Best Health Insurance Company in India

What are the benefits of an individual health insurance plan?

18 October, 2024

0 Shares

56 Reads

What are the benefits of an individual health insurance plan

Share

A health insurance plan is invaluable in times of medical emergency, and considering the rising costs of healthcare services, it is an affordable way to manage unexpected health risks for yourself and your loved ones.

In India, there are hundreds of different health insurance plans that you can choose from. This includes family mediclaim plans and employer-sponsored group health insurance plans. However, an individual health insurance plan is among the most preferred options for a host of reasons.

As the name suggests, an individual health insurance plan covers a single person/ policyholder and offers them financial protection during health emergencies. The benefits extend to hospitalisation coverage, OPD coverage and even room rent.

Reasons why it makes sense to choose an individual health insurance plan -

1. Tailor made protection

An individual health insurance plan can be tweaked to suit your needs, which is not possible with other options like a group health insurance plan or a family floater plan. Not only can you choose the amount of sum insured based on your budget and health needs, but you can also pick additional riders like cancer and personal accident coverage.

To take a popular case- if there is a history of certain health issues in your family, you can opt for an additional critical illness rider to safeguard your future health. This is just an example, you can opt for whatever features that suit you best at this point of time and keep updating your plan as you go.

2. Guaranteed coverage

Under an individual health insurance plan, the coverage amount specified in your policy document will be exclusively available for use in the event of an emergency (subject to limitations in the policy document).

On the other hand, the coverage you get through a group plan is not only limited but usually excludes coverage for pre-existing diseases and even critical illnesses. With a family floater plan too, the sum assured benefits are collectively shared by all members covered under the plan.

Say, for example, you opt for a family floater plan of ₹ 5 lakh and an ailing member uses up 3 lakh during an emergency. If another incident happens, say you need a surgery which costs ₹ 4 lakh, you will be covered only for the balance ₹ 2 lakh cover and the other ₹ 2 lakh will have to be paid out of your own pocket.

With an individual health insurance plan though, you do not have to worry about lack of coverage as you will be the only member eligible to use up the benefits.

3. Managed risk premiums

Did you know that the premiums charged for your individual health insurance policy are calculated based solely on your age and health status?

This is an important point to remember as the same does not hold true for family health insurance plans. The premium for such plans will vary based on the status and history of all members of your family.

Hence, if you have any senior citizens in your family or anyone with pre-existing diseases, your premium will increase accordingly.

4. Lifetime renewability

Many contemporary insurance providers offer assured lifetime renewability for your individual health insurance plan without your past claims affecting your new premium. This ensures that you have affordable insurance coverage, especially during old age, when you need it the most.

However, this is not possible, if you are only covered by an employer-sponsored group plan. Your employer's insurance plan is only valid till the time you are an employee. If you retire or leave the job, your insurance benefits cease immediately.

 

Tax benefits of individual health insurance plans -

The premium amount on a health insurance plan can be claimed as a tax deduction under Section 80D of the IT Act, thereby lowering your tax liability.

This benefit is not available via an employer-sponsored insurance plan, because you are not the one paying for it. This benefit can be claimed across all other types of health insurance plans, but only by the primary policyholder/ buyer of the insurance.

For example, you have a family of four covered under a group plan, and you are the primary policyholder. The tax benefit can only be claimed by you and not any other family member. However, if each family member is insured through individual policies, they can all claim tax deductions on their respective policies, up to a specified limit.

Whether you are a single first jobber or one with a family, having a health insurance plan is an absolute necessity to ensure financial peace of mind if an emergency does strike. Health insurance is also a sound investment to make as it allows you to get tax deductions under the income tax act making it even more affordable.

While all health insurance plans aim to provide the best of coverage, an individual health plan such as Niva Bupa's Health companion goes above and beyond to offer a lot of flexibility and perks with the insurance plan. Check more plans from Niva Bupa at www.nivabupa.com now.

Why an individual health               insurance  plan is a good choice       Individual Health Insurance       Family Floater Plans       Employee Sponsored Health Insurance 
   Customised coverage                          Y                         N                    N
   Lifetime renewability                          Y                        Y/N                    N
   Tax Benefits                          Y                       Y/N                    N
   Add on riders                          Y                         N                     N
   Coverage for pre-existing ailments                          Y                         Y                    Y
   Network of choice                          Y                          Y                    N
   Affordable premiums                          Y                       Y/N                    Y

 

Start Your Insurance Today!

Secure your Health with comprehensive insurance plans from Niva Bupa

+91
Disclaimer infoBy clicking Start Now, you authorize Niva Bupa to Call/SMS/Whatsapp on your registered mobile overriding DNCR.

