Best Health Insurance for Self-Employed Individuals in India

These days, health insurance is a necessity for all, irrespective of their job profiles. People who are employed in various private and public sectors can enjoy the benefits of group health insurance. But the scenario is different for self-employed people. Very often self-employed individuals need to stretch their working hours which could have an adversative effect on their health. Thus, every self-employed person should get covered with adequate health insurance plans that keep them protected in case of medical contingencies. A self-employed person can either opt for an individual health insurance policy or he can go for a family floater policy if he wants to include all the family members.

What is Health Insurance for Self-Employed People?

The best health insurance plans offer adequate coverage to people who run their own businesses. This type of policy plan offers coverage for all healthcare expenses due to an accident or illness. Thus, health insurance protects a self-employed person’s savings in case of healthcare emergencies. Health insurance for the self-employed gives coverage for both hospitalization and non-hospitalization expenses.

Best Health Insurance Plans for Self-Employed People in India

Let’s take a look at some of the best health insurance plans in India for self-employed individuals.

1. HDFC Ergo Health Optima Restore Plan

 This intriguing plan is offered by HDFC Ergo health insurance (earlier known as Apollo Munich Health Insurance). The policy plan offers wide-ranging coverage to the policyholders. Some of the features are,

• The minimum age for this plan is 91 days and the maximum age is 65 years
• The plan offers a variable sum insured (up to Rs. 50 lakh) depending on your selected variant
• The policy reimburses you for various healthcare expenses including domiciliary expenses, air ambulance or road ambulance expenses, daycare expenses, in-patient hospitalization expenses, pre-hospitalization expenses, free health check-ups, etc.
• The policy plan comes up with an optional critical advantage rider that covers 8 specific illnesses

2. Aditya Birla Activ Assure Diamond Policy

This is another preferred health insurance plan that is applicable both on an individual and floater basis.

• The minimum entry age is 5 years and there is no restriction on the maximum entry age.
• The policy plan covers up to 6 members including dependent children.
• The range of sum insured is between Rs. 2 lakh and Rs. 2 crore
• You can enjoy multiple benefits under the policy such as AYUSH treatment, domiciliary hospitalization expenses, organ donor expenses, free health check-ups, cover for 586 daycare procedures, and second opinion in case of critical illnesses
• The policy offers reinstatement of the sum insured in case the sum insured exhausts

3. Bajaj Allianz Silver Health Policy

This policy is designed by Bajaj Allianz for self-employed individuals to strengthen their financial security.

• The policy covers parents and senior citizens aged between 46 years and 70 years
• This policy can be purchased by self-employed people lying in the same age group
• The range of the sum insured is between Rs. 50,000 and Rs. 5 lakh
• This policy offers you coverage for various healthcare expenses such as daycare expenses, in-patient hospitalization expenses, free health checkups every four years, pre-hospitalization and post-hospitalization expenses, ambulance expenses, etc.
• The policy offers coverage for pre-existing diseases after a waiting period of 2 years, etc.
• The policy comes up with portability benefits

4. Max Bupa Health Premia

This popular plan offers you broad coverage and brilliant features.

• The minimum entry age is 3 months and the maximum age is 65 years
• The policy offers a chunk of benefits including in-patient hospitalization expenses, pre-hospitalization expenses, post-hospitalization expenses, maternity and newborn baby cover, cover for diagnostic services and OPD, etc.
• The range of sum insured is between Rs. 10 lakh and Rs. 3 crore
• There are several add-on benefits that you should choose based on your requirements. These include critical illness cover, personal accident cover, enhanced loyalty, hospital cash, international coverage extension, and health coach.

5. Care Plan Offered by Care Health Insurance

• The minimum entry age for this policy is 91 days and there is no restriction on the maximum entry age.
• The range of sum insured is between Rs. 4 lakh and Rs. 6 crore
• The policy is ideal for self-employed people as it helps them to manage several medical expenses including daycare expenses, in-patient hospitalization expenses, pre-hospitalization expenses, post-hospitalization expenses, domiciliary hospitalization expenses, etc.
• You can also purchase some add-on covers like No Claim Bonus Super, everyday care, personal accident cover, unlimited automatic recharge, etc.

Who Can Purchase Health Insurance for Self-Employed Individuals?

• Businessmen
• Freelancers
• Farmers
• Small entrepreneurs
• Retailers
• Sole proprietorship owners
• Partners
• Blue-colored workers
• Domestic servants
• Taxi drivers
• Unorganized workers

Benefits of Health Insurance for Self-Employed People

Listed below are some main advantages of buying health insurance plan for self-employed people:

• Medical Coverage: By offering coverage for healthcare treatments like hospitalization costs, ambulance charges, daycare treatment costs, etc., this type of insurance ensures that these self-employed people will also get the best treatment in case of healthcare emergencies.
• Affordable Premiums: The premium amounts are also affordable and the policy plans offer attractive discounts to self-employed people.
• Coverage for the Entire Family: Health insurance plans also offer coverage to the family members of self-employed individuals.
• Cashless Hospitalization: with this type of health insurance policy, a self-employed person can enjoy the facility of cashless treatment at network hospitals.
• Income Tax Benefit: all self-employed individuals are eligible for tax deductions on premiums paid under Section 80 D of the Income Tax Act 1961.

Conclusion

Self-employment offers a lot of advantages like you can work at your convenience or you don’t need to answer anyone for anything. There is also the uncertainty of income in some months. In such scenarios, no one wants to pay a hefty amount on hospital bills in case of medical emergencies. Thus, a self-employed person should also purchase a health insurance plan according to his requirements and lead a stress-free life.