Health insurance is the insurance which protects from any health emergencies & incurred hospitalization expenses. In this busy and hectic life everybody should have a health insurance policy which can be very useful in emergencies. Health insurance also known as mediclaim policy means medical policy which have the same meaning.

Why Mediclaim policy needed?

• Every human suffers from some illness or injury in lifetime.
• Emergencies or illness can come anytime without giving any warning.
• There are no good facilities in government hospitals whereas private hospitals are too expensive.
• Doctor’s fees, diagnostic charges as well as the medicines value are too expensive. Health is wealth.

When should we take mediclaim policy?

Young age, yes this is the right reply for this question because the premium tends to increases with the age and insurance companies gives “no claim bonus” for every year in which no claim is taken against insurance policy. Also this policy also comes with tax benefit of 80D of income tax.

Health Insurance products available in the market

Group Policies :

Persons having some similarity (working in the same organization, same occupation, etc.) form a group and the health insurance company collectively insures the group. Group insurance policies are very popular with organizations where they form a group of all the employees and get them collectively insured where each member is then insured for a particular risk cover amount. The premium that is paid per person is far less than the premium of an individual policy.

Floater Policies:

A health insurance cover for the entire family including spouse, dependent parents, and children. The sum insured for the entire family is pre-determined. Whenever there is a medical claim for any of the family members, the claim is made from that total sum insured. For e.g., there is a family floater policy with the sum insured of Rs. 5 Lakh. One member in the family is hospitalized, uses about Rs. 2 lakh for his treatment, the remaining 3 lakh can be availed by other family members. Hence the family floater serves the purpose whoever in the family falls ill.

Individual Policies:

Individual health insurance is the policy that a person buys on his own, and not that he avails because of his employer taking policy for all employees of the organization or as part of a group. Individual health insurance policy can be bought by a person for himself as per his requirements. A health insurance cover for a single insured person. The insured (only) can avail the benefits up to the pre-determined sum insured.