Friday, 1 December 2017

7 Variants of Health Insurance Policies You Should Know

Have you ever wondered what your life would be without health insurance plan? You can’t, right? Life without health insurance is unimaginable. Having life insurance gives you that confidence by providing coverage in case of medical emergencies. Bharti AXA health insurance plans offer optimum insurance coverage so that your insurance needs are fulfilled.

When our physical activity is limited, we are exposed to develop various illnesses.  While most of the illnesses are curable, the medical expenses can burn a hole in our pocket. Our medical insurance needs are different so are the health insurance plans.
Here are the 7 types of health insurance

1.       Individual Health Policy
It is the most basic version of a health policy. It caters to an individual, as the name suggests. The insurance premium differs on the basis of the amount insured. For instance, a family having 5 family members, all the members can be covered on an individual basis for Rs. 3 lakh. In case of any medical emergency can claim hospitalization expenses up to the limit of Rs. 3 lakh specifically.

2.       Family Floater Policy
In a family floater plan, the coverage is offered to a family rather than individuals. The insured family shares the sum insured. Going by the example mentioned above, in case a family member is hospitalized and the incurred expenditure is of Rs. 6 lakhs, and then the coverage for the rest of the year will be Rs. 6 lakhs.

3.       Top-ups
Higher the health insurance covers are, higher the insurance premium is. At times, the adequate insurance coverage is above and beyond a common man’s budget. Top-ups enhance your insurance cover without any hike in your insurance premium. Top-ups are the covers that cover hospitalization charges, but it comes with a deductible.

4.       Critical Illness Policy 
Treatment for certain illnesses such as cancer can wash off your savings. It is followed by the inability to work which means one can’t go to work in order to earn some money. In critical illnesses, the basic insurance plan’s insurance coverage is not enough. Critical illness policies are formulated especially to meet such insurance needs. These are the plans that come with a fixed benefit that provides you a higher sum-assured in case you’re diagnosed with the policy listed illnesses.

5.       Unit Linked Medical Policy 
 The combo plans are one of the latest trends. Unit-linked health insurance policies are a combination of a unit-linked insurance policy and mediclaim. The insurance buyers have to pay the insurance premium and a partial amount is invested that fetches returns on investment and rest of the premium is paid towards the health insurance.

6.       Health Saver Policy 
 Health saver policies are like unit linked health policies. As per this policy, a partial premium amount goes towards the health coverage and the remaining part is invested in an investment or in a savings account. The biggest benefit of this policy is the savings part that can be used for the uninsured part of the hospitalization such as doctor’s consultation fee.

7.       Surgical benefit Policy
 The sky-rocketing expenses of surgeries can exhaust your insured amount, that it makes inefficient to cover your remaining (if any) medical charges. In such times, surgical benefit policies are of great help. The amount payable for surgeries is decided on the basis of your selected initial daily benefit.

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