergency.
3. The sum assured ranges between Rs. 1.5-10 lakhs for individuals aged between 3 months to 55 years. In the case of individuals aged between 56-65 years the sum assured will be Rs. 1.5-5 lakhs.
4. 130 daycare procedures cover under this policy.
5. Under the Bajaj Allianz Individual Health Plan, an individual between the ages of 18-65 years is eligible for the policy. The proposer can also take up this policy for Spouses and parents and children(3 months – 25 years).
Oriental Health Insurance Individual Mediclaim
1. This policy offers cashless hospitalization and reimbursement hospitalization in-network hospitals across the country.
2. The policy will cover pre and post-hospitalization expenses 30 days before or 60 days after hospitalization.
3. The hospital charges for nursing expenses, room, boarding, etc are covered upto Rs. 5000 or 1% of the sum assured(whichever is less).
4. Covered family members under this policy will receive a 10% discount.
5. Any special fees for surgeons, ambulance, consultation, etc will be covered under the policy.
6. If the individual gets admitted to the Intensive Care Unit, the cost will be covered up to 2% of the sum assured or Rs. 5000(whichever is less).
7. The sum assured ranges from Rs. 50,000 to Rs. 5 Lakhs.
Star Health Insurance – Medi Classic Insurance Plan
1. The insured individual will get coverage under in-patient hospitalization for a minimum of 24 hours.
2. Surgeon, Medical Practitioner, Anaesthetist, Specialist, Consultant fees are covered under this plan.
3. In case of emergencies, ambulance charges for transporting the insured person to a hospital are covered up to Rs. 750/hospitalization (maximum Rs. 1500/policy period).
4. Blood, Anesthesia, Oxygen, charges for Operation theatre, Pacemaker cost, etc are also covered in this policy.
5. Room charges, nursing expenses, boarding as provided by the Nursing Home or Hospital are covered upto 2% of the Sum Insured (maximum Rs.5,000/day).
6. Non Allopathic treatments are also covered for up to 25% of the sum insured (maximum Rs. 25,000/policy period) under this policy.
VII. The policy term is 1 year but, a special discount of 5% is offered when the premium is paid for 2 years in advance.
Documents required to buy Individual Health Insurance Policy
1. KYC – Aadhar Card, PAN Card, Driving License, Passport, Voter’s ID.
2. Proof of Income – Salary Slip, Employer’s Certificate, Form 16, etc.
3. Age Proof – Birth certificate, PAN Card, Voter’s ID, Driving License, Passport.
3. Medical Check-Up – if asked by the Insurance Company (Report if Required).
4. 2 Passport size photographs
Difference between Individual Health Insurance and Family Floater Plans
1. Individual health insurance is for individual people only. But, family floater plans are for the entire family.
2. Insured can claim upto the basic sum insured in individual health insurance policies whereas, in family, floater plans Sum insured is divided amongst the members.
3. Individual health plans are more expensive but, family floater plans are less expensive.
For first-time buyers, one of the main challenges is to decide between the individual plans for the family or a family floater insurance policy. As both options carry their advantages and disadvantages, it is best to think about own needs, age bracket, family income, and medical history before taking the right decision. With the availability of online portals, you can compare different plans and combinations to choose the best-suited plan for you.
Whether you choose individual policies for your family or insure them under a family floater plan, it is best to assess your requirements coupled with your financial health to take a perfect decision. While an individual plan is good for a young family but, a family floater plan will be the better choice for someone with older kids. In addition to this, cashless hospitalization in-network hospitals, pre, and post-hospitalization cover, room rent sub-limits, and other benefits are also crucial before making a decision.