Health Insurance
Health insurance is a form of insurance that provides financial support to policyholders for medical treatment, including hospitalization. Some health insurance plans also cover the cost of care received at home before or after a hospital stay.
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In India, there are eight primary types of health insurance policies:
Types of Health Insurance policies
In India, there are eight primary types of health insurance policies:
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Individual Health Insurance
These are insurance plans that provide medical coverage for only one individual policyholder.
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Family Floater Insurance
Family floater policies allow you to get health insurance coverage for your entire family under a single plan, rather than purchasing separate policies for each member. Typically, a family floater policy covers a husband, wife, and their two children.
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Critical Illness Cover
Critical Illness policies are specialized health plans that offer comprehensive financial support in the event of a policyholder being diagnosed with specific chronic illnesses. Unlike traditional health insurance plans, these policies provide a one-time lump-sum payment upon diagnosis, rather than covering ongoing medical expenses.
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Senior Citizen Health Insurance
Senior Citizen Health Insurance policies are designed specifically for individuals aged 60 years or older.
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Group Health Insurance
These policies are typically provided to a company's or organization's personnel. According to the ability of the organisation to retain employees, older beneficiaries may be removed and new beneficiaries may be added.
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Maternity Health Insurance
These insurance plans pay for medical costs related to pregnancy, delivery, and postpartum. It protects both the mother and the child.
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Personal Accident Insurance
Only financial obligations resulting from accidents-related injuries, disabilities, or deaths are covered by these medical insurance policies.
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Preventive Healthcare Plan
These insurance plans pay for the cost of medical care aimed at preventing a serious illness or condition.
Features and
Benefits
You may be questioning why getting such a plan is necessary for you and your loved ones after comparing the many types of health insurance that are offered. To comprehend why, take a look at the reasons given below.
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Medical Cover
The main advantage of this type of insurance is that it provides financial protection against medical expenses.
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Cashless Claim
You can take advantage of the cashless claim benefit if you receive treatment at one of the hospitals that has a partnership with your insurance company. This function makes sure that your insurer and the hospital directly negotiate all medical bills.
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Tax Benefits
Health insurance premium payers are eligible for income tax advantages. One may receive a tax credit of up to Rs. 1 lakh on the premiums they pay for their health insurance policies under Section 80D of the Income Tax Act.
