Individual Health Insurance – Who Should Buy, Coverage, & Benefits

Individual Health Insurance is a basic type of health insurance, which provides coverage for medical costs that incur in the event of hospitalization.

This category of health insurance offers comprehensive coverage for an individual and the insurer will cover the costs of hospitalization, medicines, OT charges, doctor’s fees, etc.

To get the coverage, you need to pay the premium and in return, the insurance company will cover your medical care costs up to the sum insured chosen under an individual health insurance policy.

What are the Key Features of Individual Health Insurance?

  • Comprehensive health cover only for individuals
  • Covering family members and in-laws on an individual sum insured basis
  • Get coverage for specific medical costs
  • No medical test (usually up to 45 years) for policy issuance
  • Lifelong renewability option to renew policy throughout life
  • Cashless treatment at network hospitals

What are the Benefits of Individual Health Insurance?

  • Sum insured will applicable on an individual basis
  • Covers in-patient hospitalization expenses
  • Pre and post-hospitalization
  • Critical illness coverage available
  • Tax benefit under section 80D of the Income Tax Act for premiums paid towards health insurance policy

Who Should Buy?

  • Suitable for individuals having high health risk
  • Individuals seeking to renew the policy with no age restrictions
  • Those individuals looking for high health cover
  • Individuals with no health cover should opt for this coverage

What is Covered?

  • In-patient hospitalization expenses
  • Pre and Post hospitalization
  • Day Care Procedures
  • Domiciliary Hospitalization
  • Organ Donor Expenses
  • AYUSH treatment
  • Other medical expenses
  • Emergency Ambulance
  • Pre-existing conditions subject to waiting period

What is Not Covered?

Under this category of health insurance, following are the conditions that are not covered.

  • First 30 days from the date of issuance of the health policy
  • War or any act of war
  • Self-inflicted injuries
  • Breach of law
  • Dental Treatment
  • Treatment of Obesity
  • Infertility
  • Consumption of alcohol and narcotics

Individual or Family Floater Health Insurance – Which One to Choose?

When you are looking to buy a health insurance plan, you may get confused in choosing a family floater or individual plan. For picking a health insurance policy, it’s wise to assess the healthcare needs for self & family, age bracket, income of family, and medical history. Upon assessing all these aspects, you can reach to an informed decision.

If seeking to get a health cover for only an individual such as your parents who are not covered yet, you can opt individual health insurance. To obtain a complete health cover for your entire family, you must choose family floater health insurance.

When it comes to buying a health insurance plan, you must compare various plans from different health insurers and then pick the one that offers you a customized coverage at reasonable premium.


Best Individual Health Insurance Plans of 2021-22

Insurance CompaniesHealth PlansPre & Post HospitalizationDay CareNo Claim BonusIncurred Claims Ratio
Max BupaReAssure60 & 180 daysAll treatmentsUp to 100% increase in sum insured53.51%
HDFC ERGOMy Optima Secure60 & 180 daysAll treatments100% increase in sum insured77.20%
Star HealthMedi Classic Individual Insurance Policy30 & 60 daysAll treatmentsUp to 25% increase in sum insured65.91%
Care HealthCare Insurance30 & 60 days540 treatments150% increase in sum insured59.13%
ICICI LombardComplete Health Insurance30 & 60 days150 treatments50% increase in sum insured72.86%

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