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Individual Health Insurance
With the rising medical costs, buying an individual health insurance policy in India is not just a smart choice; it has become necessary. It ensures direct access to quality healthcare and helps manage unforeseen medical expenses.
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So, whether you're a freelancer, entrepreneur or looking for better coverage, an individual health insurance policy ensures that you are financially prepared for any health challenges. Remember, Individual Health Insurance is more than just coverage; it’s peace of mind for you and your family. The following article provides a detailed understanding of individual health plans, helping you make an informed decision before purchasing one for yourself.
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What is an Individual Health Insurance?
An individual health insurance is a type of health insurance policy customized for a young individual to safeguard and cover oneself from various illnesses, hospitalizations, child delivery expenses and other major and minor health conditions that may arise during one's lifetime.
While individual health insurance is essentially designed for young people without families, you can still customise your plan to cover your dependents, such as your senior parents, spouse and children. However, there will be separate individual plans with different coverage and benefits for each family member.
For example, Mr. Rahul, aged 30, has an Individual Health Insurance plan for himself and his spouse. He has taken an individual health insurance of ₹10 lakhs. This means he and his wife will both have ₹10 lakhs each to cover their health needs.
Remember, your health is your greatest wealth. Protect it with the right insurance, not just for you but also for those who are dependent on you.
Why securing your Health today matters more than ever?
What's Great about Individual Health Insurance by Digit?
What’s Covered in Individual Health Insurance Plans Offered by Digit?
Coverages
Double Wallet Plan
Infinity Wallet Plan
Worldwide Treatment Plan
Important Features
All Hospitalisation - due to Accident, Illness, Critical Illness or COVID
This covers for all hospitalisation expenses including due to an Illness, Accident, Critical Illness or even pandemics like Covid 19. It can be used to cover for multiple hospitalisations, as long as the total expenses are up to your sum insured.
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Initial Waiting Period
You need to wait for a defined period from the first day of your policy to get covered for treatment related to any non-accidental illness. This is the Initial Waiting period.
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Wellness Program
Exclusive Wellness Benefits like Home Healthcare, Tele consultations, Yoga and Mindfullness and many more available on our App.
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Sum Insured Back Up
We provide a back-up Sum Insured which is 100% of your Sum Insured amount. How does Sum Insured Back Up work? Suppose your policy Sum Insured is Rs. 5 lac. You make a claim of Rs.50,000. Digit automatically triggers the wallet benefit. So you now have 4.5lac + 5 lac Sum Insured available for the year. However, one single claim, cannot be more than the base Sum Insured as in the above case, 5 lac. .
Once in a policy period; Related and unrelated illness; No Exhaustion Clause; Same person also covered.
Unlimited Reinstatement in a policy period; Related and unrelated illness; No Exhaustion Clause; Same person also covered.
Once in a policy period; Related and unrelated illness; No Exhaustion Clause; Same person also covered.
Cumulative Bonus
Digit Special
No claims in the Policy year? You get a bonus -an additional amount in your total sum-insured for staying healthy & claim free!
10% of Base Sum Insured for every claim free year, up to max 100%.
50% of Base Sum Insured for every claim free year, up to max 100%.
50% of Base Sum Insured for every claim free year, up to max 100%.
No Room Rent Capping
Different categories of rooms have different rents. Just like how hotel rooms have tarrifs. Digit plans give you the benefit of having no room rent cap, as long as it is below your Sum Insured..
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Day Care Procedures
Health insurance covers medical expenses only for hospitalisations exceeding 24 hours. Day care procedures refer to medical treatments undertaken in a hospital, requiring less than 24 hours due to technological advancement such as cataract, dialysis etc.
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Worldwide Coverage
Digit Special
Get a world class treatment with the Worldwide Coverage! If your doctor identifies an illness during your health examination in India and you wish to get a treatment abroad, then we’re there for you.You’re covered!
×
×
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Health Check-up
We pay for your health check-up expenses upto the amount mentioned in your Plan. No restrictions on the kind of tests! Be it ECG or Thyroid Profile. Make sure you go through your policy schedule to check the claim limit.
0.25% of Base Sum Insured, Max up to ₹ 1,000 after every two years.
0.25% of Base Sum Insured, Max up to ₹ 1,500 after every year.
0.25% of SI up to ₹ 2,000 after every year.
