Know all Benefits of Individual Health Insurance Policy

Last Updated: May 31, 2022By Tags: , ,

Recent reports show that healthcare inflation is rising twice as fast as overall inflation. This is why people of all ages have realized the importance and value of buying health insurance.

Most Indians prefer to buy a family plan because it covers all family members. This is a great way to provide health insurance coverage for all family members. The policy benefits are available to everyone who is covered by the policy.

A family floater is a great option for those in their 40s, 50s and late 30s. However, young people in their 20s who are not married prefer to purchase an individual insurance policy. What is individual health insurance? What is the difference?  the benefits? We will answer these questions in this article.

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What’s an individual or single-health insurance policy?

Individual insurance plans offer coverage for one person, and it is typically the policy buyer. An individual healthcare policy has a fixed amount assured, and the insurance company will pay the policyholder’s healthcare costs until the policyholder exhausts the coverage amount.

The premium for an individual health insurance policy is less than that for a family floater plan. It can vary depending on many factors such as age, gender, location, sum insured, and family health history.

What is an individual’s health insurance policy?

You enter into a contract when you purchase individual health insurance policies. You agree to pay a certain amount  You agree to pay a specific amount  for a certain period to the insurer. It will receive coverage for all of your healthcare expenses up to the amount you have assured and the terms and conditions.

The benefits of purchasing individual health insurance

You can choose the amount assured that suits your needs best. A plan can be purchased with a large sum assured, up to Rs50 million. You can rest assured that you will never be without coverage because you only pay the amount.

Pre-hospitalisation and Post-hospitalisation

All individual health insurance plans generally cover pre-hospitalization and post-hospitalization expenses for 30 to 90 days. The policy you purchase and its terms and condition may affect the duration of your coverage.

Cumulative bonus benefits

Insurance companies reward policyholders who live a healthy lifestyle by offering a cumulative bonus to ensure they don’t have to file a single claim in a year. You can get a 10% increase in your sum assured if you don’t file for any claim during a policy year.

Sometimes, the bonus is offere at a discount on your premium, but the amount assure remains the same.


Every health insurance plan has its limitations and exclusions. Some plans might not cover cancer treatment, and this does not necessarily mean that you will not be covere for it.

The cost of the rider can be covere by purchasing an add-on or additional policy, which will require you to pay an additional premium. Riders can be use to increase your standard policy’s coverage or protect against certain risks not covered by your policy.

You might be intereste in buying everyday riders such as the critical illness rider and accidental death benefit rider.

Final Word

You now know the basics of individual health insurance and what it offers. Make sure you get a policy as soon as possible to protect yourself against any medical emergencies.