Insurance policies are very subjective. Each individual or family would have different requirements. After understanding what the requirements are, one buys insurance policies and add-on covers.
Health insurance policies have always been in abundance all around us. People might often be in a fix trying to decide which health insurance policy to choose from. Also, the idea traditionally has been to invest in one or two long-term health insurance policies. With times changing, there are various policies today meant for different stages of life that can aid a person’s needs better rather than sticking to just one.
Following are some policies that suit one’s requirements the best while they are traversing through different stages of their lives:
Group health insurance At the early stages of your life, when the focus is on one’s career, if they have their own company or start-up, a group health insurance can be bought for the employees. It covers the employees, boosts employee retention, and enhances the goodwill of the company. This policy covers employees only for the time period they work in that company.
Unit linked health plans If one is a successful business person, this plan is a smart choice. This policy comes with dual benefits of investment and insurance. The premium that is paid is utilized in stocks and the insured sum is provided depending on how the stock market performs
Individual health insurance plan An individual health insurance plan is perfect for a person who is single. This policy covers the insured during medical emergencies and treatments for accidents and ailments. It takes care of various other medical expenses as well. If the inclusion of a spouse or children is required, the assured sum is not shared thus, if one person makes a claim, they would receive the full insured sum without disturbing the other person’s insured sum. Since this policy provides a large insured sum for one person, the premium to be paid will also be more.
Maternity health insurance This policy can be purchased as a rider with an existing insurance policy. It covers medical expenses incurred during the prenatal stage, child-delivery, and post-natal stage. A couple who are newly married or those who are trying to have a baby can consider buying this policy. This policy has a minimum waiting period of 2 years.
Family floater health insurance plan This is for the next stage of life when the family grows. One can have the entire family covered under one policy. They can include their spouse, dependent children, and parents/in-laws under this policy. An individual policy for a big family could work out to be very expensive which is why this policy is a smart alternative. The insured sum will be equally divided among the family members.
Critical illness insurance At a later stage in life when one is prone or vulnerable to falling ill, this plan can help. It is designed to cover some serious ailments when it is detected. For instance, a person who has a family history of cancer can consider buying this policy so, that if anything arises, the insurance will cover the expenses incurred during treatment, hospitalisation, surgery, and other in-patient expenses.
Senior citizens health insurance This plan is apt for those who are 60 years and above. As one grows old, medical check-ups and treatments would become more frequent. This insurance will cover expenses for medicines, hospitalisation arising due to accidents or ailments, pre and post hospitalisation charges, and treatments. One need not worry about medical expenditures and can relax during their early retirement life
Insurance policies are very subjective. Each individual or family would have different requirements. After understanding what the requirements are, one buys insurance policies and add-on covers. To know more about the various policies Chola MS offers for different stages of life, click here .
(This article is generated and published by ET Spotlight team. You can get in touch with them on firstname.lastname@example.org)
All you need to know about ITR filing for FY 2020-21.)
Download The Economic Times News App to get Daily Market Updates Live Business News.