Emergency Air Ambulance Expenses
There may be emergency life-threatening health conditions which may require immediate transportation to hospital. We absolutely understand this and reimburse for expenses incurred for your transportation to a hospital in airplane or helicopter.
×
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Age/Zone Based Co-payment
Digit Special
Co-Payment means a cost sharing requirement under a Health Insurance Policy that provides that the Policyholder/Insured will bear a specified percentage of the admissible claims amount. It does not reduce the Sum Insured. This percentage depends on various factors like age, or sometimes also on your treatment city called zone based copayment. In our plans, there is no age based or zone based Co payment involved.
No Co-payment
No Co-payment
No Co-payment
Road Ambulance Expenses
Get reimbursed for the expenses of road ambulance, in case you are hospitalised.
1% of Base Sum Insured, Max up to ₹ 10,000.
1% of Base Sum Insured, Max up to ₹ 15,000.
1% of Base Sum Insured, Max up to ₹ 10,000.
Pre/Post Hospitalisation
This cover is for all expenses before and after hospitalisation such as for diagnosis, tests and recovery.
30/60 Days
60/180 Days
60/180 Days
Other Features
Pre-Existing Disease (PED) Waiting Period
The disease or condition that you are already suffering with and have disclosed to us before taking the policy and has been accepted by us has a waiting period as per plan opted and mentioned in your Policy Schedule.
3 Years
3 Years
3 Years
Specific Illness Waiting Period
This is the amount of time you need to wait for, until you can make a claim for a specific illness. At Digit it is 1-3 years and starts from the day of policy activation. For the full list of exclusions, read Standard Exclusions (Excl02) of your policy wordings.
1-3 Years
1-3 Years
1-3 Years
Inbuilt Personal Accident Cover
If You sustain an Accidental Bodily Injury during the Policy Period, which is the sole and direct cause of Your Death within twelve (12) months from the date of accident, then We will pay 100% of the Sum Insured as mentioned in Policy Schedule against this cover and as per plan opted.
₹ 50,000
₹ 1,00,000
₹ 1,00,000
Organ Donor Expenses
Digit Special
Your organ donor gets covered in your policy. We also take care the pre and post hospitalisation expenses of the donor. Organ donating is one of the kindest deeds ever and we thought to ourselves, why not be a part of it!
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Domiciliary Hospitalisation
Hospitals can go out of beds, or the patient’s condition may be rough to get admitted in a hospital. Don’t panic! We cover you for the medical expenses even if you get treatment at home.
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Bariatric Surgery
Obesity may be the root cause of so many health issues. We absolutely understand this, and cover for Bariatric Surgery when it is medically necessary and advised by your doctor. However, we DONOT cover if hospitalisation for this treatment is for cosmetic reasons.
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Psychiatric Illness
If due to a trauma, a member has to be hospitalised for a psychiatric treatment, it will be covered under this benefit, upto INR 1,00,000. However, OPD consultations are not covered under this. The waiting period for Psychiatric Illness Cover is same as Specific Illness waiting period.
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Consumables Cover
Before, during & after hospitalisation, there are many other medical aids & expenditures such as walking aids, crepe bandages, belts, etc.,which need your pocket’s attention.This cover takes care of these expenses that are otherwise excluded from the policy.
Available as an Add-On
Available as an Add-On
Available as an Add-On
What’s Not Covered in Individual Health Insurance by Digit?
Pre-Natal & Post-Natal Expenses
Pre-natal and post-natal medical expenses are not covered, unless they lead to hospitalisation.
PED Before Waiting Period
In case of a pre-existing disease, unless the waiting period is over, the claim for that disease or illness cannot be made.
Hospitalisation without Doctor’s Recommendation
Any condition you get hospitalised for that doesn’t match the doctor’s prescription is not covered.
Add-on Options for Individual Health Insurance with Digit
Enhance your individual health insurance policy with add-ons at Digit. These add-ons are subject to underwriting approval and your eligibility at the time of purchase or renewal. Here’s a list of add-ons available that provide additional layers of protection beyond the basic coverage of your policy:
Consumable Cover
Pay 10% extra premium and we will also cover your non-medical expenses once your base claim is approved.
Pre-existing Disease/Specific Disease/Initial Waiting Period Modification
You can reduce your pre-existing disease waiting period to up to 2 years.
