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Old 27th April 2016, 11:07 AM
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Default Re: Types of Health Insurance in India

Health insurance in India is a growing segment of India's economy. In 2011, 3.9% of India's gross domestic product was spent in the health sector.

According to the World Health Organization (WHO), this is among the lowest of the BRICS (Brazil, Russia, India, China, and South Africa) economies.

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 floater policy

Hospital Daily Cash Benefit Plans

For instance, the hospitalization costs for a day may be Rs 2,000/day and the defined daily limit of the policy could be Rs 1,500/day, in which case the insured receives the latter. On the other hand, if the hospitalization cost is Rs 1,000/day, he still receives Rs 1,500/day.

Critical Illness Plans

The illnesses are specified at the outset. By nature, critical illnesses are high severity and low frequency and cost of treatment is higher compared to regular medical problems like heart attack, stroke, among others.
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