A Comparison Between Different Types of Health Insurance Plans

25th December 2018
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Which one is for you?

Hospitalization Plan
Hospital Daily Cash Benefit Plans
Critical Illness Plan
  1. Indemnity plan which reimburses the expenses
  2. Hospitalization and medical costs subject to sum assured
  3. Catered by General Insurance and standalone health firms
  1. Gives a fixed daily cash payout
  2. Can be purchased as a rider with a mediclaim policy or as a standalone policy
  3. For hospitalization regardless of actual costs
  4. Catered by General Insurance and standalone health companies

 

  1. Lumpsum at the time of diagnosis
  2. Amount can be used for multiple expenses including medicines, pre and post care
  3. Covers an array of illnesses which might or might not require regular hospitalization
  4. Catered by General Insurance and Life Insurance firms

Detection of a critical illness in you or a family member can be financially draining and can upset your plans to reach your life goals. With the cost of healthcare expenses increasing almost at the double the pace of inflation, a critical illness cover is crucial in helping you meet the medical expenses.
Hospitalization expenses make for only 35% of the total healthcare expenses. It is the other expenses, like OPD, patient transportation, lab and imaging services, and medicines that account for a big chunk of the healthcare expenses. Critical illness cover, along with hospitalization plan, provides a comprehensive coverage and ensures that you don’t need to dip in your savings for medical reasons.

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