Know the Types of Health Insurance and Which One You Should Take

Types of Health Insurance

Medical emergency conditions never come by telling and it is likely that huge hospital bills, treatment expenses, and other such costs may leave you completely out of pocket. Moreover, it is almost impossible to avoid a health emergency or avoid the expenses that come with it. But in difficult times a health insurance plan can come to your rescue as you do not need to pay anything from your pocket. Hence, whether you are in your early 20s or late 30s, it is important to buy a health insurance policy at the earliest.

Mediclaim Insurance

Mediclaim insurance covers the expenses incurred during your hospitalization due to illness or hospitalization due to an accident. This insurance covers the cost of surgery, nursing charges, doctor’s fees, anesthesia, and oxygen. This insurance is known as medical policy, we call it medical group insurance.

Family Floater Plan

In this type of insurance, the entire family is covered through health insurance. Under the family floater plan, you can get health insurance for the entire family. Its fixed amount is distributed equally among the entire family. You have to pay less premium on a family floater plan as compared to individual health insurance and medical claim policy.

What is ULIP?

ULIP stands for Unit Linked Insurance Plan. A ULIP is a market-linked product that is a combination of both investment and insurance. It is linked to the capital market and offers a flexible investment option in equity or debt funds as per the risk appetite. Thus, this dual benefit makes ULIPs an attractive investment option. For the information of the people, the first Unit-Linked Insurance Scheme of Bate De was started in 2001 UTI ULIP.

Then the Government of India opened the insurance sector for foreign investment. The Insurance Regulatory and Development Authority of India (IRDA) issued guidelines for ULIPs in 2005. Many insurance companies jumped into the business offering a wide range of plans to meet the needs of customers looking to invest in a product that offers both insurance and investment

What is Group Health Insurance?

Group health insurance is a type of health insurance plan that covers a group of people working in the same company. It is very beneficial for the employees, as the premium is paid by the owners of the company. Group health insurance coverage is extended to family members of employees in many companies. This insurance plan is also called corporate health insurance or employee health insurance.

However, it costs much less than a personal health insurance plan and also benefits the company owner in terms of tax savings, so it is beneficial for both the company owner and the employee.


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