To put it simply, medical insurance is a deal under which the insured pays some money, often in instalments, to the insurer on the ground that the expenditure of his treatment will be borne by the company. It is a legal contract between an individual, group or a company and the agency that sells the insurance policy. All the insurance policies have an expiry time. But generally they are renewable.
Since medical expenditure is rising sky-high, more and more people are opting for medical insurance. It helps them get the right treatment at the right moment. They do not require thinking about the expenditure as the insurance company is there to take care of it. Not all the people meet with serious medical illness in their lives. Yet, insurance keeps them free from tension and gives them peace of mind.
Requirement for medical insurance differs from person to person and hence the agencies craft customised policies. There are insurance policies for individuals, groups as well as organisations. Individual insurance is the commonest policy. This type of policy covers an individually only. There are endless options on individual insurance policy. One can select a plan according to his own personal need.
Group medical insurance is arranged for groups. No personal preference is given priority in this type of insurance. Everybody is bound to agree with what others are going for. Insurance policies for organisations are meant to cover the employees of a company. This type of policies is generally taken by the owner of the company. They are never personalised.
Insurance are available for travellers also. Travelling is fun no doubt; but the way is also beset with so many obstacles and there lies the possibility of financial losses. To protect himself against financial losses on travelling, one can go for travel insurance. Like medical insurance, this type of insurance policies are offered in various schemes and plans.