Individual Health Insurance

Key Features of Individual Health Insurance

• This plan offers coverage only for the insured individual, the policy holder.
• The insured individual is insured upto the specified sum insured limits defined in the policy for the benefits listed under the plan.
• The individual remits the premium applicable for the chosen plan of the insurance provider basis which the coverage is extended to him/her. This premium paid can be on a monthly or annual basis.
• The policy covers hospitalization expenses (following an accident or sickness) including Pre & Post hospitalisation incurred as an inpatient during the period of the policy.
• The individual can enjoy Income Tax deductions under section 80D of the Income Tax act (see section later in this page).
• Once the individual is enrolled under a chosen plan, he/she will be eligible for renewal of the policy for their lifetime subject to paying renewal premium on time.
• The individual can enjoy cashless treatment at any of the network hospitals of the insurance company across India.
• Provides coverage for Critical Illness, if opted for by the individual as an add-on. Also covers surgery costs, room rent, physician’s fee and laboratory tests.

So Who should buy this plan?

• This plans is suitable for Individuals who are looking for an individual sum insured and comprehensive coverage and not for a clubbed coverage with members of his/her family.
• It is also advisable that the elder members of the family are covered with Individual Health Insurance plans, rather than be included under the Family Floater Plans.
• The plan is best suited for individuals with higher health risks.
• Any employed individual who wants a separate stand alone policy apart from what is provided for by the employer given that the group insurance plan may have a low sum insured. It will also provide him coverage if he leaves the organisation later.
• Individuals who are looking for lifetime renewal flexibility to ensure their health and financial risks are adequately covered going forward.
• While it may not be the primary reason to purchase a Health insurance plan, but this purchase, also allows the individual to claim an Income Tax deduction under Section 80D upto ₹25,000 per year if you’re < 60 years and upto ₹50,000 for ages > 60 years.