Health Insurance for Individuals
A lower premium, extensive coverage, and several benefits together make individual health insurance policy a popular pick among youngsters or individuals. These are a highly flexible and cost-effective health insurance policy. Based on the selected plan, individual health policy coverage can be extended to the individual's family availing of the policy. So, be smart and secure your health at a young age to reap its benefits later in your life. Find out why you should consider individual health cover than other options.
Features of Individual Health Insurance
Here are some prominent features of our personal health insurance policy:
- Cost Effectiveness: The premium for an individual health insurance plan is lower than the family floater cover.
- No Maximum Age Limit: There is no maximum age bar for those intending to buy this policy.
- No Pre Policy Medical Check-Up: If the insured amount is below 15 lakhs or the individual is below 45, he/she is not required to undergo any kind of medical test.
- Organ Donor Cover: Our Individual Health Policy has a provision for organ donor cover of ₹1,00,000, unlimited coverage of ICU charges, and annual health check-ups.
- Tax Benefit: Under Section 80D of the Income Tax Act, one can avail of tax benefits on the premium paid.
Benefits of Individual Health insurance
Our health insurance for individuals offers a wide range of benefits. Take a look at these points to understand why individual health insurance is required:
- A Better Option for Working Professionals: Many rely on employer-provided group mediclaim to secure their health. However, one fails to understand that such a policy will stop providing coverage when one leaves the company, whereas individual health insurance will give lifelong coverage.
- Financial Security after Retirement: Getting an individual health cover early in life sets the stage for a comfortable retirement. It is easier to get it without pre-policy medical tests when you are young. You can get continued cover under the same plan for the rest of your life through the lifelong renewability feature.
- Suitable for the Elderly: Including elderly family members in a family floater plan may not be a good idea as it can increase the premium. So, get a separate individual health cover, more so because their health needs differ. With benefits like alternative treatment and annual health check-up, it becomes easy for senior citizens to better manage their health.
- Helps tackle Medical Inflation: Healthcare costs are rising at a faster rate. Health insurance protects your savings when coping with medical treatments or hospitalization that may happen due to unforeseen reasons.
- Safeguards against Rising Health Issues: Hectic routine and workload is no excuse to lead an unhealthy lifestyle. Yet, many become susceptible to stress and chronic diseases. The pandemic has further increased health risks for all of us. So, health insurance proves indispensable in securing your health.
- Pre-existing Diseases and other Ailments Covered: A policyholder will also get coverage for pre-existing illnesses and other ailments after a specified waiting period. One can look forward to coverage for treatments like knee surgeries and cataract treatment.
- Comprehensive Coverage and Flexibility to Customize: Unlike mediclaim, health insurance for individuals offers flexibility to customize and choose optional benefits. In today’s scenario, it also provides coverage for coronavirus treatment, subject to policy T&C.
- Cashless Hospitalization: One of the seamless benefits of having health insurance for individuals is cashless hospitalization. God forbid! During any medical emergency, you can avail cashless treatment, and there is no need to make an upfront payment for hospital bills.
- Affordable if you get it early: Investing early in individual health insurance lowers the chance of paying a high premium and gives you coverage for any ailment without delays.
- No Upper Age Limit: If you are 18 years old or above, you can buy our health insurance plan without any age restriction. There is no upper entry-age limit for an individual to get enrolled in the plan.
- Add on Covers: Enhance the policy coverage with several add-on covers such as Covid Care, Discount on services, e-consultation, OPD coverage, and many more.
- Discounts: Discounts on our individual health insurance policy makes you smile. It reduces your premium amount and gives ease to your monthly budget. Explore the options and choose a longer policy term to avail of premium discounts terms.
- Tax-saving Investment: Secure your health and wealth. One is eligible to get a maximum deduction of up to Rs 25,000 per year, under section 80D of the I-T Act, on the insurance premium paid. Senior citizen individuals can get a higher deduction of up to Rs 50,000. The total deduction one can get is up to Rs 1 lakh if the proposer and insured are above 60 years.
Things to Keep in Mind While Buying Health Insurance Plan for Individual
Individual health insurance gives you a financial cushion during a medical emergency and reduces monetary stress. Thus, it's essential to opt for personal health insurance wisely. Consider these below things while buying it:
- Minimum age criteria to buy the individual medical insurance policy
- Look for a sufficient sum insured that cater to your healthcare needs
- Opt for the plan that costs you a lower premium and do not overburden your pocket
- Check if there is a requirement for pre-medical tests to get health policy
- Go with extensive coverage policy that includes in-patient hospitalization, pre and post hospitalization, ambulance, second opinion, alternative treatment, and more
- Avail of add-on benefits such as no claim bonus, automatic recharge, global coverage, international second opinion, and annual health check-up to enhance the coverage.
- Check the tax exemption eligibility under health insurance for individuals
What is Covered under Health Insurance for Individuals?
We offer health insurance plans for individuals with adequate coverage at an affordable cost. It encourages youngsters to get insured at a young age and reap its benefits later in life. Let's check what our personal health insurance covers:
- Hospitalization Costs: Individual health insurance, like other health insurance plans, will cover your various hospitalization-related expenses during any illness or injury. That includes in-patient care, ambulance, ICU Charges, room rent, etc.