Network Hospital Discount
Opt for treatment at one of our network hospitals and receive a 10% discount on your premium with this add-on cover. However, a co-payment will be applicable if you get hospitalised in a non-network hospital.
Key Benefits of Health Insurance for Individual by Digit
Your health insurance plan with Digit extends several exclusive benefits that enhance your coverage. Here are the key benefits:
* These add-ons are subject to underwriting approval and your eligibility at the time of purchase or renewal
What Makes Health Insurance Highly Important for Young Individuals?
Protects From Lifestyle Diseases
Lifestyle diseases like PCOS, obesity, type 2 diabetes, etc., are on the rise, especially among millennials. An individual health insurance ensures you will be protected against them all; right from diagnosis to treatment.
Prioritizes Your Mental Well-Being
With mental health challenges on the rise, especially among individuals under 40, our health insurance ensures you’re covered both physically and mentally. It embraces complete wellness with psychiatric benefits designed to support your mental health journey.
Maximize Savings
Buying a health insurance means you don’t need to worry about increasing medical costs and expenses because your health insurance policy will keep you covered; while you can instead protect and maximize your savings.
Improves Overall Well-Being
Any private Medical insurance for individuals like you ensures overall well-being by always having your back during medical emergencies and covering you for annual health checkups.
Saves Tax
One of the best things about having a health insurance is that you can claim income tax deductions on the premium you have paid through different sections while filing your income tax.
Affordable Premiums
Young people are always advised to get health insurance earlier. This ensures a cheaper premium, and your waiting period for major illnesses will be over soon.
Factors to Choose Perfect Individual Health Insurance Coverage
- Health Care Expenses: Before considering any policy, consider the medical expenses you can incur in your city. It can include the cost of hospital stays, medicines, surgeries, etc.
- Healthcare Inflation: Inflation increases as the year passes, causing medical expenses to increase over time. Select any individual health coverage amounts for yourself that consider potential increases in medical costs over the years.
- Pre Existing Diseases: Consider Pre-existing Diseases to have a proper protection. You will need more coverage if you have any pre-existing medical issues.
- Age and Lifestyle: Consider your age, lifestyle, and any related health concerns before choosing your coverage. Higher coverage may be necessary for older people or those leading risky lifestyles.
- Place of Residence: The cost of healthcare can differ greatly between locations and cities. Greater coverage may be necessary if you live in a metropolitan region because of the increased cost of healthcare.
- Medical Facilities: Ensure your insurance covers treatments at the hospitals or healthcare facilities you prefer. It has no room rent capping and has the option of opting for an ambulance.
- Ability to Pay: Your expenditure and ability to pay are the most important factors in helping you decide your final sum insured. Although it's critical to have enough coverage, make sure the price is reasonable and won't strain your money.
- Riders and Add-Ons: Certain insurance plans provide extra alternatives for coverage, such as coverage for critical illnesses, maternal benefits, senior citizen coverage, etc. Determine if these extras are required for your circumstances.
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Individual Health Insurance Premium Chart
At Digit, our health insurance rates are divided into two zones based on healthcare prices in different cities for convenience.
- Zone 1: It includes Greater Hyderabad, Greater Mumbai, and Delhi NCR.
- Zone 2: It includes the rest of India.
Let’s look at a real-world example to understand the individual health insurance plans and the premiums charged for the particular sum insured. Ideally, we recommend for “Infinity Wallet Plan” as one of our most popular and reliable plans for every individual.
Individual Health Insurance Premium for Different Sum Insured Options
Let’s take the example of Rahul who is 25 years old and has Individual Health Insurance. He lives in Noida (Zone 2) and has chosen the Infinity Wallet plan for himself having a sum insured of ₹10 lakh. Let’s see how much annual premium he pays for this particular sum insured.
Note: The annual premium mentioned above is excluded from GST and only mentioned for Zone 2 cities. The price varies for Zone 1 cities. Also, age, plan choice, and other conditions may affect your premiums.
Why ₹25 Lakh Coverage Recommended in Infinity Wallet Plan?
A ₹25 lakh sum insured is highly recommended because:
- The medical inflation rate is rising yearly by up to 14%, increasing the cost of medical expenses and treatment. Hence, the Infinity Wallet plan provides adequate coverage to protect against the rising cost of hospital stays and treatment.
- It offers a higher no. of coverage at a minimal premium paid. It includes no room rent capping, cumulative bonus, health checkups, etc.
