Various Types of Insurance Covers Available

1. Medical Insurance: These types of policies are also known as mediclaim. This insurance provides a reimbursement for domiciliary hospitalisation and medical expenses occurred at the time of hospitalisation for a disease, surgery or an accident. Various expenses which are included are room and boarding expenses, fees of doctor, consultant, nursing expenses etc.

Types of Health Insurance Policies in India

• Individual Mediclaim policy
• Family floater policy
• Group Mediclaim policy

Individual Policy:-This is the most common and simplest form of medical insurance which provides cover for medical expenses of any individual upto the sum assured. In case a family has 4 members, then this policy can be taken individually in the name of all members.

Family floater Health Insurance:-When the insurance cover is provided for a family as a whole it is called as family floater health insurance or family health plan which means only one policy is taken for the complete family. The maximum sum assured can be utilized by any family member. Usually family floater health insurance is available at less cost in comparison with individual policies for all members.

Example:- If a family of 5 purchases a mediclaim policy for family for total sum of 3 lakhs, then this total limit of 3lakhs can be utilized by any 1, 2 or all family members.

Group mediclaim Policy:- Group Mediclaim policy is available to any group, association, institution or any corporation. An organization usually purchases this policy for its employees. The policy is issued in the name of group with a schedule of names of family members.

There is one more type of health insurance:

Overseas Mediclaim Policy: This policy covers for the medical expenditure incurred by an Indian during overseas trips for specified purpose.

2. Critical illness Cover

Apart from the insurance cover for medical expenses, there is another insurance available which is specific for covering critical illness. This policy reimburses expenses incurred during the period of the policy for any of the critical diseases or illness. Some of the diseases which are included in this plan are:

Cancer, bypass or coronary artery surgery, heart attack, stroke, paralysis, kidney failure, major organ transplant, loss of limbs, blindness, multiple sclerosis etc