- Pre and Post Hospitalization: Speedy recovery needs timely doctor consultation, medicines, diagnosis, etc. We cover them up to 30 days before hospitalization and up to 60 days after hospitalization.
- Modern Daycare Treatments: Thanks to advanced medical technology, several medical treatments are completed quickly. We cover expenses for such daycare procedures.
- Domiciliary Hospitalization*: When there is a need for availing hospitalization at home, we cover such expenses for a defined period.
- Annual Health Check-Up: Save your money on health check-ups and keep track of your health condition. Avail health check-ups under the policy coverage once in a policy year.
- AYUSH Benefits: AYUSH (Ayurveda, Unani, Siddha, and Homeopathy) helps you with sustainable treatment. If you find alternate treatment safe and suitable, stay worry-free as we cover hospitalization expenses for that as well.
- Organ Donor Expenses: When organ transplant may become necessary in your road to recovery, we will cover the medical and surgical expenses for harvesting a major organ for transplant.
- No Claim Bonus: We reward you for your good health every claim-free year. Through an increase in sum insured by 10% up to a maximum of 50% in 5 consecutive years, the accumulated bonus will keep you financially secure.
- Auto Recharge of Sum Insured: If you ever run out of your existing sum insured, we will reinstate the entire sum insured amount once in a policy year to enable you to cover any hospitalization that might happen again in the year.
- Discounts: We let your savings grow. Avail premium discount on choosing a multi-year policy. Get up to 10% discount for a 3-year policy term.
- Lifelong Renewability: After opting for our individual health insurance plans, sit back and relax. You can continue the policy for lifelong on break-free policy renewals, thus ensuring financial security for the future.
What is Not Covered Under Personal Health Insurance?
We have some exclusions under health insurance plans for individuals. These are the diseases/ medical procedures/treatments/ excluded from the policy coverage. Read what is not covered under this policy:
- Act of self-inflicted injury attempted suicide or suicide
- Any illness related directly to the consumption of Alcohol/Tobacco/Cigarettes etc or any sexually transmitted disease
- Cosmetic or plastic surgeries or related treatment
- Pregnancy, miscarriage, childbirth, maternity including C- section, abortion, or complications of any of these
- All the treatments required due to participation in hazardous activities
- Damage caused by a nuclear, chemical, or biological attack or weapons
- Illness or injuries caused due to any breach of law by the insured
How does Individual Health Insurance work?
Our health insurance for individuals specifically designed to cover a single person. Only the insured person can claim the full benefits of the policy. The premium is based on age, and the sum insured. This policy is quite beneficial in the case of extended families with massive disparities in age. However, the premium might be higher than a family policy, but we offer discounts if more than one family member gets insured simultaneously. In case of any claims made by one individual in a family, the sum insured for others is not affected.
Individual Health Insurance Vs. Family Floater Cover
While individual health insurance has innumerable benefits, family floater cover might be a better option in certain circumstances. Here are a few differences to consider before picking either of the plans:
- Sum Insured: In a family floater plan, the entire family gets insured under a single policy. One individual or the whole family can avail the entirety of the amount. The amount will keep reducing as each member makes a claim. Under medical insurance plans for individuals, each member's sum insured remains intact when one member makes a claim.
- Premium: In the case of a family floater plan, the premium depends entirely on the age of the oldest member in the plan. As for individual policies, the premium depends on the age of the individual. Family floater plans are comparatively more affordable. The differences in premium can be as high as 20% when compared to an individual policy.
- Family Members: If you have a small family, then a floater plan is a good option. If there are elderly members in your family and are already suffering from ailments, then an individual policy might be the better alternative.
- Coverage: Compared to an individual policy, in a family floater plan, the coverage is extended to the insured members of the family. Although additions are limited, certain policies allow you to add extended family members.
Benefits of Buying Health Insurance at Early Age
*Please read the policy T & C, brochure, and prospectus to know more about our health insurance plans cover as it may vary
- You spend less on Premium: Age is a crucial factor on which health insurance premium depends. The premium paid by an older person is much higher than what a young person; say in his 30s would pay for the same sum insured.
- No need for Pre-policy Medicals: The younger you are, the easier it is to get a health cover without any need for a pre-policy medical test. Such tests may be mandatory for people above a certain age bracket.
- Helps plan for the future: Getting a health cover after contracting an illness has more cons than pros. Investing much early will give you the right financial support when there is an actual need, especially in case of critical illness.
- The waiting period does not pose a challenge: Early exhaustion of wait period is one key advantage. A health cover you got early in life will give you timely coverage for various treatments at the right time.
- Lesser chances of health issues: When you are young, there are high chances you are in good health with no pre-existing condition – a factor that can increase premium costs. Moreover, there would be a policy will be issued without loading.
- Lifelong Coverage: Once you have invested in a health policy, you can forget about getting another policy in future as it can be difficult. With the lifelong renewability option, you can continue the same policy and get accumulated benefits like no claim bonus, thus ensuring your financial security.