- Furthermore, financial protection and peace of mind are provided by having a ₹25 lakh sum insured, which lowers the possibility of unanticipated medical costs.
How is Premium Calculated for Individual Health Insurance Policy?
A lot of people often wonder, how is my health insurance premium calculated? Based on a combination of various factors, your health insurance premium is defined by the following:
- Your Age: While health conditions are on the rise for young and old people, younger people are still much healthier. Additionally, the younger you are, the more time you have to complete your waiting period for things such as maternity benefits and critical illnesses. Therefore, the younger you are, the lesser your premium! Now you know why people advise the young generation to get health insurance early in life!
- Lifestyle: Everything depends on our lifestyles today, doesn’t it? Likewise, our health is dependent on the different lifestyle choices we make. Your health insurance premium will also be affected by your habits, both good and bad. So please make sure you declare everything about yourself, right from whether you’re a gym junkie to whether you’re a smoker or not.
- Pre-existing Diseases or Conditions: In case of a condition, illness or injury for which you’ve already been experiencing signs and symptoms at least about 36 months prior to getting your policy, it needs to be declared while purchasing your individual health insurance policy. Your health insurance premium may be affected accordingly based on the kind of condition.
- Location: Your health insurance premium will be affected by the place you live in because different cities have different pollution levels, accident risks and medical costs. For example; people living in North India are a lot more prone to lung diseases, due to the high percentage of pollution and decreasing air quality.
- Add-ons and Covers: To make sure your health insurance plan is suited just for you and the life you want to lead, your individual health insurance gives you the option to opt for specific covers as additional shields, which will increase your premium amount. These covers include the Critical Illness Cover, Maternity and Infertility Benefit, etc.
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Who Should Buy Individual Health Insurance?
Individual health insurance is ideal for anyone seeking personalised health coverage tailored to their specific needs.
Whether you’re a young professional starting your career, a freelancer with no employer coverage, or a businessman looking for personal protection, an individual policy can offer different, tailored benefits. However, individuals who want better coverage options than their employers should also consider buying an individual policy.
Ultimately, if you value financial security and access to quality healthcare, you must consider buying individual health insurance.
Eligibility to Buy Individual Health Insurance Policy in India
The eligibility criteria differ for different insurance companies. Before purchasing one, you must ensure you are eligible to purchase the particular policy. Here are the general eligibility criteria to get an individual health insurance.
How to Buy Individual Health Insurance Online?
Buying individual health insurance policy online is now as easy as booking a movie ticket. With just a few clicks, you can compare different plans, customise your coverage, and ensure continued financial security in medical emergencies. Follow these simple steps to buy or renew a health insurance plan for individual:
Enter Basic Details
Visit the Digit app or website. Enter your PIN code and mobile number, select your preferred health insurance plan and provide age details, family members covered, etc.
Choose Plan & Add Member Details
Compare & select the plan, sum insured, add-on covers and apply any available discounts to get the final premium amount. Further provide the member details for everyone you’re covering.
Make Payment & Submit KYC
Once done, proceed to make the premium payment and submit your KYC documents to complete the purchase process.
Final Review & Processing
Now, your application undergoes a brief review process. Digit may request a health declaration, lifestyle information, or medical details & reports if required. Now, based on your medical underwriting, your policy will be issued and sent to your email. You can also access it anytime through the Digit app.
Documents Required to Buy a Individual Health Insurance Online
When purchasing a individual health insurance policy, insurers typically require some basic documents for verification. Below is a list of optional documents that can be needed at the time of purchasing a policy:
Identity/Age Proof
×
✔ Aadhaar Card
✔ PAN Card
✔ Passport
✔ Voter ID
✔ Driving License
✔ Birth Certificate
Address Proof
×
✔ Aadhaar Card
✔ Passport
✔ Utility Bills (Electricity, Water, Gas – recent)
✔ Rental Agreement
✔ Passport
✔ Utility Bills (Electricity, Water, Gas – recent)
✔ Rental Agreement
Income Proof
×
✔ Salary Slips
✔ Income Tax Returns (ITR)
✔ Form 16
✔ Income Tax Returns (ITR)
✔ Form 16
Previous Medical Reports (If any)
×
✔ Pre-policy medical check-up (for higher coverage or older age applicants)
KYC Documents
×
✔ PAN Card (for financial verification)
✔ Aadhaar Card (for identity and address verification)
✔ Photograph and bank details (optional)
How to Choose the Right Sum Insured for Your Individual Health Insurance?
