Individual Health Insurance

In simple terms, an individual health insurance policy means a separate policy for each of the family member with individual sum insured. To make things easier, let's consider Gupta family from Mumbai. Mr. Gupta (50) has recently bought Apollo Munich individual health insurance for himself, his wife (30), daughter (20) and son (18) for a coverage of Rs. 3 lakh each.

Although Mr. Gupta paid a whopping amount of approx. Rs. 24,500 towards the premium, there are few things he considered before investing in the plan. As Mr. Gupta has recently undergone gall bladder surgery, he wanted to ensure that his medical condition doesn’t unreasonably lead to waiting period for the rest of the family members. Also, he wanted to block a dedicated sum insured for each family member. These reasons encouraged him to decide on the individual health insurance for the family. While we are at it, let’s delve deeper into some pros and cons for opting the individual health insurance for the family members.

Pros:

• The sum insured remains solely for the insured members. Even though the total claims raised by any member exceeds his own sum insured, he cannot dig into any additional sum insured and hence every insured has a guaranteed coverage amount at their disposal whenever required
• Even parents and in-laws can be a part of this coverage at additional premium
• Suitable for older families as they are prone to greater health risks
• If any insured member has a pre-existing condition as per policy guidelines, the rest of the members need not wait to claim until the waiting period ends
• Discounts on premiums if more than two members
• There is no maximum age for renewal

Cons:

• The individual insurance for the families works out to be costlier than the family floater
• The individual coverage is not suitable for younger families

• ICICI Lombard Personal Protect Insurance

This plan provides monetary assistance to the policyholder in case of an accidental emergency/death/.

• Bajaj Allianz Individual Personal Health Guard

This is a comprehensive plan designed to provide cover against unforeseen accidental consequences.

• Oriental Individual Mediclaim Policy

This is a mediclaim insurance plan which provides cover related to medical expenses arising out of Hospitalisation/Domiciliary Hospitalisation.

• Star Medi Classic Individual Insurance Policy

This plan provides reimbursement of hospitalisation expenses incurred as a result of illness/disease/sickness and/or accidental injuries.

• Medical Expenses
• In-Patient Hospitalization
• Pre and Post Hospitalization Expenses
• Day Care Procedures
• Cashless Facility
• Lifelong Renewability
• Dependent children covered up to 25 years of age
• Domiciliary Hospitalization
• Road Ambulance/Emergency Ambulance
• Organ Donor Expenses
• Alternative Treatment - AYUSH
• Pre-existing conditions post waiting period

• ICICI Lombard - Personal Protect Insurance Policy

• Bajaj Allianz Individual Personal Health Guard

• Individual Mediclaim Policy

• Star Medi Classic Individual Insurance Policy

• Proof of Age: Acceptable documents are Birth Certificate, PAN Card, Voter’s ID, Driving License, Passport, School or College Certificate, etc.

• Photo Identity Proof: Aadhaar Card, PAN Card, Driving License, Passport, Voter’s ID, etc.

• Proof of Address: Acceptable documents are Ration Card, Telephone Bill, Electricity Bill, Passport, Voter’s ID, Bank A/C Statement, etc.

• Proof of Income: Salary Slip, Employer’s Certificate, Form 16, etc.

• Medical Check-up: If asked by the insurance company

• Passport size photograph