Health Insurance

To be risk from increasing hospital expenses in case of hospitalisation of self or family member.
Protection against hospitalisation due to accident or otherwise.

This risk is achieved by way of a individual or family floater health insurance policy issued by insurers licensed by IRDA.
In case of no claims in a year, policy holder benefits with additional coverage and no claim bonus.
Premium paid is not returned in case of no claim.
Some illnesses/pre existing diseases are covered after a certain waiting period.
Hospitalisation expenses are either paid directly to the hospital in case of networked hospitals or can be first paid by the insured and then claimed by insurer.
Family floater plans are ideal for couple with with two children as all are covered in one policy.

There are income tax benefits under section 80 D for the premiums paid for the policy for self / family floater or even dependent parent.
Though certain hospitalisation expenses like maternity are generally not covered under many health insurance policies, there are certain policies issued by certain insurers which cover these as well.
Though the hospitalisation expenses outside India are not covered in most policies, there are a few policies where hospitalisation expenses in a few countries outside India are also covered.
Continuing with the same policy by renewal or by porting it to other insurer is always advisable since a lot of risks are covered after certain number of years.