An essential risk mitigating tool, Health insurance prevents out-of-pocket expenses while dealing with a medical emergency. A general health insurance plan is an indemnity plan that pays for hospitalisation expenses up to the sum insured. While you can avail of a standalone health policy, family floater plans provide coverage to all the members of your family.

On the other hand, critical illness plans are fixed-benefit plans that provide a lump sum upon diagnosis of a critical ailment and cover medical costs such as pre-and post-hospitalisation costs.