Every individual should buy health insurance and for themselves and members of their family, based on their requirements. Buying health insurance protects individuals from the sudden, unexpected costs of hospitalization (or other covered health events, like critical illnesses) which would otherwise make a major dent into household savings. Each person is exposed to various health hazards and a medical emergency can strike anyone of us without any prior warning. Healthcare is increasingly expensive, with technological advancements, new procedures and more effective medicines that have also driven up the costs of healthcare. While these high treatment expenses may be beyond the reach of many, taking the security of health insurance is much more affordable.
Though the latest NHP (National Health Protection) data do not give figures for 'out of pocket expenses’, the WHO has estimated that in 2017-18, the ‘out of pocket expense’ on Health care was 78% against a world average of 18%.This means that the penetration level of Individual Health Insurance is so low that people are paying for their medical treatment from their hard earned savings and not Health insurance. This is the largest opportunity that lies before the Indian Insurance industry.
India health insurance features for individuals
This Insurance plan is only for individuals and not families. It covers only expenses relating to the primary insured.
Life time renewal
Tax Deductions under Section 80D of the IT act
Pre and Post Hospitalisation is covered based on the plan opted for. Critical Illness is covered in most plans.
There is a co pay payable by the insured for every claim – this is based on the plan opted for.
Why should one purchase this Individual plan?
Any individual ideally should have Health Insurance. This is however a must for any individual with health risks associated with life style and hereditary.
Intent to have a separate identified sum insured for each individual person and not an umbrella sum insured cover under the Family Floater Plan.
Any employed individual who wants a separate stand alone policy apart from what is provided for by the employer.
Most insurers offer a 5% additional Sum Insured bonus for every claim free year.
For individuals under the age of 45 years, no medical tests are required for enrolment.