The go-to option for you to get copious financial security against your health is none other than a health insurance policy. Health insurance plans are cost-effective means to ensure that you receive adequate health care, unhindered by the bills that follow. After all, health comes first. Health plans have evolved over time to provide different variants that have been customized to suit all pockets and cover most medical contingencies. So much so, that you require adequate planning and deep insight to choose the right plans for your family and you.
While a complete list of health insurance policies may be too long to explain, the majority of them can be categorized into 3 types. You can evaluate which among them is holistic enough to cover healthcare for both you and your family.
Individual Mediclaim:
An individual mediclaim is a simple and the most common of health insurance plans, offering medical insurance to an individual for hospital and healthcare needs. The mediclaim policy is generally available for anyone between the ages of 18 to 65 years and can be extended to 70 years. Independent mediclaims only provide medical coverage for a single person, therefore, you must buy single policies for each member of your family. This medical plan is suitable for those who have a comprehensive medical history.
Family Floater policy:
If you intend to ensure protection for your entire family and find that purchasing separate policies is unsuitable for your needs, a family plan like the family floater will suffice. Under this medical plan, your entire family is covered under a single policy, and any member of the family can avail the full extent of its benefits at any time, while still keeping the rest insured at the same time. What’s more is that the premium for a family floater is considerably less than an individual mediclaim policy. This plan is most beneficial for a generally healthy family with little to no history of any chronic illness.
Unit Linked Health Plans:
Similar to ULIPs, these medical plans allow capital investments through the health insurance plan. They are hybrid forms of investment that are gaining in popularity. While the base concept for hybrid investment + insurance financial instruments is the same, the ULPP is still in development phase, and must be handled by professionals that are familiar with managing ULIPs and Mutual Funds, to generate the maximum benefit from the plan.
Health insurance is a financial need that requires proper planning, just like any other insurance tool. To understand in detail how ULPPs work and for further assistance on financial planning, message us at PL-India Health Insurance and we shall revert at the soonest. Alternatively, do email us at insurance@plindia.com