Individual health insurance is a type of health insurance policy that provides medical coverage to a single person. Unlike family floater plans, which cover an entire family under one sum insured, an individual health plan offers a dedicated sum insured for one person. This policy covers expenses related to hospitalization, pre- and post-hospitalization care, day-care procedures, and certain treatments based on the policy’s terms. Ideal for those who prioritize personal health security, it offers comprehensive protection for individuals of any age group.
An individual health insurance policy is essential for ensuring personal medical security. It provides a dedicated sum insured, ensuring no sharing of benefits with others, as in family floater plans. With rising healthcare costs, having an individual plan guarantees access to quality healthcare without financial stress. These plans offer extensive coverage for critical illnesses, day-care procedures, and advanced treatments. Moreover, you can customize it with add-ons like maternity cover or room rent waiver, offering better control over your healthcare needs.
Comprehensive Coverage: Covers hospitalization, pre- and post-hospitalization, and day-care procedures.
Personalized Sum Insured: The insured amount is dedicated to one individual, offering exclusive coverage.
No Age Limit: Available for all age groups, from children to senior citizens.
Customizable Add-ons: Enhance coverage with riders like maternity cover, critical illness cover, and more.
Cashless Treatment: Avail of cashless hospitalization at network hospitals.
Tax Benefits: Premiums paid are eligible for tax deductions under Section 80D of the Income Tax Act.
Renewability: Most plans offer lifelong renewability, ensuring continuous coverage.
No Claim Bonus (NCB): Get rewarded with an increased sum insured for claim-free years.
| Insurer | Plan Name | Sum Insured | Key Benefits |
|---|---|---|---|
| Acko | Individual Health Plan | ₹2 Lakh - ₹25 Lakh | Affordable premiums, hassle-free claims, OPD coverage |
| ICICI Lombard | Complete Health Insurance | ₹5 Lakh - ₹50 Lakh | Pre- and post-hospitalization cover, critical illness cover, cashless treatment |
| Coverfox | Individual Health Plan | ₹2 Lakh - ₹50 Lakh | Easy policy comparison, partnerships with leading insurers, dedicated claim support |
Assess Healthcare Needs: Consider personal health history, lifestyle, and medical requirements.
Compare Policies: Use comparison platforms like Coverfox to evaluate plans, benefits, and premiums.
Look for Cashless Network: Opt for insurers with a vast cashless hospital network.
Check Waiting Period: Review waiting periods for pre-existing conditions and maternity benefits.
Consider Add-ons: Choose useful riders like critical illness, room rent waiver, and personal accident cover.
Read Reviews and Ratings: Check customer reviews to understand claim settlement efficiency.
Easy Comparisons: Instantly compare multiple policies from top insurers.
Hassle-Free Purchase: Paperless, online process for quick policy issuance.
Claim Support: 24x7 claim assistance to ensure smooth claim processing.
Customizable Policies: Add extra benefits like critical illness or personal accident coverage.
Exclusive Discounts: Get special offers and deals on premiums.
Purchasing individual health insurance offers significant tax benefits under Section 80D of the Income Tax Act. You can claim a deduction of up to ₹25,000 for premiums paid for yourself, your spouse, and your children. If you’re paying premiums for parents, you can claim an additional deduction of up to ₹50,000 (for senior citizens) or ₹25,000 (for non-senior citizens). This reduces your taxable income, offering dual benefits of financial protection and tax savings.
Inform the Insurer: Notify the insurer as soon as possible.
Cashless Treatment: Visit a network hospital, submit your health card, and request cashless treatment.
Document Submission: For reimbursement, submit necessary documents like bills, prescriptions, and discharge summaries.
Claim Review: The insurer reviews your claim, checking eligibility and coverage.
Claim Approval/Disbursement: If approved, the insurer disburses the amount directly to you or the hospital.
Coverfox offers a seamless platform to compare, buy, and manage health insurance policies. With a user-friendly interface, customers can easily evaluate multiple policies and choose the one that best suits their needs. Coverfox’s AI-driven recommendations help users make smarter decisions, while its 24x7 claim support ensures timely assistance during emergencies.
Coverfox partners with India’s top health insurers, offering access to a wide range of policies. These collaborations enable customers to get exclusive deals, competitive premiums, and a wide choice of plans from trusted insurers like Policybazaar, Acko, and ICICI Lombard. This ensures maximum coverage options for customers under one roof.