You may also like

Popular SearchesHealth InsuranceMedical Insurance Best Health Insurance PlansHealth Insurance PlansHealth Insurance PolicyBest Health Insurance PlansBest Family Health InsuranceBest Mediclaim PolicyBest Health Insurance In IndiaBest Medical Insurance In IndiaBest Health Insurance Plans In IndiaBest Health Insurance Policy In IndiaMediclaimBest Health Insurance For Senior Citizens In IndiaBest Health InsuranceHealth Insurance With Opd CoverMediclaim InsuranceMedical Insurance PlansBest Health Insurance Company in IndiaCritical Illness InsurancePersonal Accident InsuranceMediclaim PolicyIndividual Health InsurancePregnancy InsuranceMaternity Insurance | | Best Family Health Insurance plans in IndiaBest Health Insurance companyFamily Health InsuranceBest Health Insurance plans for Senior CitizensMediclaim Policy for Family

 

Health Insurance SchemesChief Ministers Comprehensive Health Insurance SchemeEmployee State Insurance SchemeSwasthya Sathi SchemePradhan Mantri Matru Vandana YojnaGovernment Health Insurance SchemeDr. YSR Aarogyasri SchemePradhan Mantri Suraksha Bima YojnaHealth Insurance DeductibleWest Bengal Health SchemeThird Party AdministratorRashtriya Swasthya Bima YojanaIn Patient Vs Out Patient HospitalizationMukhyamantri Chiranjeevi YojnaArogya Sanjeevani Health InsuranceCopay Health InsuranceCashless Health Insurance SchemeMukhyamantri Amrutum Yojna

 

Travel Insurance PlansTravel InsuranceInternational Travel InsuranceStudent Travel InsuranceTravel Insurance USATravel Insurance CanadaTravel Insurance ThailandTravel Insurance UKTravel Insurance GermanyTravel Insurance BaliTravel Insurance VietnamTravel Insurance DubaiTravel Insurance SingaporeSchengen Travel Insurance

 

Top Hospitals -  Best Hospitals in ChennaiTop Hospitals in DelhiBest Hospitals in GurgaonBest Hospitals in IndiaTop 10 Hospitals in IndiaBest Hospitals in HyderabadBest Hospitals in KolkataBest cancer hospitals in BangaloreBest cancer hospitals in HyderabadBest cancer hospitals in MumbaiBest cancer hospitals in IndiaTop 10 cancer hospitals in IndiaTop 10 cancer hospital in DelhiMulti Speciality Hospitals in MumbaiMulti Speciality Hospitals in ChennaiMulti Speciality Hospitals in HyderabadSuper Speciality Hospitals in DelhiBest Liver Hospitals in DelhiBest Liver Hospitals in IndiaBest Kidney Hospitals in IndiaBest Heart hospitals in BangaloreBest Heart hospitals in IndiaBest Heart hospitals in KolkataBest Heart hospitals in Delhi


OthersTop Up Health Insurance PolicyCorporate Health InsuranceHealth CardSection 80d of Income Tax ActAyushman BharatHealth Insurance PortabilityGoActive Family Floater PlanHealth Companion Family Floater PlanHealth Premia Family Floater PlanHealth Pulse Family Floater PlanHealth Recharge Family Floater PlanHeartbeat Family Floater PlanMoney Saver Family Floater PlanSaral Suraksha Bima Family Floater PlanSenior Citizen Family Floater PlanSuper Saver Family Floater PlanCorona Kavach Family Floater PlanHospital Cash InsuranceCashless Health InsuranceHealth Companion Price revision | Heartbeat Price revision | ReAssure Price revision 

 

COVID - OmicronCoronavirus Health InsuranceCovid XE VariantNorovirus

footer logo
Some image

www.nivabupa.com

Some image

+91 11 41743397

Some image

1860-500-8888

Some image

14th Floor, Capital Cyberscape, Sector 59, Gurgaon

  • Insurance is a subject matter of solicitation. Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) (IRDAI Registration Number 145, Category:Health), 'Bupa' and 'HEARTBEAT' logo are registered trademarks of their respective owners and are being used by Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) under license. CIN: U66000DL2008PLC182918
  • 1 Niva Bupa processes pre-authorisation requests within 30 minutes for all active policies, subject to receiving all documents and information(s) up to Niva Bupa’s satisfaction. The above commitment does not include pre-authorisation settlement at the time of discharge or system outage.
  • 2 Since Inception refers to claim data from 2010 till December 2023.
  • 3 ReAssure 2.0 Premium: The premium is including taxes and for Bronze Variant, for a 25-year-old individual living in Delhi.
  • 4 Aspire Premium: The premium is including taxes and for Gold+ Variant, for a 25-year-old individual living in Delhi.
  • 5 Senior First Premium: The premium is including taxes and for Gold Variant, for a 65-year-old individual living in Delhi.
  • 6 Health Premia Premium: The premium is including taxes and for Silver Variant, for a 25-year-old individual living in Delhi.
  • 7 SmartHealth + Disease Management Premium: The premium is including taxes and for Disease Management Gold Variant rider when bought with ReAssure 2.0 Bronze variant with Base Sum Insured of 5 lacs, for a 25-year-old individual living in Delhi.
  • Beware of spurious / fraud phone calls! Do not share your confidential information like Debit / credit card number, Internet Banking User ID/Password, Pin, CVV, OTP, etc. with anyone. Avoid clicking on attachments / payment link received in mails / message from unknown sources. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment or premium. Public receiving such phone calls are requested to lodge a police complaint. Do not respond to unsolicited and attractive offers received through unidentified calls, emails, SMSs, and other social media platforms. Beware of misleading telephone calls from people posing as Niva Bupa officials, agents, IRDAI Officials, Officials from ECI (Office of the Executive Council of Insurers) etc. and offering alluring benefits or sharing false information on your policy or on Niva Bupa. Niva Bupa shall not be responsible for any loss or damages whatsoever for any acts or omissions arising out of such spurious calls, and all customers are advised to contact our customer care at 1860-500-8888 and verify any representations or promises made by any such spurious callers before acting upon the same.
Social IconSocial IconSocial IconSocial IconSocial Icon