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Individual Health Insurance Plans

Individual health insurance is the type of health insurance that covers an individual under a fixed sum insured. This type of health insurance provides coverage to one individual under a single policy. It allows an individual to customize the insurance policy according to their requirements.

Most of these plans provide comprehensive coverage to the insurer if there is a medical emergency. The costs covered under the policy include hospitalization expenses, alternative treatment costs, surgery costs, etc. However, when it comes to an individual health insurance plan, the coverage benefits cannot be shared with family members.

Benefits of Individual Health Insurance

There are many benefits that you can get if you buy an individual health insurance policy. It pays for the medical costs of hospitalization, surgery treatment, critical illness, accidental injuries, etc. These are the benefits of the plan that you need to understand:

01

Medical Cover for Individuals

Insurers cover individuals under this policy. You can only utilize the coverage from the plan to offset your medical expenses.

02

Add-On Covers

There are many add-ons that you can opt for, which include critical illness cover, maternity cover, restoration benefit, etc.

03

Pre-Medical Screening

Most of the people who buy this policy do not need pre-medical screening. But some insurers make the pre-medical screening, so you need to check the insurance policy.

04

Cashless Treatment

Individuals can avail of cashless treatment in network hospitals of the insurance company. You can avail of this treatment if you are admitted to the hospital for at least 24 hours, and this covers medical bills, doctor fees, room rent, etc.

05

Lifetime Renewability

Some of the individual health insurance policies come with lifetime renewability which means that you can renew your policy for as long as you want without worrying about your age. You can read the terms and conditions mentioned in your policy to know more about this.

06

No Claim Bonus

It is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. NCB is the discount offered by the insurance company for all the claim-free years.

07

Tax Benefits

Another benefit of buying this policy is getting a tax exemption under Section 80D of the Income Tax Act. The premium that you pay towards the policy is eligible for tax benefits.

Inclusions In Individual Health Insurance

Inclusions in health insurance include all the coverage benefits you will get after buying a health insurance plan. These are the inclusions in a health insurance policy that you must know about:

01

Hospitalization Expenses

Health insurance plans cover the expenses incurred during hospitalization of more than 24 hours.

02

Pre-and Post-Hospitalization Expenses

It covers the medical expenses incurred due to an illness before getting hospitalized and the expenses of follow-up treatment after getting discharged. The pre-and post-hospitalization expenses are covered up to a specific number of days before and after hospitalization.

03

ICU Charges

A health insurance policy also covers the cost of treatment undertaken in an ICU or Intensive Care Unit during hospitalization.

04

Day Care Expenses

It also covers expenses incurred on a treatment that does not require hospitalization for at least 24 hours. These include chemotherapy, radiotherapy, cataract, dialysis, etc. But health insurance plans cover only a specific number of daycare procedures as stated in the policy.

05

Ambulance Costs

It covers the expenses of an ambulance availed to reach the nearest hospital in case of a medical emergency.

06

Covid-19 Cover

The policy also pays for coronavirus treatment of the elderly up to a specific limit.

07

Treatment at Home or Domiciliary Hospitalization

It also covers expenses incurred if the treatment is done at home under the guidance and advice of a medical practitioner. The treatment might be subject to some sub-limits, so it is crucial to contact your insurer to know more.

08

Pre-Existing Diseases

Insurance providers also provide cover for pre-existing diseases subject to the terms and conditions of the policy.

09

AYUSH Treatment

Depending upon the terms and conditions mentioned in the policy, some insurance policies cover treatments under the AYUSH, including Ayurveda, Yoga, Unani, Homeopathy, and Siddha.

Exclusions In Health Insurance

Health insurance exclusions refer to the expenses that are not covered under the health insurance policy. These include:

  • War, Terrorism, and Nuclear Activity

    Any medical emergency caused due to war, terrorism, and a health insurance policy does not cover nuclear activity.

  • Sexually Transmitted Diseases or AIDS

    AIDS or similar diseases are not covered under a health insurance policy. Unhealthy Lifestyle

The insurance company will also not pay for diseases or disorders resulting from unhealthy lifestyles or habits such as excessive drinking, drug abuse, or prescription medication abuse.

Cosmetic Surgery

Cosmetic and plastic surgery is not covered under the policy. However, if cosmetic surgery is required due to an accident, some policies do cover these expenses.