No amount you save will ever be enough to fulfill your healthcare bills. Still, for sufficient coverage and security, it is important to choose an accurate sum insured under your individual health insurance plan. Here are some factors that will help you choose the right sum insured:
- Age: The amount of sum insured you need depends mainly on your age. If you are in your 40s, you will require a larger sum insured to cover rising medical costs. If you are young and healthy, you can begin with a lower sum insured and raise it progressively over time.
- Health: Evaluate your health before choosing a sum insured. You might start with a lower coverage level if you're in good health because you might not need to visit the hospital frequently. On the other hand, you should select the insurance coverage amount appropriately if you feel that you may require specific medical operations in the future due to your poor health.
- Dependents in Family: An individual health insurance is designed for you, but you have the option to add dependents such as your parents, spouse and kids. Choose a higher sum insured if your family members are dependent on you for their health coverage.
- Existing Health Conditions: If you have a previous medical condition or any serious illness requiring frequent medical visits, you should choose a more significant policy with a higher sum insured to cover your medical costs.
- Lifestyle & Surrounding: When choosing the sum insured for your policy, you must also consider the city where you reside and your lifestyle. Living in a large metropolis like Delhi or Mumbai increases your chances of experiencing stress and pollution regularly. These cities have reasonably priced medical services. Thus having a policy with a greater sum insured is essential.
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Confused Before Buying Your Individual Health Insurance? Things to Keep in Mind
So far, you might have known why an individual health insurance is essential. However, when purchasing one for yourself, you must keep some important factors in mind. Here are some things you must remember before buying any individual health insurance policy:
- Coverage Benefits: Always consider the coverage you’re getting and whether that’s enough for you. Consider your age, health condition, lifestyle, and estimated medical treatment cost to finalize what coverage you need. This can include pre and post-hospitalization, critical illness treatment, medical benefits, etc.
- Sum Insured: Select a sufficient sum insured to cover any necessary medical costs. Think about the long-term rise in healthcare expenses and inflation. The amount of the insurance should be enough to pay for both current and anticipated medical costs over the upcoming years.
- Premium Cost: Examine the premiums offered by various insurance companies. Select a policy that strikes a balance between the premium cost and the amount of coverage. Ensure that the policy you choose is affordable and provides you with maximum benefits.
- Network Hospitals: Know about the network hospital list to see if you qualify for a cashless claim. Make sure the hospitals in the network are convenient and near your location. Check whether the hospital has the required specialists and equipment to perform any surgery in the future.
- Waiting Period: Making a decision would be easier if you were aware of the waiting period clause. During a waiting period in health insurance, the insurer will not accept any claims resulting from specific illnesses, pre-existing conditions, or claiming for maternity benefits. Furthermore, the benefits will only become available to you once this time has passed.
- Lifetime Renewability: Consider choosing a policy that allows for lifetime renewals to have coverage in later years. This process ensures that you can keep your insurance for your future as you get older and health problems become more common and serious.
- Claim Process: The whole point of buying health insurance is to benefit from making medical claims. Therefore, look at the claim processes involved with your insurer. Make sure the policy provider has a high claim settlement ratio and a less time-consuming process.
- Customer Reviews & Testimonials: Trust the people who have already purchased any insurance from the insurer. Look for reviews on social media or your insurance service provider’s website to learn more about people’s experiences with the said brand.
- Other Benefits: Look at service benefits and other additional benefits, such as pre-and post-hospitalization coverage, preventive health check-up facility, room rent limit, etc., that your insurer provides in addition to the basic coverage.
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How to Save Income Tax with an Individual Health Insurance Policy?
Apart from safeguarding your health, an individual medical health insurance also benefits you in maximizing your savings further by giving you the benefit of tax exemptions. This can be done in the following ways:
- Through Preventive Health Checkups: As per the Income Tax Act, Section 80D an individual can get a tax exemption of up to Rs 5,000 on the expenses incurred for preventive health checkups in one policy period.
- Include your parents in your health insurance plan: According to Section 80D in the Income Tax Act, if you include your dependent parent in a health insurance plan or pay premiums for their health insurance, they can be exempted from taxes up to Rs 50,000 every year.
