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Different Types Of Health Insurance Plans

Health insurance covers the costs of an insured person’s surgical and medical expenses. Based on the kind of health insurance cover, either the insured pay costs from his pocket and then he is reimbursed, or insurer makes payment to the provider directly. In this post we are going to consider the different types of health insurance plans available in the market which includes:

1. Regular Plan (popularly known as cashless hospitalization)

Regular health insurance plan is available for the age range of 5 months to 65 years at time of entry. This policy is available both for family and for individuals. Furthermore, a few plans cover parents and extended relationships as well. A family for purpose of this specific policy means self, dependent children and spouse. The benefits include:

  • Complete expenses cover for in-patient hospitalization for minimum 24 hours like room rent, Surgeon, Anesthetist, nursing and boarding charge, Medical Practitioner, Specialist Fees, Consultants, Cost of Medicines, Ambulance charges, Pre hospitalization and post hospitalization Charges under certain terms and conditions.
  • Pre Existing illness or diseases are also covered after 4 years of constant Insurance without any break with an Indian Insurance Company.
  • May cover for delivery and the new born including normal and caesarean both up to certain limit, automatic coverage for new born, vaccination expenses for new born, etc.
  • Costs of Health Check-ups once after block of every 3 claim-free years or at a frequency defined by the insurer.

2. Critical Health Plan

Critical health insurance plan is available for the age range of 18 to 55 years at time of entry. Due to our present lifestyle and stress level, incidents of critical illness, particularly at younger age has gone up. You also would be aware that costs incurred in treatment of such illness are very high. So, critical health insurance plan pays you lump sum amount which is decided by you as sum insured, when you’re diagnosed with the listed critical illness like First Heart Attack, Strokes resulting in permanent symptom, etc. This product offers protection against some key critical illnesses by offering lump sum amount which is equal to Assured Sum. The illnesses covered may include:

1. First heart attacks – of particular severity
2. Strokes resulting in permanent symptom
3. Cancer of particular severity
4. Kidney failures requiring dialysis on regular basis
5. Major Bone/Organ Marrow Transplants
6. Open Chest CABGs
7. Benign brain tumor
8. Repair of heart valve or Open Heart Replacement
9. Motor Neurone diseases with permanent symptom
10. Multiple Sclerosis having persisting symptoms
11. Paralysis of limbs
12. Coma of specific severity

3. Surgical Benefits Plan

Surgical Benefits insurance plan is available for the age range of 3 months to 17 years for children and 18 years to 70 years for adults. Surgical Benefits Insurance Plan offers fixed benefits. You should opt for this insurance plan if you need fixed benefits, wish to protect your saving from medical expenses, you’re the major or sole earning member of your family, have family history of illness, or you travel regularly. The surgical benefits insurance plan has many benefits including:

  • Fixed payout irrespective of your bill
  • Dual claims: Guaranteed payment other than other health plans
  • Maximum cover up age 100 years
  • More than 850 surgeries covered
  • No raise in premiums, even in the case of full claims
  • Tax benefits according to prevailing tax laws.

4. Top Up Plan

Top Up insurance plan is available for the age range of 5 months to 65 years at time of entry. Children can be only covered with parents. This plan is available both for individuals and for family. A family for purpose of this specific policy means self, up to 2 dependent children and spouse. The Top Up insurance plan has many benefits including:

  • If a person is already covered under one plan, but needs additional cover, then Top Up Plan is the best option, where premiums are considerably low.
  • Complete expenses cover for in-patient hospitalization for minimum 24 hours like room rent, Surgeon, Anesthetist, nursing and boarding charge, Medical Practitioner, Specialist Fees, Consultants, and Cost of Medicines.
  • Pre Existing illness or diseases are also covered after 4 years of constant Insurance without any break with an Indian Insurance Company.

It may be noted that amount of insurance paid by any means other than cash is eligible for a relief under Income Tax Act’s Section 80D.

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Authored by: BuySmartPolicy
Published date: March 28 2018.

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