  • Eye and Dental Surgery Expenses

    Eye and dental surgeries are not covered under the policy. Though some insurance policies do have dental and eye care provisions, their scope may be limited.

  • Daycare Procedures

    The policyholder must check the terms and conditions, particularly daycare procedures, since these could be considered daycare or outpatient treatments.

The insurance company will also not pay for diseases or disorders resulting from unhealthy lifestyles or habits such as excessive drinking, drug abuse, or prescription medication abuse.

How to Buy Individual Health Insurance Policy Online with D2C Insurance Broking Private Limited (“RenewBuy”)?

To get an insurance policy from the comfort of your home, you can purchase a policy online with RenewBuy (www.renewbuy.com). The steps that you need to take include:

  • Go to the website (www.renewbuy.com)
  • Select your gender and enter your details
  • Enter your pin code and sum insured that you need
  • You will get instant quotes of different policies that you can purchase
  • Once you have chosen the right policy, select 'Buy Now
  • In the next window, you will see the option of adding ‘Add-On Covers’
  • Once you are done, you need to submit all your details on the next page
  • Next, you can pay the premium for the policy, and the policy will be issued to you
  • Once this is done, the policy is mailed to you at your e-mail address

These are the steps that you need to take if you want to buy an insurance policy online. It is a convenient and hassle-free process.

How To File an Individual Health Insurance Claim?

Health insurance plans come with benefits like cashless hospitalization and reimbursement. Below are how you can file an insurance claim:

In Case of Planned Hospitalization:

  • Inform the insurance company about the hospitalization 72 hours prior to it; either online or by calling them on their number
  • Once you get approval, you can file a claim later
  • In case of hospitalization, you must share the details of the group insurance policy with the hospital
  • The insurance company will ask the policyholder for the relevant documents along with the claim form
  • If the claims are verified, the insurance company settles the bill on behalf of the policyholder.

In Case of Emergency Hospitalization:

  • Inform the insurance company about the hospitalization within 48 hours of getting hospitalized
  • Show your health card at the hospital
  • The insurance company will ask the policyholder for the relevant documents along with the claim form.
  • If the claims are verified, the insurance company settles the bill on behalf of the policyholder.

If you are not hospitalized in a network hospital, you need to find a reimbursement claim later.

Benefits of Buying Individual Health Insurance Policyfrom D2C Insurance Broking Private Limited (“RenewBuy”)

Are you someone who is stuck in the world of health insurance? RenewBuy can help you.

At RenewBuy, we offer a quick platform to compare different policies and understand the benefits and features. Several insurance companies offer individual plans, so a comparison is one of how you can choose the right plan for your needs.

Once you are on the website, you need to complete a simple form, and all the available insurance policies will be displayed to you. If you are still confused, you can talk to one of our POSP advisors, who will help you make an informed decision.

Things to Consider While Buying an Individual Health Insurance Policy

There are some things that you need to consider when you buy a medical insurance policy for yourself; these include:

01

Access Your Requirements

Before you buy a policy for yourself, it is important to analyse your requirements. This will help you understand the coverage that you need and the riders that you need to buy. It is important to consider your lifestyle when you decide the amount of coverage that you need.

02

Network Hospitals

When selecting a health insurance policy, you must check the list of network hospitals of the insurer. Find out if there are any network hospitals near your workplace or home. This will make it easy for you to get cashless treatment in case an emergency arises.

03

Affordability

Each one of us has a budget when it comes to buying anything, including insurance. It is essential to consider your expenditure and income to decide the amount of premium that you can afford. If you cannot afford a higher premium, you can look for a policy with all the features you need with a lesser premium.

04

Check the Sub-Limits

Many policies come with sub-limits on the benefits covered under the policy. It is crucial to know all the sub-limits beforehand so that you do not get any surprises during the claim filing process.

05

Reviews

Before you buy a policy, you must read the reviews of the insurer. This will help you understand the efficiency of the insurance provider when it comes to providing services to the customers.

Conclusion

Individual health insurance policies are necessary for people who wish to secure themselves from expenses arising due to medical issues. After considering all things, you can buy an appropriate plan. It offers benefits to you, and under the policy, you do not need to share the benefits with anyone else.