#Remember: To claim tax exemptions on your health insurance, it’s necessary that all payments towards your health insurance premium must be made through bank transfers, debit/credit cards or online/net banking methods since cash payments won’t be considered for your tax savings.
Are There any Waiting Periods Under Individual Health Insurance Plans?
The term "waiting period" in insurance refers to the actual length of time that you must wait before claiming any health insurance. In simple words, it describes the time you must wait from the day you have bought health insurance and the day you can begin using it. Waiting periods are included in health insurance plans to shield the insurer against immediate claims.
For instance, if your policy states a 30-day waiting period, you must wait 30 days before receiving benefits for any illness or injury.
These waiting periods are of different types, such as initial waiting period, for pre-existing disease, for a specific disease, for maternity benefit & baby cover and for accidental hospitalisation. Let’s compare the waiting periods of different insurers vs Digit.
*The 30-day waiting period is available through the Initial Waiting Period Modification add-on.
Note: These durations can vary slightly based on the insurer and the specific terms of the policy, so it is always advisable to review individual policy documents for precise details.
Why should I take up an Individual Health Insurance online?
Health insurance has often been looked at as complex and ambiguous. More often, people have purchase health insurance policies only for tax benefits, without really looking at its other advantages, such as how it protects and safeguards you against various illnesses and medical emergencies.
However, the times have changed, and thankfully, many health insurance policies are now digital. This not only makes the entire process of buying health insurance easy but also gives you the flexibility to learn more about it, compare health insurance plans online, and customize your plans according to your personal needs with just a few clicks and no paperwork at all!
Some Benefits of Buying an Individual Health Insurance Plan Online include:
- Ease of Comparison
- Easy Access to Information
- Flexibility
- Convenience in Buying
- Customization
- Accessing Everything at One Click
- Time-Saving
- Paperless Process
- Instant Quotes
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Is Cashless Treatment Available under Digit’s Individual Health Insurance Policy?
When you make a health insurance claim, especially after visiting a hospital due to an accident or illness, you can choose between a cashless or a reimbursement claim. Digit offers both claim options to give you flexibility and peace of mind during any medical emergencies.
With a cashless claim, you can receive medical care at a network hospital without paying for it out of pocket. Instead, the hospital sends the bills directly to the insurance company, which then pays them. At Digit, you may choose from 9000+ cashless hospitals in India to receive cashless services by utilizing your cashless health insurance.
Why Should You Trust Digit for Your Individual Health Insurance?
- Health Insurance Made Easy Online: One of the main benefits of Digit is that everything from buying health insurance to making claims is digital-friendly. This means you can buy and customise your health insurance plan from the comfort of your home. Additionally, these online processes ensure everything is transparent, so you know exactly what to expect.
- Cashless Settlements Available: A cashless settlement means you can make claims without having to pay from your pocket. This not only makes your claim process easier but also ensures you don’t need to worry about spending money yourself. The same is only possible when you use the services of a hospital that is part of Digit’s network.
- Wide Network of Hospitals: To benefit from cashless settlements, you need a good range of hospitals made available. Fortunately, Digit offers its policyholders with 9000+ wide range of partner hospitals all over India.
- Customised Health Plans: When you buy health insurance online with Digit, you get the benefit of customising your health insurance plan based on your personal requirements and needs. For example, you can also customise your Sum Insured for one policy term. After all, you know yourself better than anyone else.
- Cares about your Physical & Mental Health: At Digit, we not only provide coverage for your physical health but also for your mental health. After all, we believe the two go hand in hand in maintaining one’s overall health and well-being.
How to Compare Individual Health Insurance Plans?
If you’ve never bought health insurance online, we know this could probably get a tad bit confusing for you. But, that’s why we’ve always kept our insurance simple, and here we’ll give you a quick guide on how to compare different health insurance plans online and eventually make the right choice.
- Sum Insured: The most important bit! After all, this entails the amount you’ll receive at the time of your claims. Therefore, opt wisely for a viable sum insured and don’t get fooled into buying just any health insurance policies due to low premiums (this would usually mean, the sum insured too is less!)
- Coverage: Examine the benefits of coverage provided by various health insurance policies. Pay attention to details like pre- and post-hospitalization costs, ambulance services, patient care, and daycare coverage. Ensure the plan includes all the essential medical coverage you may require without any extra payment.
- Real Benefits: Please read the policy terms & conditions before buying an individual health insurance plan, as a lot of benefits look fancy but when you get to their conditions you may realize that claiming them is tough because of the ifs and buts associated with them.
