Why you should buy Individual Health Insurance Policy?

Why you should buy Individual Health Insurance Policy?

A health insurance policy is perhaps the last thing that we plan to invest our money into. The majority of us count on the health plan that is offered by our employer. However, what we do not consider is that by switching our current job, we will lose the health plan and all their benefits as well. This is why we must buy an individual health insurance plan. So, let us shed some light on individual health insurance policies today.

What is an individual health insurance policy?

You will certainly come across several options for health insurance plans in India; however, they are basically divided into types such as family floater plan, group health insurance plan, and individual plan. A family floater health insurance plan provides coverage to all the members of the family which include spouses, dependent children, and also dependent parents. The premium for the policy is paid by only one member while the benefits are shared by all the members. On the other hand, an individual health insurance plan is quite opposite of what we have read till now. As the name explains it all, an individual health insurance policy is bought for an individual. The plan comes with a fixed sum insured. The policyholders can avail of the benefits of the policy up to the particular fixed sum insured. Some of the factors that are considered by the insurance companies to calculate the premium of individual plans are the current health condition of the insured, age, medical history, and location.

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Benefits of buying an individual health insurance plan

Here are some of the advantages of purchasing an individual health insurance plan that you can avail. Let us talk about them:

Option to customize

As you buy an individual health insurance policy, you will get the option to customize your health plan. You will be able to add on covers, enhance the cover, introduce facilities like co-payment, and even reduce the premium amount. You will also be able to add or remove family members in some cases as the policy is yours. This will help you to have complete information about your policy, its coverage as well as premium.

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No Claim Bonus

If you think that a corporate insurance plan is enough for you, then it is time you should understand the importance of an individual health insurance plan. If you are relying on your corporate insurance plan, you need to know that you are going to lose the accumulated benefit that you saved in some years during your employment. When you leave the organization and switch to a different company, you will not be able to carry forward the benefits of the corporate health insurance plan. However, when you have an individual health insurance plan, you do not have to worry about any such thing. It does not matter which organization you are working with, you will certainly be able to avail yourself of the benefits of the health plan. If you do not claim the benefits for a year, you can avail of the No Claim Bonus.

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Coverage for you

As compared to the family floater health plans, an individual health insurance policy offers a sum insured only for you. In the family floater health plans, the sum insured is used by all the insured family members whenever the need arises.

Apart from these, there are many more benefits of an individual health insurance plan. However, you need to ensure that the plan you are choosing comes with the benefits that suit your needs. To compare the individual health insurance plans and choose one from them, you can visit the website of IIFL. You can find number of health insurance plans and accordingly make up your mind.

About David Sol

I'm Wissam Saddique, and I'm a blogger and content Writer. I've been on this exciting journey for about three years now, starting my blogging adventure back in 2020. As a dedicated blogger and content writer, I have had the privilege of exploring various topics and sharing my thoughts, experiences, and insights with my readers. Whether it's travel, technology, lifestyle, or any other area that piques my interest, I love diving deep into subjects and crafting engaging content.

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