Health Insurance 325 views February 1, 2020

What is an Individual Mediclaim Policy?

If you want to know what is individual mediclaim policy, we have the answer for you. An individual mediclaim policy is a type of health cover where a single person is covered under a single plan. All the benefits and covers of the plan are reserved for just the policyholder and it is not shared by anyone. The premium rate of such a plan is decided after assessing the age, health and lifestyle conditions of the proposer. It is a straightforward type of medical insurance that many people in India prefer to buy. Read on to know more.

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What is an Individual Mediclaim Policy?

Take a look at the features of an individual health plan to help you understand what exactly the cover is all about:

Cover for self – An individual health plan offers health insurance for a single person. All his health conditions, precautionary health measures, procedures, etc are covered under the policy. No one else is covered, so the entire sum insured is available to the individual alone.

Premium based on policyholder – The health insurance premium is based on the policy’s profile. If he is a non-smoker, is young and is generally healthy, the premium rates are lower. In a floater policy or group health plan, the profiles of a larger number of people are considered together, so the premium rates vary. Here, there is no such opportunity and you pay for what you have.

Multiple covers are available – You get a lot many covers under the individual health insurance policies. These include in-patient care, post and pre-hospitalisation coverage, daycare coverage, domiciliary care, OPD coverage, preventive health checks, and so on. An individual health plan allows you to stay fit in a truly wholesome manner.

Tax benefits available – You get an income tax benefit for the premium you pay towards the individual health insurance plan. You get an income tax deduction of up to Rs 25,000 a year under Section 80 D.

Flexible cover – As the cover is just for yourself, you can make it as large or as small as you want it to be. You do not have to worry about the other members of your family when choosing the right volume of cover for yourself.

Advantages of Individual Health Insurance

  1. Helps secure fragile health conditions – An individual health insurance plan is very well suited for people who have serious or specific health conditions. They need extra and added health cover as compared to the other members of the family. An individual plan is thus best suited for them.
  2. Can be customised – You can customise an individual health plan in ways you wish. You can add riders, you can adjust the sum insured, decide the co-pay amount and so on. Since the health cover is exclusively for you, you can just focus on yourself and your own needs when buying it.
  3. Acts as a backup for group insurance – An individual health plan is an excellent back up for the employer-provided group health plans. If you have group coverage, you should also have an individual health plan. This is because your group cover will instantly end if you lose your job. At such a time, an individual cover will swing into action and keep you secure.

Tips to Choose the Best Individual Health Plan

Now that you know what is individual mediclaim policy, you need to go and get yourself the best plan. Here are some tips to help you choose the ideal cover:

  1. Calculate your needs – You need to know what medical covers you need in your health plan to get the ideal cover. Once that is done, you can proceed towards finding your ideal cover. You may need a regular health plan, a diabetic health plan, a critical illness plan or a maternity benefit plan. Assess your needs and then get started.
  2. Fix a budget – Next, you need to determine how much you can spend on the health insurance cover. The individual health plans are available in different price ranges, so you need to know what your financial capacities are and how much you can pay as the health insurance premium.
  3. Compare – Always compare health insurance as only then can you know which is the best cover at the best rate. It is easy and quick to compare, so do not skip this step.
  4. Buy online – The online health insurance plans are always more affordable, so look for your health cover online. You can buy the plan instantly and get the best cover in a hassle-free manner.

Summary

What is an individual mediclaim policy? It is an excellent health plan that offers comprehensive and wholesome medical coverage to anyone who needs it. There are some very good individual mediclaim policies available in India. Compare the plans and locate your ideal cover and buy it online to stay secure and healthy.

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