- Claim Settlement Record: Always look at a health insurance company’s claim settlement record. What are the processes? How quick are they with claims? Is it simple? Is it completely digital or involves paperwork? Having these clarifications right from the start will ensure you pick what suits you the best and make a sound choice accordingly.
- Premium: Of course, this is something you will definitely do! But make sure you don’t just pick the cheapest health insurance only because it comes with a low premium but, look at the sum insured, benefits, services, etc and decide on what seems like the most valuable option of it all.
In a world where uncertainties don’t knock before arriving, individual health insurance isn’t just a policy; it’s your personal shield, your silent backup, your financial superhero in a hospital gown. It offers financial protection against unexpected medical expenses and ensures access to quality healthcare when you need it most. By selecting a plan that aligns with your health needs and budget, you gain peace of mind and greater control over your healthcare decisions.
So, whether you’re starting your career, chasing dreams, or simply planning for peace of mind, investing in individual health insurance is like planting a tree today that’ll give you shade tomorrow! 💯
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FAQs about Individual Health Insurance
Why is an individual health insurance important?
With lifestyle diseases on the rise and skyrocketing medical expenses, it’s almost necessary to protect yourself with health insurance that will help you cover any kind of medical expenses. Therefore, individual health insurance is important not only to protect your savings from medical costs but also to help you maximize your earnings by giving you the benefit of saving on tax to up to Rs 25,000 to Rs 50,000 every year (depending on your age).
What are the documents required to buy an individual health policy?
At Digit, since everything is online, we don’t need any documents apart from your Aadhar Card/PAN Card number (this helps with the tax exemption). Additionally, based on your health conditions- we may ask for certain medical checkups to be done.
Does a health insurance cover for pre-existing health conditions?
This primarily depends on the kind of health condition. For example, if you have already been diagnosed with Cancer, we may not be able to cover you on a new health insurance policy. However, if you drink or smoke, you can still be covered at an additional premium.
Does an individual health insurance plan come at a lower price?
The list of inclusions and terms and conditions a health insurance provider provides determines the cost of an individual health insurance policy. If you are paying the premium before the deadline and refrain from claiming health insurance, you can decrease your health insurance price up to some extent.
Can an individual have more than one personal insurance policy?
Yes, an individual can have more than one personal insurance policy for different kinds of coverage and benefits. However, the individual must adhere to the terms and conditions to avail themselves of the maximum tax benefits.
How can a single person save on health insurance?
A single person can save on health insurance by:
- Practicing a good lifestyle habit reduces the chances of illness and diseases.
- Lowering the amount of claims in a year to get cumulative benefits.
- Choosing the best policy with maximum coverage in a limited amount.
Which plan is best for a health insurance plan for an individual?
The greatest health insurance plan is one that provides comprehensive coverage. A person can get such a plan by considering their financial situation, medical history, and way of life right now. Next, pick a plan based on what you need.
To choose the best health insurance plan for yourself, you must:
- Look out for the plan that offers maximum coverage
- Opt wisely for a viable sum insured
- The amount you pay for the premium is under your budget
- Offers cumulative benefit if you don't claim any amount in a particular year
What is meant by an individual health insurance plan?
An individual health insurance is a type of health insurance policy customized for a single person; typically, for people below the age of 40 years to safeguard and cover themselves from various illnesses, hospitalization, and other medical emergencies that may arise during their lifetime.
What is the eligibility for an individual health insurance plan?
In order to be eligible for an individual health insurance plan, the person must be an Indian citizen or resident, has an age between 18 to 65, must state their pre-existing diseases and should be eligible to pay the premium amount.
Does individual health insurance come with maternity coverage?
Maternity coverage is not included in any individual health insurance plan. However, you can add maternity coverage with a separate base plan. Get in touch with your insurance provider to know about maternity coverage, its waiting period and additional coverage.
How can you find the best health insurance companies for individuals?
To find the best health insurance company, you must compare different factors such as read the customer reviews, hospital associated, claim process, waiting period, coverage and premium paid for particular health insurance.
How are individual health insurance rates decided?
The rates of any individual health insurance depend upon the applicant's medical history, claim history (if any), coverage scope, previous insurance company, and other factors. These factors decide the premium amount for an individual health insurance policy.
Is group health insurance cheaper than individual health insurance?
