Different Types of Health Insurance You can Buy without a Job

health insurance

A staggering 12.2 crore people in India have lost their jobs since the Coronavirus pandemic prompted. COVID-19 has made the country’s unemployment rate upsurge. Along with jobs, many people have got rid of their employer’s health insurance.

Does this mean their health is at stake? Don’t they have any other option to cover themselves and their family?

Fret not.

People without a job have several options to secure themselves and the health of their dear ones.

WHETHER YOU are unemployed, self-employed or have lost your job, you have multiple options to buy health insurance you can afford without a job. Check below table to know the top Health Insurance Companies in India that have HEALTH INSURANCE POLICIES FOR UNEMPLOYED PEOPLE along with Health Claim Settlement Ratio (CSR) and Network Hospitals (for cashless treatment).

RankHealth Insurance CompanyHealth Claim Settlement Ratio FY20Network Hospitals
1IFFCO Tokio General Insurance96.33%5,000+
2Care Health Insurance95.47%7,400+
3Magma HDI Health Insurance95.17%4,300+
4The Oriental Insurance Company93.96%4,300+
5New India General Insurance92.68%1,500+
6Bajaj Allianz General Insurance92.24%6,500+
7Max Bupa Health Insurance89.46%4,500+
8Navi General Insurance86.98%5,100+
9HDFC ERGO General Insurance86.52%10,000+
10Manipal Cigna Health Insurance85.72%6,500+
11Edelweiss General Insurance85.57%2,500+
12National Insurance Company83.78%6,000+
13Future Generali General Insurance82.96%5,100+
14Royal Sundaram General Insurance81.50%5,000+
15Liberty General Insurance81.03%5,000+

To access the complete list of Health Insurance Companies for health insurance without a job, click here.

How to Get Health Insurance Plan without a Job?

In order to buy health insurance with no job, consider the following points.

  • How much cover do you need?
  • What is your budget?
  • What are the benefits of the plan?
  • Who will be covered under the policy – only you or your family too?
  • Have you checked in-built features and inclusions of health insurance policy?
  • Have you compared health insurance plans online?
  • What are your insurance needs and the requirements of your family?
  • Have you checked customer reviews?
  • What are the additional riders provided by the insurer?
  • Have you gone through the grace period and renewal options?
  • Below are 4 types of common health insurance you should buy without a job.

​​4 Types of Health Insurance

Since a health insurance policy is a boon during COVID-19 for the health security of every individual and his/her family, having it is a must whether you are employed or not. Four types of health insurance plans are:

  1. Individual Health Insurance
  2. Family Floater Health Insurance
  3. Senior Citizen Health Insurance
  4. Critical Health Insurance

1. Individual Health Insurance – You can buy Individual Health Insurance to cover yourself, your wife, children and parents. This insurance policy covers medical expenses for hospitalization due to an injury or illness. Coverage also includes pre and post-hospitalization, surgery costs, daycare procedures, room rent, doctor fees and more.

Every family member covered under an Individual Health Insurance Policy is offered an individual Sum Insured. To take an example, if you buy individual health insurance with the sum insured of 3 lakh covering your wife, 2 children and yourself, then each member will have a cover of 3 lakh. However, the premium will be comparably higher.

Any person within the age bracket between 18 and 70 years can buy individual health insurance.

2. Family Floater Health Insurance – To pick affordable health insurance for all your family members, Family Floater Health Insurance is a good choice. Under such a policy, all family members are covered under a Single Sum Insured. This policy is a better option for a family than individual insurance as it comes with a comparatively lower premium. A family floater policy covers you, your spouse, children and parents.

It is advisable not to cover your parents (60 years of age) under a floater plan as they are more prone to disease and hence it will impact the premium. Cover them under Senior Citizen Health Insurance.

3. Senior Citizen Health Insurance – This policy is dedicatedly for senior citizens (60 years or above). It is a good choice if your parents or parents-in-law are above 60. A Senior Citizen Health Insurance Policy covers expenses incurred on medicines, hospitalization due to an accident or illness, pre and post-hospitalization and treatment. Cover for Psychiatric and Domiciliary Hospitalization is also available.

When buying this policy, insurers may ask for a complete body pre-policy check-up. The maximum entry age limit is 70 years and lifetime renewability. The age limit may vary depending on the insurer.

4. Critical Illness Insurance – As the name suggests, a Critical Illness Insurance Policy is designed to cover life-threatening disease such as:

  • Cancer, Stroke, Kidney Failure
  • Paralysis, Coronary Artery Bypass Surgery
  • First heart attack, Pulmonary Arterial Hypertension
  • Multiple Sclerosis, Aorta Graft Surgery

Dedicatedly designed for middle-class families, critical illness insurance pays a predefined lump sum amount regardless of the actual cost of treatment incurred as soon as you are diagnosed with the disease. Thus, this policy prevents any impact on your savings.

  • It comes with lifetime renewability
  • For the claim, you need to survive for 30 days after diagnosis of the illness
  • Buy such a plan if you have a family history of critical illness
  • Note that once the sum insured is released, the policy terminates.

Final Thoughts

Bottom line is that even if you have lost your job during coronavirus pandemic, and your employer’s health insurance is no longer available, you have options to buy personal health insurance and secure your health and the health of your family. You just need to find the best policy with a minimum premium and maximum cover.

Browse through the internet and choose suitable health insurance for you.

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