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Health Insurance 421 views January 4, 2022
Buying a health insurance plan means securing your hospital’s bills and costs related to the treatment or surgeries of the illness/injury. There are basically two types of health insurance plans available in the market – Indemnity and Fixed. Under an Indemnity Plan, you’ll get coverage for the medical expenses up to the sum insured. Whereas, in the case of fixed health insurance, you’ll get a fixed amount for the treatment as shown in your policy schedule. The fixed amount is irrespective of the actual expenses incurred during hospitalization. In case the fixed payout falls short of meeting the hospitalization expenses, you’ll need to bear the extra cost. Read this page further to know the difference between indemnity vs fixed health insurance and see which one meets your requirements better.
Table of Contents
While buying a policy, you need to consider various factors. So, based on that, we’ll compare Indemnity vs Fixed Health Insurance in the below table –
|Insurance Aspects||Fixed Health Insurance Plan||Indemnity Health Insurance Plan|
|Coverage||Limited coverage for specified illness or injury only||Coverage for a wide range of illnesses|
|Premium||Premium can be lower||Premium can be higher considering its extensive coverage|
|Sum Insured||Based on the type of illness/injury||Up to INR 1 - 5 Crore|
|Waiting Period||A 90-day initial waiting period is applicable||A 30-day initial waiting period, up to 48 months for a pre-existing illness|
|Survival Period||A 30-day survival period applies after the treatment of the illness/injury||No survival period is applicable here. You will get coverage for all the expenses|
|No claim Bonus||No bonus is available||After every claim-free year, the insurer will provide a bonus that increases the sum insured. And this is subject to 100% of the base sum insured.|
|Top-up||No top-up allowed||You can add top-up plans to increase protection against medical expenses.|
Based on the comparison, it can be said that indemnity plans offer higher coverage than fixed plans. Indemnity plans can command a higher premium, but that should not make you conclude. Check your overall requirements and see which one meets the same the best way. Flexibility such as the addition of a no claim bonus in case of a claim-free year only makes your experience better with indemnity plans. To help you decide better, we’ve elaborated various fixed and indemnity plans individually. Check all these plans below.
Under this type of health insurance, the insurance company will cover the treatment expenses up to a limit. And it may vary based on the type of treatment you receive or the illness you’re diagnosed with. Below are some of the top fixed health insurance plans and their benefits –
Under HDFC ERGO my-health Critical Suraksha Plus, you will get coverage against the following –
Cancer Suraksha – The company will pay 25% of the sum insured, subject to INR 1 Lakh for early-stage cancer and carcinoma in situ. And for Malignant Cancer of specified Sites, 100% of the sum insured will be payable which include –
Cardiac Suraksha – Only 25% of the sum insured, subject to INR 10 Lakh will be payable for Balloon Valvotomy or Valvuloplasty and Insertion of Pacemaker. And 100% of the sum insured is payable for the following –
A wide range of variants are available under this plan, so choose your cover as per your need.
Chola MS Critical Healthline Insurance Plan provides you coverage for the following –
And it comes in two variants, Standard and Advanced. If you choose Standard, you will get cover for 10 critical illnesses mentioned in the above order. Whereas, under the Advanced variant, the cover is available for all the mentioned critical illnesses.
The following sum insured options are available under the Chola MS Critical Healthline Insurance Plan –
Bajaj Allianz General Insurance covers the following critical illnesses –
And under this fixed health insurance plan, you can cover yourself, your spouse, children, grandchildren, parents, sister, brother, parents in law, aunt, uncle. The adults should be aged between 18 to 65 years, and children are covered from the age of 6 to 21 years.
Get coverage for treatment of the illness/injury up to the sum insured with no sub-limit unless the same is mentioned in your policy documents. Let’s take a glance at the popular indemnity-based health insurance plans below –
Under Star Comprehensive Health Insurance Plan, if you get hospitalized, the insurer will cover the following expenses –
The insurer provides the following sum insured options under this indemnity-based health insurance plan –
You will get the following benefits under Niva Bupa Health Companion Plan –
After reading the page entirely, choosing an indemnity-based health insurance plan becomes an automatic choice for you with coverage for actual expenses, subject to the sum insured limit. Else if you choose a fixed health insurance plan and the expenses increase, you will end up paying from your pocket which you may not like.
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