![]() ![]() Senior Citizen Health Insurance: This kind of policy is specifically designed for senior citizens who fall in the age bracket of 60 years or above. This policy can cover yourself, your spouse, children and parents. A family floater health insurance plan is a good choice as the premium is comparatively lower than the individual one. However, every individual covered under this plan will have an individual sum insured.įamily Floater Health Insurance: Family floater health policy is an affordable way of covering all the members of the policy under the single sum insured amount. ![]() You may buy this policy for you, your spouse, your children and parents. Individual Health Insurance: This kind of insurance policy provides coverage to your hospitalization expenses, medical expenses related to injury and illnesses, surgery costs, room rent, daycare procedures and more. ![]() Moreover, with greater private sector participation, massive improvement in distribution channels and improvement in operational efficiency, has made the Indian healthcare insurance sector grow rapidly over the past few years. But today, in this era of rapid digitization, innovation and broad-minded regulation policies, Indian policyholders can easily buy health insurance policy just with the click of a button. Health insurance industry was largely dominated by traditional and conventional channels like third-party agents, brokers or banks. Moreover, the pandemic has added urgency and accelerated the importance of health insurance coverage in India, which was once struggling with lowest health insurance penetration in urban and rural areas.Īs per the Insurance Regulatory and Development Authority of India (IRDAI), India will be the sixth-largest insurance industry within the span of next 10 years, leapfrogging Germany, Canada, Italy and South Korea. Post pandemic, the health insurance schemes became more resilient, innovative and agile via digitally enabled features. The recent Covid-19 pandemic had an enormous impact on the overall healthcare system of India including the health insurance industry. It alone accounts for around 29% of total general insurance premium income earned in India. Health insurance is one of the major contributors of growth of the general insurance industry in India. Therefore, it is recommended to have a proper health insurance plan in place, so that you can avail the best possible treatments at just the cost of annual premiums. However, due to lack of funds and insufficient resources, middle- and upper-class Indians refrain themselves from using public healthcare facilities and rather go for the private ones which are indeed too high on their pockets. Generally, the higher amount of premium means less out-of-pocket-expenses paid by the insured.Īs per the Indian healthcare system, public healthcare is free for each and every Indian resident. Health insurance pays for most of the medical and surgical expenses incurred by the insured person in return for a regular premium payment. A health insurance policy helps in covering the medical and hospitalization expenses of you and your family, in case of any medical emergencies such as accidental bodily injuries, illness or any kind of surgeries, doctor’s consultation fee and so on, a health insurance policy covers most of it. Health insurance is the one of the best ways to safeguard your finances from the expensive bills resulting from availing medical treatments. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The payment we receive from advertisers does not influence the recommendations or guidance our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. These “affiliate links” may generate income for our site when you click on them. Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This comes from two main sources.įirst, we provide paid placements to advertisers to present their offers. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. ![]()
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