Yes, group health insurance is cheaper than individual health insurance. This is so because the risk associated with a group health insurance covers a larger pool of people and it is paid by your employer whereas for an individual health insurance, you have to pay your own premium.
Is it a good idea to buy multiple healthcare insurance plans for individuals?
Yes, it is always a good idea to buy multiple healthcare insurance plans to cover yourself in case of emergencies. If you have different insurance policies, you claim the amount from both of them to cover your total treatment cost.
How many claims are allowed in a year?
You can claim unlimited times in a year. However, you must ensure that there is no specific cap provided by the policyholder and the claim amount must remain under the sum insured.
What if I want to renew individual health insurance with add-on covers?
Yes, you can renew individual health insurance with add-on covers. You can contact your insurance provider to renew your individual health insurance with specific add-ons. However, your premium will be increased to cover the additional requirements.
Is OPD benefit covered under Individual Health Insurance?
Absolutely, OPD care is covered by your health insurance at a higher cost. It is an add-on that pays for diagnostics, recommended medications, and medical consultation costs.
What exactly is "Domiciliary Hospitalisation"?
Domiciliary hospitalization is the term used to describe situations in which the insured person receives care at home because a hospital bed is not available or because their medical condition prevents them from being admitted to the hospital.
What exactly are pre and post-hospitalisation costs?
The costs involved before and after you are admitted to the hospital are basically the pre- and post-hospitalization costs. For example: before you may be admitted to a hospital, you might see a doctor or undergo specific diagnostic tests that come under pre-hospitalisation costs and you might undergo tests after the surgery or treatment that will be considered as post-hospitalisation costs.
Do I Get No Claim Bonus with Individual and Family Health Plans?
Yes, you can get a “no claim bonus,” also known as a cumulative bonus, with both plans if you do not claim any amount in a particular year.
What is the age limit for purchasing an individual medical insurance policy?
Yes, there is an age limit for purchasing an individual medical insurance policy. Individuals above 18 years of age are eligible to purchase the policy. However, after 60 years, they can opt for a senior citizen health insurance plan.
Do I need to have a medical test done before buying coverage?
Yes, you need to undergo certain medical tests before buying coverage. These tests determine whether you have a pre-existing disease and ensure your eligibility for the same policy.
What happens if I forget to pay the premium for my health insurance policy on time?
If you forget to pay the premium for your health insurance policy before the due date, You will be provided with a grace period. The grace period in health insurance is the extra time provided by your insurer to complete your premium payment. Some policy providers give a grace period of 15 to 20 days, during which you can complete your payment.
Can I travel internationally with my individual health insurance plan?
Yes, you can travel internationally with an individual health insurance plan. You just have to make sure that your health insurance covers a worldwide treatment option. This will allow you to undergo treatments internationally and claim your individual health insurance.
What are the benefits of preventive care coverage in an individual health plan?
The benefits of preventive care coverage in individual health plans are:
- Diagnose & prevent major illness and medical problems
- Reduces future healthcare cost
- Improves overall health and quality of life
- Peace of Mind
How do I choose the right deductible amount for my individual health insurance?
To choose the right deductible amount for individual health insurance, consider the following factors:
- Overall health status
- Expected medical expenses
- Financial situation
Are there any discounts available for healthy individuals on individual health insurance plans?
Yes, certain discounts are available for healthy individuals. The policyholders provide various benefits for healthy individuals on individual health insurance plans such as a Cumulative bonus on the total sum insured. This is provided if you haven't claimed any amount from insurance in a year.
How do I appeal a denied claim under my health insurance plan?
If your claim is denied by your insurance company, you must first know the reason for the denial. After knowing the reason, you can reapply for a health insurance plan.
What is the Best Age to Buy an Individual Health Insurance?
Honestly, the earlier, the better. That way, you’ll have a lower premium and will also cross the waiting period for select benefits. We live in a time where health issues are on the rise, mental health issues amongst millennials are constantly going higher and health expenses aren’t getting any lower!
What's the main difference between health insurance, life insurance and term insurance?
Health insurance helps pay your medical bills, like doctor visits or hospital stays, while you're alive. Term and life insurance, on the other hand, provide money to your family after you pass away. Term insurance covers you for a set period, like 20 or 30 years, and pays out only if you die within that time. Life insurance, including whole life, usually covers you for your entire life and can also build cash value over time.
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