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Every individual is different and has a unique set of needs. A single health insurance product may not be sufficient to cover everyone's individual requirements. This is precisely why there are a number of different types of health insurance plans available. Let's take a look at what they are:

Individual Health Insurance

You can purchase individual health insurance policies to provide cover for yourself, your spouse, your children, and your parents. Under an individual health insurance plan, each member has their own sum insured amount.

Family Floater Health Insurance

A family floater plan allows you to cover your family members under a single policy and everybody shares the sum insured amount. These plans are more affordable than individual plans since the sum insured is shared. Typically, family floater plans are ideal for young nuclear families.

Senior Citizens Health Insurance

These health plans have been designed specifically for senior citizen keeping in mind their medical needs and requirements. Most senior citizens' policies offer additional covers, such as domiciliary hospitalization and even psychiatric benefits. Since older citizens are more likely to have health issues, these policies may require a full medical check-up beforehand and could be more expensive than regular insurance policies.

Critical Illness Insurance

There are a number of lifestyle-related diseases that are on the rise. Health issues such as cancer, stroke, kidney failure, and cardiac diseases can be very expensive to deal with and manage for long-term. This is precisely why critical illness insurance policies have been created. They can either be purchased as a rider or add-on with your regular health insurance plan or as a separate policy. These policies offer cover for very specific diseases and often provide claim payouts as a single lump-sum payment on diagnosis of a covered critical illness.

Group Health Insurance

Unlike individual and family floater policies, group health insurance plans can be purchased by a group manager for a large number of individuals. These plans are fairly affordable, but they often only provide cover for basic health issues. Employers often purchase these plans as an additional benefit for employees.