Types of Health Insurance

Types of Health Insurance


Health insurance, also called, medical insurance or simply mediclaim, covers the cost of an individual's medical and surgical expenses. The individual pays a fixed sum (premium), every year for the health cover.

There are broadly three types of health insurance in India:

  1. Hospitalization Plans

    Hospitalization plans reimburse the hospitalization and medical costs of the insured subject to the sum insured. For this reason, the plans are also known as indemnity plans.

    The sum assured can be fixed -
    i- For a member of the family in case of individual health policies or
    ii- For a family as a whole in case of a family health insurance policy

    For instance, consider a three-member family with an individual cover of Rs 1 lakh each. Each member can claim reimbursement for a maximum of Rs 1 lakh as all three policies are independent.

    If the family applies for a family health plan cover of Rs 3 lakhs, then any family member can claim medical benefit for more than Rs 1 lakh so long as it is within the overall sum assured of Rs 3 lakhs.

  2. Hospital Daily Cash Benefit Plans

    The daily cash benefit plan is a defined benefit policy. As evident from the name,the policy pays out a defined sum of money for every day of hospitalization regardless of actual costs. For instance, the hospitalization costs for a day may be Rs 2,000/day and the defined daily limit of the policy could be Rs 1,500/day, in which case the insured receives the latter. On the other hand, if the hospitalization cost is Rs 1,000/day, he still receives Rs 1,500/day.

  3. Critical Illness Plans

    These are benefit-based health insurance plans which pay a lumpsum amount on diagnosis of predefined critical illnesses and medical procedures. The illnesses are specified at the outset. By nature, critical illnesses are high severity and low frequency and cost of treatment is higher compared to regular medical problems like heart attack, stroke, among others.




Presented by :

Category : Family Health Insurance

*premium Amount for Male, 35 yrs, 10 year term, Silver option, including tax.
HDFC Standard Life Insurance Company Limited.

Insurance is the subject matter of the solicitation. For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale. HDFC Life Health Assure Plan (Form No. P501-105, UIN: 101N087V01) is the name of traditional health plan offered by HDFC Life. HDFC Standard Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Health Assure Plan is only the name of the product. The name of the company, name of the brand and the name of the product does not in any way indicate the quality of the contract, its future prospects or returns. HDFC Standard Life Insurance Company Ltd. IRDAI Reg No. : 101. ARN: MC/03/2015/6186.
CIN: U99999MH2000PLC128245. Tax benefits are subject to change in tax laws.

Corporate Office & Registered Address

HDFC Standard Life Insurance Company Ltd.
Lodha Excelus, 13th Floor Apollo Mills Compound,
N.M. Joshi Marg, Mahalaxmi
Mumbai, Maharashtra 400011
Telephone: (022) 67516666

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