Health insurance covers you and your loved ones against a wide range of medical expenses. Not only does it cover the hospitalization costs, but even pre-and post-hospitalization expenses. In case some medical procedures require hospitalization of less than 24 hours, the same can be covered too. These plans also cover home treatment, health check-up, etc.

You can claim using the cashless facility at the insurer’s network hospital. In case the treatment takes place at a non-network hospital, you can apply for a reimbursement claim after your discharge. The extensive coverage makes health insurance a must-have for all.

can pay your health insurance premium monthly, quarterly, half-yearly or annually. Previously, premiums were payable annually only. But in 2020, the Insurance Regulatory Development Authority of India (IRDAI), in view of the COVID pandemic, allowed renewal premium payments in any of the installment modes mentioned above.

Types of Health Insurance

Health insurance plans are basically divided into - Indemnity Plan and Fixed Benefit Plan.

An indemnity plan means the insurance company will cover the expenses incurred on the treatment, subject to the sum insured and various sub-limits as specified in your policy. In contrast, a Fixed Benefit Plan ensures a lump sum payment upon the diagnosis of a specified disease. The payout will also depend on your survival for about a month or so post the diagnosis.

Further, indemnity plans can be classified into - Individual Plans and Family Floater Plans. An individual plan covers the expenses of oneself only against the specified sum insured. Whereas a family floater plan covers the expenses of entire family members. Here, the sum insured is shared amongst the family members, and the premium depends on the age of the eldest member. Usually, the premium of these plans remains lower than that of an individual plan.

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