MODULAR HEALTH INSURANCE plans that match your health profile and financial goals can be a better option compared to one-size-fits-all health plans. This ensures you pay only for necessary benefits, such as critical illness protection, wellness features or maternity care.
Modular or customised plans are suitable for people across all age groups. Younger individuals should consider buying them for affordability and critical illness protection, while families can seek maternity, child care, or higher sum insured options. Senior citizens can buy these plans for benefits like OPD coverage, chronic disease management etc.
Flexibility in cover
Traditional health plans use broad parameters and provide umbrella coverage with a one-size-fits-all approach. Modular policies, however, offer flexibility by letting customers choose a base plan and add specific modules for enhanced protection. Some of the common features that every plan offers are no capping on room rent, restoration benefits, cover for all daycare procedures and up to 100% as base sum insured as renewal bonus.
Amarnath Saxena, chief technical officer, Commercial, Bajaj General Insurance, says this structure adapts to changing health profiles, age, family history, and medical needs. “For example, someone who has their children outside India, can opt for global coverage to cover treatment outside of India,” he says.
Structuring the cover
To select a modular health plan, assess your health risks, financial capacity, and long-term goals. Begin with a comprehensive base plan for hospitalisation and essential expenses and then add modules that fit your needs. “To reduce out-of-pocket expenses during hospitalisation essential add-ons are critical illness cover, room rent waiver, restoration benefit, no-claim bonus protection, and consumables cover,” says Siddharth Singhal, business head, Health Insurance, Policybazaar.com.
Focus on essential coverage rather than multiple add-ons. Sarita Joshi, head, Life & Health Insurance, Probus, says policyholders should opt for the benefits that are relevant to them. For instance, a young married couple should prioritise maternity and newborn cover. Similarly, a customer with a family history of heart illness may opt for critical illness cover. “A young salaried individual can consider a basic plan with OPD coverage instead of higher room rent coverage,” she says.
Cost-effective plans
Premiums depend on the number and type of coverages chosen. A standard plan for a 30-year-old male charges a fixed premium for a set list of benefits. A modular plan starts with a lower base premium for hospitalisation, with costs increasing as additional modules are added.
For instance, adding critical illness, maternity or outpatient care modules can raise the total premium by 15–30%. The main advantage is transparency, as policyholders know what they are paying for and can adjust coverage as needs change.
