Individual Health Insurance Plans: Know Features, Benefits and Eligibility

Are you willing to buy a health insurance plan in 2021 but wondering whether you should go for a family floater plan or an individual health insurance policy? If so, this post is worth a read. Given the high risk of health issues and rising medical costs, having Health insurance is the need of the day. Adequate health insurance provides much-needed financial support in case of any medical emergency.

Get insights into individual health insurance plans.

What is Individual Health Insurance Policy?

An individual health insurance policy is a type of plan that covers only one individual, the policyholder. The insured alone gains the benefits of the health insurance for his/her investment. The policy provides coverage for treatment expenses incurred on pre and post-hospitalization, ambulance services, room rent, doctor’s fees, ICU charges, medicines, and more.

Individual Health Insurance Plans: Know Their Features & Benefits

Health insurance for an individual comes with many features, depending on the policy you buy. The most common features include:

  • Coverage only for the insured individual
  • Cover for certain medical costs of the insured based on the premium paid
  • Best suited for individuals with higher health risks
  • Option to add parents and immediate family members
  • No limitations on the maximum age for the policy renewal
  • No worry about making more than one claim in a year
  • Lifetime renewal facility
  • Tax benefits available under section 80D of the ITC
  • Coverage available for critical illness
  • Benefits available of individual sum assured rather than the floating sum assured.

Many individual health insurance plans are designed to offer other facilities such as daily cash benefits. When you buy a policy, you can enjoy a cashless and reimbursement treatment facility.

Individual Health Insurance Policy: Who should buy

Individual health insurance plans are most suitable for the people diagnosed with higher health risks, for single individuals whose family members are already insured, a person who wants to renew the policy without any age restrictions. An individual health policy is also suitable for a person who is looking for higher protection and wants to avail of a cashless facility for claim settlement.

Top 3 Health Insurance Plans You Can Buy Online in 2021

A list of top 3 health insurance plans you can buy in 2021

Bajaj Allianz – Individual Health Guard

The Individual Health Insurance policy offered by Bajaj Allianz offers a holistic solution. Key features include:

  • Flexibility to choose between 3 Plans variant
  • Sum Insured options that range between 1.5 Lakh and 1 crore
  • Coverage also available for extended family members, like parents, in-laws and siblings, on an individual basis.
  • In-patient hospitalisation expenses up to Rs 20,000 in Ayurvedic/homeopathic hospitals under the Gold & Platinum Plan of the policy if the admission period is not less than 24 hours
  • A payout benefits of up to Rs 7,500 annually, in case of continuous hospitalization for a period of 10 days or more
  • Bariatric surgery coverage under medical advice
  • Facility to reinstate sum insured along with the cumulative bonus (if any) during the policy year in case the sum insured is exhausted
  • Pre and post-hospitalization expenses for up to 60 days and 90 days.
  • Ambulance expenses coverage up to Rs. 20,000 during per policy period

ICICI Lombard Personal Protect Plan

Key features of the ICICI Personal Protection Plan includes:

  • Coverage against Death or PTD (Permanent Total Disablement) due to an accident
  • Cover for individuals who can claim after being in an act of violence from acts of terrorism
  • No need to go through a health check for buying this policy
  • Easy claim process with the need minimal documentation
  • Worldwide overage available under this policy
  • Accidental Hospital Daily Allowance

Star Health Insurance – Medi classic Insurance Policy (Individual)

Common benefits under the plan include:

  • Wider Cover available with Higher Sum Insured options under Gold Plan
  • Super Restoration option available under the gold plan. It is up to 100% of the basic sum insured
  • Automatic restoration of entire Sum insured by 200%.
  • Coverage available expenses incurred on Organ donor up to sum insured under gold plan.
  • All daycare procedures and newborn baby cover under gold plan.
  • Room rent, nursing expenses 2% of SI (maximum of Rs.5000).
  • Ambulance charges up to Rs.750/- per hospitalization.
  • Pre and post-hospitalization 30 and 60 days respectively.
  • Cost of Health Check-up after a block of every 4 claim-free years.
  • Psychiatric and Psychosomatic Disorder.
  • Cumulative Bonus 5% of the basic sum insured for every claim-free year.
  • Non-Allopathic Treatment: Up to 25% of the Basic Sum Insure.

Apart from the above individual health insurance plans, there are many other policies offered by HDRC ERGO, SBI General, GoDigit, Future Generali, Bharti Axa General Insurance, Oriental Health Insurance, National Insurance, Manipal Cigna, Royal Sundaram, TATA Aig, Aditya Birla, Max Bupa and so.

Before choosing an individual health insurance policy, it is recommended to compare them online. There are many online portals where different health insurance policies can be compared for free based on your age, location, the sum insured, etc.

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