The young generation these days is much concerned about their health. From maintaining the portion size to adding greens to their plate and indulging in physical exercises is quite common among them. Also, this generation does not consider health insurance just a tax-saving tool. They rather understand the value of this insurance product. 

As a matter of fact, people in their 20s, who are not even married yet, have started purchasing individual health insurance policies now. While many experts may suggest that a family floater health insurance plan is better than an individual health policy, here we will discuss some of the advantages of purchasing a health insurance plan.

What is an individual health insurance policy?

Mostly the health insurance plans are divided into two types, such as individual plans and family floater plans. A family floater health insurance plan provides coverage to a family including spouses, children who are dependent and dependent parents. A single sum assured is provided under one such plan which is then shared among all the family members. An individual health insurance policy is just the opposite of a family floater health insurance plan. As the name explains it pretty much, an individual health insurance plan provides coverage to an individual only. The plan comes with a fixed sum insured, up to which the insurance company will provide coverage for the healthcare costs of the insured. Some of the factors that the majority of the insurance companies consider to calculate the premium of the individual plans include current health condition, age of the policyholder, medical history, and location.

How does an individual health insurance plan work?

As you buy an individual health insurance plan, you basically get into an agreement with the insurance company. The agreement will mention that the insurance company will provide coverage for your healthcare expenses to the extent of the sum insured, according to the terms of the policy. However, to keep getting the benefits, you must keep paying the premiums consistently.

For example, you buy an individual health insurance plan and then you get hospitalized. If the sum insured is INR 5 lakh, the insurer will pay the bill up to INR 5 lakh. However, to get the benefits, you have to pay the premiums without fail.

What all are included and excluded in an individual health insurance policy?

It mostly depends on the policy type and the insurance company that you have chosen.  The list of inclusions and exclusions are mentioned herein below:

Inclusions in a health insurance policy:

  • Hospitalization
  • Day Care Procedures
  • Pre and Post-Hospitalization
  • Domiciliary Treatment 
  • Ambulance Costs

Exclusions in a health insurance policy:

  • Pre-Existing Conditions (up to 1-4 years; however, it majorly depends upon the insurance company)
  • Cosmetic surgery
  • Dental, hearing, and vision-related costs
  • Pregnancy and conditions related to it
  • Alternative therapies and treatments

Different types of individual health insurance plans in India

Individual health plans are divided into several types of health insurance. They include:

Personal accident insurance

We often hear about road accidents in India. Although one such happening cannot be predicted but if you frequently travel, it is prudent to buy a personal accident insurance policy. This kind of plan is customized for the protection of the policyholders against accidents. These plans provide coverage for hospitalization as well as medical costs for the policyholders in a situation of an accident.

Critical illness insurance

If you have a family history of any kind of critical health issue, you can plan to buy a critical illness insurance policy that provides coverage for several types of dangerous conditions.

Senior citizen health insurance

Senior citizen health insurance plans are designed according to the health requirements of people who are more than 55 years old.  Many health issues that elderly people suffer from are covered under these plans. If you are between the age group of 55 years and 80 years, you can buy one such plan.

To know about some of the best individual health insurance plans in India, you can visit the IIFL website.