Group vs Individual Health Insurance: How to find the one that fits your needs?

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Imagine, if you were told to live a life run by rules set by others. You may find it difficult to accommodate after a point. Same can happen if you opt for a health policy with coverages common to everyone which may not be as per your requirements. One of the common mistakes people commit while choosing health insurance is they choose policies only from the purview of cost, overlooking the benefits it offers.

It is always advisable to purchase health insurance cover at a young age to avail benefits like no claim bonus and waiting period for pre-existing conditions, etc. There are several factors like health-related complications and adequate sum-assured that need to be analysed closely before buying a health insurance policy. Besides, choosing adequate health insurance cover for you and your family, it is important that your policy doesn’t compromise on your needs.

Two of the most popular types of plans are
Group Health Insurance
and
Individual Health Insurance
. A group health insurance plan covers the insured person and related family members on the conditions set by the master policy holder whereas in the individual health insurance policy you have the choice to opt for the coverages, sum insured, type of cover i.e. individual or floater, etc.

Group health insurance is usually purchased by an employer (or the main member of the family for the Family Floater Insurance plan). Most salaried employees opt for group health insurance policies crafted to offer coverage to a group of members, usually a group of employees or members of an organisation.

Identifying individual needs

Group health policies offer benefits like lower premiums as compared to individual health plans, subject to many terms and conditions. The insured under the group health insurance has limited control as the employer or the purchaser has control over the coverage and add-ons of the plan. Also, the insurance coverage ceases to exist from the day the employee leaves the company or gets retired.

Since group health insurance cannot be customised for a single insured, sometimes they may not fit into individual needs. For instance, you may desperately want a vaccination cover in your policy for your kids, but your group mediclaim policy does not offer that. In such scenarios, you may want to have an Individual Health Insurance policy that understands your family health requirements. Other benefits like no claim bonus, critical illness cover may not be applicable under group health insurance.

Individual and group health insurance plans offer different benefits and serve different purposes. It is advisable to opt for health insurance as per individual requirements to get adequate financial back-up at the time of need.

Customised health insurance plan

Here is a policy that aims to address individual health insurance needs through its family floater plan and is extremely fluid and modular. Under the family floater unit of
Reliance Health Gain Policy, the policyholder gets to cover up to 12 members in a single policy under 3 options:
Plus, Power and Prime so that you can customise your plan and choose
‘what you want’ in your plan.

Here are some of the benefits offered by
Reliance Health Gain Policy

  • Double cover on the same claim
  • Unlimited reinstatement of base sum insured
  • Hospital cash and consumable cover
  • Guaranteed cumulative bonus
  • Reduce pre-existing disease waiting period
  • Modern treatment up to 100% sum insured
  • Wide sum insured option Rs 3 lakh to Rs1 crore
  • Select hospital room rent
  • Loyalty benefits on year-on-year renewal (over and above sum insured limit)
  • Cover up to 12 family members in the same family floater policy

The Reliance Health Gain plan empowers policyholders with the power to design their health insurance as per their choice without compromising their individual needs.

Click here to know more about the plan.



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