what is individual health insurance

Individual Health Insurance, Personal Health Insurance

Individual Health Insurance is a type of insurance policy that provides medical coverage to an individual individually . This type of health insurance plan requires purchasing separate insurance plans for different family members. Individual health insurance policy provides the facility to customize the coverage as per your medical health requirement, not to your entire family but to an individual individual.

All types of Individual Health Insurance (Personal Health Insurance) plans cover the medical expenses a person incurs as a result of hospitalization costs, day care, ambulance services, etc. However, the premium for an individual health policy has to be paid personally by the individual. You cannot do this jointly with other members of your family. If you want to take a health insurance policy for other members of your family also, then you can take a family health insurance policy or buy separate Individual Health Insurance (Personal Health Insurance) policy for each member.

Features And Benefits Of Individual Health Insurance

Before taking an Individual Health Insurance (Personal Health Insurance), it is necessary to be well acquainted with its features and benefits. So let us get information about the features and benefits of individual health insurance policy.

  1. Single Coverage –

Single coverage is provided by Individual Health Insurance (Personal Health Insurance). This means that only you can use it.

  1. Suitable for elderly people

This type of health insurance policy is suitable for older people as their health needs are high and a single individual health insurance policy provides you with comprehensive coverage.

  1. Sum Insured –

In this, you can choose the insurance amount as per your requirement, in this you can choose the maximum insurance amount up to Rs 1 crore.

what is individual health insurance
  1. Comprehensive Coverage –

A comprehensive coverage is provided in the individual health insurance policy. In this, you are paid for pre and post hospitalization expenses, ambulance charges, etc.

  1. Add – On Cover –

In this you can also add addons as per your requirement like critical illness cover.

  1. Multiple Claims –

In health policy, you can claim as much as you want in 1 year, until your sum insured is over, you can submit a claim for it.

  1. Family discount –

If two members of the same family take an individual health insurance policy, they are offered a family discount.

  1. Cumulative Bonus –

Bonus benefit is provided to you by the individual health policy if you do not file a claim in the policy years. You can use this the next time you pay your premium.

  1. Lifetime renewal –

You can take this plan as long as you are alive, that means the plan will continue till your death.

  1. Tax Benefits –

You can claim tax benefits under section 80D of the Income Tax Act on the premium paid in the health insurance policy. The tax benefit will not exceed Rs25000 in 1 year but if you buy health individual health insurance policy for your aged parents who are above 60 years then can apply for tax exemption up to Rs50000.

Individual Health Insurance Plans Coverage

  • Hospitalization expenses of the patient (room rent, cost of medicine, ICU charges etc.).
  • COVID-19 Treatment.
  • Cost of day care procedures.
  • Cost of receiving medical treatment at home on the recommendation of a doctor.
  • Charges for road ambulance services.
  • Coverage for alternative treatments.
  • Cost of organ transplant.
  • Cost of availing preventive health check up facility.

Individual Health Insurance Plans Exclusions

Individual Health Insurance (Personal Health Insurance ) plans do not provide coverage for the following-

  • dental treatment ,
  • self – inflicted injuries,
  • alcohol or drug use ,
  • obesity treatment,
  • infertility treatment,
  • cosmetic treatments,
  • Injury due to participation in dangerous sports ,
  • congenital disease,
  • aids

Individual Health Insurance Plan Eligibility

  1. Pre – existing diseases:

While buying an Individual Health Insurance (Personal Health Insurance) plan, you are required to disclose all your pre-existing diseases as many diseases are listed under the exclusion of the insurance company. Also some are covered with a waiting period. Therefore, it is necessary that you honestly inform the insurance company about all the diseases at the time of purchasing the policy so that later you do not have to face any kind of trouble.

  1. Age:

To buy an Individual Health Insurance (Personal Health Insurance) policy, you must be above 18 years of age. Newborn babies are also covered by insurance companies but for this their parents must have a health insurance policy. A senior citizen can get his/her health insurance till the age of 65 years.

Things To Consider When Buying Individual Health Insurance Plan

While buying an Individual Health Insurance (Personal Health Insurance) plan you should keep the following things in mind –

  1. Adequate Sum Assured :

While buying an individual health insurance policy, you must keep in mind the cost of the treatment. The cost of medical treatment is increasing with time. Therefore you need to pay attention to this. You can choose a policy that provides adequate insurance coverage as per your requirement.

  1. Affordability:

While buying an individual health insurance policy, one has to take special care of its cost. You can choose any one of the various schemes according to your financial condition.

  1. Network of Hospitals :

While taking health insurance insurance from any insurance company, we also have to take care of the network of hospitals so that we can get our treatment done easily in these hospitals and get the benefit of insurance cover without any hassle.

  1. Sub – limit:

While buying a health insurance policy, you also have to take care of its sub-limits. Many insurance companies also impose certain sub-limits on the sum assured provided. So read the terms and conditions of the insurance company carefully while buying the policy.

  1. Waiting Period:

The individual health insurance policy purchased by you does not come into force until its waiting period is over. Therefore, you should also keep in mind the waiting period while getting insurance, you should go with the insurance company which offers you a shorter waiting period.

  1. Brand:

The brand value of the company should also be kept in mind while purchasing an individual health insurance policy. There are many benefits of purchasing an insurance plan from a reputed company. In this, facilities like quick claim settlement and high claim settlement are easily available.

Why Buy Individual Health Insurance Online ?

Now we will discuss in detail the benefits of buying Individual Health Insurance (Personal Health Insurance) policy online. We will try to find out why you should buy an individual health insurance plan online. So let’s take a look at it.

  1. Convenience:

You do not need to go anywhere to buy a policy through online medium. You can buy it from your home or office or from anywhere through the internet. This saves you time in visiting the insurance company office or contacting agents. Also, you can easily solve all your doubts by reading the company’s policy online immediately.

  1. Secure Payment:

When purchasing an individual health insurance policy through online mode, you do not need to pay the premium through cash or cheque. You can easily pay your health insurance policy premium through your credit or debit card or net banking.

  1. Easy Process:

Through online mode you can instantly calculate the premium to be paid for the preferred plans of your choice. You can add or remove any member or add riders to the plans as per your convenience. You can easily check the complete coverage provided by the plan in one click.

  1. Paperless:

You can get the policy documents instantly. For this you do not need to wait even a bit. You can also easily access policy brochures etc.

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