Health Insurance

Best Health Insurance Plans for Self Employed And Business Owners

Dec 03, 2021

Group health insurance is a major form of health insurance in India. A vast majority of people hold back from buying individual health plans because they rely completely on their employer-provided health plans. However, not everyone receives a group health insurance cover. When you are not employed by an employer and you run your own business, you are known as a self-employed person. As a self-employed person, you need to invest in your own health insurance cover as you won't have group health cover with you. Thankfully, there are many options available for you. Take a look at this article to know more.

Who is a self-employed person and who is a business owner? 

A self-employed person is someone who runs his own entrepreneurship but usually doesn't employ anyone else. Self-employed people can be home bakers, freelance photographers, writers, consultants, etc. They earn their own salary.

Business owners on the other hand are also self-employed, but the scope of their work is larger. They usually have sets of employees to whom they pay salaries. A business owner can be a small dairy owner with two employees or a large mill owner with thousands of employees. 

Health insurance for self-employed and business owners

Health insurance plans are readily available for those who want to buy them. There are some good options for business owners and self-employed people as well. If you are a business owner or self-employed, it is very important for you to have a cashless health cover. This is because you already have many financial responsibilities and the health cover will ensure that you as well as your family members receive proper health care even if your business doesn't perform well at any time.

Health insurance plans for you to consider

As stated, there are some very good options available for business owners and self-employed people. They are:

  1. Optima Restore from HDFC ERGO - There are many attractive benefits available under the Optima Restore Plan. They are:
    1. Hospital cover 
    2. Pre and post-hospital cover 
    3. Daycare procedures
    4. Organ donation costs
    5. Lifetime reliability 
  2. Aditya Birla Activ Assure Diamond Policy - The next option available to you is the Activ Assurance Diamond plan from Aditya Birla Health Insurance. This is a comprehensive health insurance plan that has a wide range of covers. The benefits you get include:
    1.  In-patient care
    2. Domiciliary care
    3. Emergency medical expenses in India or abroad
    4. COVID 19 cover
    5. Over 500-day care procedures covered
  3. Star Comprehensive Insurance Policy - Next, you can choose the Comprehensive Insurance Policy from Star Health. Star Health is one of the oldest and most popular health insurance companies in India. It has many interesting medical insurance policies on offer such as the Comprehensive Insurance Policy. As the name suggests, this is a comprehensive health cover that offers:
    1. In-patient care
    2. Home health care
    3. Provision for Ayush treatment
    4. Coverage for all members of the family
    5. Maximum sum insured available of INR 1 crore
  4. ICICI Lombard Complete Health Insurance - The ICICI Lombard Complete Health Insurance is an excellent option for anyone looking for a comprehensive health cover. As a self-employed person, you will benefit by getting this policy as it has many well-rounded benefits:
    1. Coverage for multiple members of the same family
    2. Cashless facility available
    3. Emergency ambulance charges covered
    4. Restoration of the sum insured available
    5. Maternity expenses covered
  5. Health Companion from Max Bupa - And last but not the least, we have the Health Companion policy from Max Bupa Health Insurance. This is one of the most popular health plans available in the country presently. Many people, including business owners, prefer this plan because:
    1. Comprehensive health care including hospital care, pre and post-hospital care, daycare procedures, etc
    2. No pre-policy screening
    3. No sub-limits on room rent
    4. Provisions for alternative treatment such as Ayush
    5. No room rent cap 

These are some of the best options you have if you want to buy a health insurance plan for your entire family.

In conclusion

The health insurance plans mentioned above work very well for self-employed people and business owners who do not have the backing of a group health insurance cover. The plans offer comprehensive benefits that prove to be handy for all members of the family. The cost is affordable too, making health cover a must-have for everyone. Compare your options and then find a good policy and buy it right away, if you have not done so yet.

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