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Health insurance

Today Health insurance is an important insurance for Individuals, Family and Employees of an organization. Health insurance is a major portfolio of insurance companies. Government started giving free health insurance cover for BPL families and the companies are offering group health insurance cover for their employees. The cost of health treatments increasing day by day irrespective of locations. A sudden and unforeseen health conditions will make you to visit the health centers, health treatment cost is highly expensive and unaffordable. Under such circumstances, health insurance protects the individuals for availing better treatments without financial constraints. All the medical insurances mostly offer cash less treatment and some cases reimburse the claims cost.

There are various types of health insurance policies are available in the market. Details of few policies are given below.

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INDEMNITY BASED POLICIES

Individual Health Insurance Policy

This policy is issued for an individual and members of the family on individual sum insured basis. The covers include the Proposer, Spouse, Parents and dependent children. The policy offers standard health insurance covers such as hospitalization, domiciliary hospitalization, pre and post hospitalization, day care treatment, specialized treatment etc. Once the individual sum insured is exhausted, no enhancement of sum insured allowed during the policy period.

Family Floater Health Insurance Policy

This policy covers the entire family in a single policy on a fixed sum insured floated on the entire family members. There is no individual sum insured for everyone but a consolidated sum insured on the entire family. The sum insured can be consumed by any one individual or shared among family members. After exhausting the sum insured there will not be any chances to enhance the sum insured during the policy period and the policy will come to an end.

Standard Group Health Insurance Policy

This policy is issued to a group size of more than 6 members. The sum insured on individual basis. Standard health policy conditions will apply.

Tailor-made Group Health Insurance Policy

This policy is issued to group size of more than 50 members. To avail this policy, the insured should comply the minimum conditions of employee-employer relationship. Policy will not be issued other than employee-employer relationship. This is not a conventional health insurance policy. Since it is a tailor made policy, the coverage, terms and conditions, premium will be decided based on the risk factors and add on covers and exclusions.

Super Top-up Health Insurance Policy

This policy is an annual aggregate deductible policy. This policy issued on individual sum insured basis or on family floater basis. Coverages under this policy like a base health insurance policy. However, the coverage starts after crossing the threshold limit mentioned in the policy. Further there is no need for any basic insurance cover. Once the threshold limits exceed, the policy starts activate as per the policy terms and conditions. Apart from the above, some specialized policies like cancer care policy, policy for physically challenged persons, trauma care policy and senior citizen policy etc. are available in the market.

Apart from the above, some specialized policies like cancer care policy, policy for physically challenged persons, trauma care policy and senior citizen policy etc. are available in the market.

BENEFIT POLICIES

These type of policies are specialized policies. There is no need to submit medical expenses documents for this claim. This policy can be issued on Individual or Group basis. The policy should be taken before the onset of the disease or ailment and the insured has to survive for certain period after onset of such disease / ailment as conditioned in the policy. Only to prove, is that the person is suffering from such insured disease by a qualified doctor. The full sum insured will be paid and policy will be cancelled after payment.

CRITICAL ILLNESS INSURANCE POLICY

This policy issued to the proposer at the of 18 50 65 years. Good health declaration is must. The sum insured in ranging from Rs.1 lakh to Rs.10 lakhs. The policy covers following diseases viz. (a) Cancer of Specified Severity (b) First Heart Attack of specified severity (c) Heart valve replacement (d) Coronary Artery Surgery / Open Heart Surgery (e) Como of specified severity (f) Multiple sclerosis (g) Major organ / bone marrow transplant (h) Kidney failure (i)Motor Neuron disease (j) Permanent paralysis of both limbs.