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A Comparison Between Different Types of Health Insurance Plans

Hospitalization Plan vs Hospital Daily Cash Benefit Plans vs Critical Illness Plan

3 Types of Health Insurance Plans Compared

A Comparison Between Different Types of Health Insurance Plans


December 25, 2018

By : Bajaj Allianz Life

Which one is for you?

Hospitalization Plan

Hospital Daily Cash Benefit Plans

Critical Illness Plan

1. Indemnity plan which reimburses the expenses

1. Gives a fixed daily cash payout

1. Lumpsum at the time of diagnosis

2. Hospitalization and medical costs subject to sum assured

2. Can be purchased as a rider with a mediclaim policy or as a standalone policy

2. Amount can be used for multiple expenses including medicines, pre and post care

3. Catered by General Insurance and standalone health firms

3. For hospitalization regardless of actual costs

3. Covers an array of illnesses which might or might not require regular hospitalization


4. Catered by General Insurance and standalone health companies

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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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.