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7 Reasons Why You Should Opt For Individual Health Insurance

Team AckoJan 17, 2024

Many types of health insurance policies are available in the market. It can be overwhelming to choose one plan if you are new to the world of health insurance. In this case, choosing the best coverage for yourself can be a confusing task.

Remember that health insurance plans can be broadly divided into five types – 1. individual health insurance 2. family floater plans 3. group health insurance 4. critical illness insurance 5. senior citizen plans. In this article, we will discuss why choosing an individual health insurance plan will be beneficial for you. First, take a look at this:




What are individual health insurance plans?

As the name suggests, an Individual Health Insurance plan extends financial support in case of a medical emergency suffered by one person. These plans are highly extensive in nature and can be bought to cover each person depending upon the entry age of the plan. One can choose an individual health insurance plan based on one’s personal needs. He/she does not have to think collectively about the coverage.

Reasons for choosing an individual health insurance plan

These plans may offer the following benefits based on the terms and conditions of the insurance company:

#1 Custom Plans

A policyholder is free to choose the extent of coverage based on his/her medical needs. This may depend upon the budget of the policyholder as well. One can choose an extensive plan and customize it with the help of additional coverages (add-ons) as well.

#2 Dedicated Sum Insured

Each health insurance policy has a fixed limit of sum insured. In a group policy, one may have to share this sum insured with other members of the plan. However, in an individual health insurance plan, the entire amount of sum insured is dedicated to cover only the policyholder.

#3 Independent Plan

Certain group health insurance policies like, employee health insurance plans cease to exist when the employee leaves a company. This is not the case with an individual health insurance plan. This plan is independent of situations like leaving a job or losing a family member. They provide constant coverage until the day of expiry.

#4 Cost Efficient

As compared to a group health insurance plan, individual health insurance plans are cost-efficient. This is because the medical insurance premium of, say a Family Floater plan depends upon the number of members covered under the policy. Here the medical insurance premium is limited to the coverage and services offered by an insurance company. A dedicated coverage costs less.

#5 Free Health Check-up

An insurance company may offer a free health checkup under an individual health insurance plan. This is a good practice when it comes to monitoring one’s health. The insurance will also be sure about providing adequate coverage and may suggest more if required.

#6 Free Lookup Period

This is the time when one can go through the coverage, exclusions, terms, etc. of policy and decide whether to continue with the coverage or not. During this period, one may also cancel the coverage and a refund will be initiated. Most insurance companies that offer individual health insurance offer a free lookup period as well.

#7 Portability

Some insurance companies may offer an option of portability on their health insurance plan. Health insurance portability refers to switching your insurance company without losing on the benefits of the insurance policy.

Alos, read: Medical Inflation in India

Where can I check health insurance quotes?

Buying a health insurance policy has become an easy task these days. This is possible thanks to the internet. One can go online and search for suitable health insurance quotes directly on an insurer’s website or through health insurance aggregators. You need to just punch in some information like age, smoking status, pre-existing diseases (if any), etc. and the website will generate a quote. You may then tweak options like coverages, add-ons, etc. to adjust your quote.

Disclaimer: *Except for exclusions like maternity benefits, undisclosed diseases, etc. Please check policy wordings for more details.
**The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.

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