Individual Health Insurance

Individual Health Insurance or personal medical insurance is a type of insurance that provides medical coverage to people on an individual amount insured basis. It implies the sort of medical insurance that must be obtained separately for each member of the family. It enables you to tailor your policy coverage to your health requirements rather than your whole family.

Almost all personal mediclaim insurance policies cover a person’s emergency medical expenses incurred as a result of hospitalisation, day care processes, alternative treatment, road ambulance services, organ donor charges, and so on. Personal medical insurance premiums and coverage, on the other hand, can’t be shared among family members.

Kinds Of Personal Medical Insurance Plans Available In India

Individual or personal health insurance policies can be subdivided into the following forms of medical insurance:

  • Critical Illness Insurance: If you have a family history of severe health issues, you might think about obtaining critical illness coverage, which covers a range of risky disorders.
  • Health insurance for senior citizens: These policies are specifically designed to meet the healthcare wants of those over the age of 55. This insurance covers a variety of health issues that senior citizens are more likely to experience. Such plans are available to anybody between the ages of 55 and 80

Personal Accident Insurance: In India, road accidents are fairly prevalent. If you regularly travel for personal or business purposes, personal accident insurance coverage may be a good option. These policies are designed to safeguard policyholders from accidents. In general, the policies encompass the policyholder’s medical and hospitalisation expenditures in the event of an accident.

Benefits of Individual Health Insurance

  • Coverage offered for pre and post hospitalization charges.
  • Includes hospitalization expenditures and medical expenses like surgery, doctor’s consultation charges, hospital room rent, and diagnostic tests.
  • Coverage offered for critical illnesses.
  • Tax deductions available under Section 80D.
Key Features of Individual Health Insurance

Individual health insurance offers coverage only for the insured individual, wherein the medical costs of the insured are covered based on the premium paid. Key features of this insurance include:

  • Covers Pre and post hospitalization expenses.
  • Covers surgery costs, physician’s fee, room rent, and diagnostic tests.
  • Covers critical illnesses.
  • Availability of cashless facility for claim settlement.
  • Renewal applicable for a lifetime.
  • Tax deductions available under Section 80D.