INDIVIDUAL PLAN

An insurance plan that offers medical coverage to a person on an individual sum insured basis is called an Individual Health Insurance Plan. If you need to purchase health insurance plan separately for each family member then consider buying an Individual Health Insurance Plan..

Individual health insurance is a type of coverage that an individual buy for his or her own purpose. This type of insurance is not provided by the employer of a company. Individual health insurance provides a bunch of amenities so that it could attract even intellectual people. This insurance covers all before and after medical expenses which get estimated before 30 to 60 days and after 90 days of medication in the hospital. It gives the provision of cashless medication during the phase of treatment in a hospital and also provides non-cashless medication by reimbursement but through thorough inquiry. This plan also provides extra facilities like expenses incurred for the ambulance, medical tests, and also for nursing in some exceptional cases but with certain terms and conditions. Some of the diseases which are addressed in this plan are damage due to accidents, operational surgery, treatment of eyes, asthma, maternity, and mental disorder issues all of these after the completion of the waiting period. It is to be noted that pre-existing diseases before the purchase of the plan are not included.

Need for an Individual Health Insurance

In today’s generation, the need for insurance is very necessary as technology is evolving at a brisk pace people are witnessing new invention which is making the life of common people easy but with this advanced technology there is the flip side of these facilities. With the advancement in technology the rate of diseases has shot up to a great extent and people are suffering from many diseases that have got introduced in this century. With the rise in traffic, people are getting affected by air pollution which is increasing the patient of asthma and people are getting more prone to accidents. Individual health insurance is mainly ideal for middle-class people who cannot afford the expensive bills of hospitals rather they can opt for low premium insurance which will help them in clearing their bills in case of an unforeseen situation like treatment of chronic disease and accidents in hospitals which chunk up huge money.

F.A.Q

WHAT ARE THE ADVANTAGES OF BUYING AN INDIVIDUAL PLAN?

• The plan provides an accumulative bonus of 5% for each claim in a year. • There is no medical test done till the age of 45 years and people above 45 years of age is needed for a basic check-up. • Quick reimbursement is done in a few days of medication. • The tax benefit is given under section 80D of the Income-tax Act under this plan. • Concession is given under this plan if a policyholder wishes to buy a family insurance plan.
WHAT ARE THE POINTS EXCLUDED UNDER AN INDIVIDUAL PLAN?

• If the policyholder is suffering from a pre-existing disease before the purchase of the policy then this disease cannot be covered under this plan. • The policy will come into force after the completion of the waiting period, and not before that. • For some diseases, the entire amount of the sum assured is not applicable. • Treatments like Ayurvedic, homeopathic and non-allopathic are not included. • Exclusion of cosmetic and aesthetic surgeries.