Among the many health policies offered by insurance companies in India is an Individual health insurance policy. As the name suggests, it provides health cover for an individual. For example, when Mr X buys an individual health policy, only he will be covered under the policy. No one else can utilise the Sum Assured for that person.
Individual health plans can be bought for each member of the family also. If there are certain family members who require extra coverage for treatment and other related costs, getting individual health policies is beneficial. Here each member is insured for a specific amount of money. There is no lump sum under which all members are covered for unlike a family floater policy.
Individual Health Policies come with multiple benefits like Cashless Claim where policy holders can receive hospitalisation without paying for it. This feature can only be availed in hospitals which are in the network of the insurer. Similarly there is the Hospitalisation Daily Allowance which pays a certain allowance to the customer for every day spent in the hospital. Purchasing such a policy thus has many benefits to help you tide over a medical emergency.
How can you ensure that you buy an individual health insurance [https://www.berkshireinsurance.com/health-insurance/individual-health-insurance] with a cheap premium? Buy a policy when you are young. The younger you are, the lesser the premium you will be required to pay. This is because health risks are perceived to increase with the age of a person. Another way to reduce premium is the option of co-pay where you can opt to pay a part of the claim from your own pocket. A higher co-pay will ensure a lower premium. But do not opt for a co-pay which cannot easily be borne by you during a claim.
Discounts on premium can also be availed for every year without a claim. Known as the No-Claim Bonus, this discount keeps increasing in proportion to the number of years without claim. Some other insurers instead of the No-claim Bonus, provide an increase in the Sum Assured for a year without a claim. In other companies, customers get vouchers for every claimless year. These can be redeemed by the policy holder later in return of medicines etc.
Before buying yourself a individual health insurance policy, check the terms and conditions carefully. There are terms like 'pre-existing condition' which your plan may not cover. If you have a pre-exisiting condition, the insurer may pay you after a certain amount of time else may refuse to cover you for that health condition. Be crystal clear about the conditions laid down in an individual health insurance policy, Because even if some disease is not included in the excluded benefits section, it does not automatically mean its covered.
Lastly compare individual health insurance policies online, don't just go by the premium but also look at the features of the policy. Buying a policy online is cheap, easy and convenient.
Individual health plans can be bought for each member of the family also. If there are certain family members who require extra coverage for treatment and other related costs, getting individual health policies is beneficial. Here each member is insured for a specific amount of money. There is no lump sum under which all members are covered for unlike a family floater policy.
Individual Health Policies come with multiple benefits like Cashless Claim where policy holders can receive hospitalisation without paying for it. This feature can only be availed in hospitals which are in the network of the insurer. Similarly there is the Hospitalisation Daily Allowance which pays a certain allowance to the customer for every day spent in the hospital. Purchasing such a policy thus has many benefits to help you tide over a medical emergency.
How can you ensure that you buy an individual health insurance [https://www.berkshireinsurance.com/health-insurance/individual-health-insurance] with a cheap premium? Buy a policy when you are young. The younger you are, the lesser the premium you will be required to pay. This is because health risks are perceived to increase with the age of a person. Another way to reduce premium is the option of co-pay where you can opt to pay a part of the claim from your own pocket. A higher co-pay will ensure a lower premium. But do not opt for a co-pay which cannot easily be borne by you during a claim.
Discounts on premium can also be availed for every year without a claim. Known as the No-Claim Bonus, this discount keeps increasing in proportion to the number of years without claim. Some other insurers instead of the No-claim Bonus, provide an increase in the Sum Assured for a year without a claim. In other companies, customers get vouchers for every claimless year. These can be redeemed by the policy holder later in return of medicines etc.
Before buying yourself a individual health insurance policy, check the terms and conditions carefully. There are terms like 'pre-existing condition' which your plan may not cover. If you have a pre-exisiting condition, the insurer may pay you after a certain amount of time else may refuse to cover you for that health condition. Be crystal clear about the conditions laid down in an individual health insurance policy, Because even if some disease is not included in the excluded benefits section, it does not automatically mean its covered.
Lastly compare individual health insurance policies online, don't just go by the premium but also look at the features of the policy. Buying a policy online is cheap, easy and convenient.