Question

Explain different types of health insurance policies in india

Answer 1

$<b>Types of Health Insurance$


$\mathcal{blue}{Health /:insurance,\: also\: called, \:medical \:insurance\: or simply\: mediclaim,\: covers\: the\: cost \:of\: an\: individual's\: medical\: and\: surgical \:expenses\:. The\: individual\: pays\: a\: fixed\: sum\: (premium), \:every\: year \:for \:the \:health \:cover. }$

$<b>There are broadly three types of health insurance in India:$

Hospitalization Plans

Hospitalization plans reimburse the hospitalization and medical costs of the insured subject to the sum insured. For this reason, the plans are also known as indemnity plans.

The sum assured can be fixed - 
i- For a member of the family in case of individual health policies or 
ii- For a family as a whole in case of a family health insurance policy

For instance, consider a three-member family with an individual cover of Rs 1 lakh each. Each member can claim reimbursement for a maximum of Rs 1 lakh as all three policies are independent.

If the family applies for a family health plan cover of Rs 3 lakhs, then any family member can claim medical benefit for more than Rs 1 lakh so long as it is within the overall sum assured of Rs 3 lakhs.