Mediclaim


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What is a Mediclaim Policy ?

A mediclaim policy is nothing but a health insurance policy that is designed to take care of one's healthcare expenses up to the sum assured, in case the person faces any sort of medical emergency, be it an illness or an accident that has led to hospitalization. One must also take note of the fact that a mediclaim policy in India is issued for a defined time period. Once the renewal date nears, the person needs to pay the premium before the due date so as to continue enjoying its benefits.

Why one Should opt for Mediclaim Policy ?

Ever increasing health care costs have made it necessary to opt for mediclaim policies in India. When it comes to health care, everyone wants to opt for best in class healthcare services. However considering the steep price rise in this sector, many of us are pushed to opt for a relatively lower quality of healthcare. But with a mediclaim policy, an individual is able to opt for the best type of medical healthcare, without having to worry about arranging large sums of money. Types of Mediclaim policies in India

There are mainly two types of mediclaim policies in India.

Individual Mediclaim Policy - Under individual mediclaim policy, only a single person can be covered. The premium to be paid is based on the age of the person, who is being offered with health cover. The insured person can claim the entire sum insured, when needed.

Family Floater Mediclaim Policy - Under family floater mediclaim policy, one gets coverage for his or her family as well. The family comprises of self, spouse, dependent children and in some policies even dependent parents. The premium for this type of policy is based upon the family member who has highest age. Furthermore, the entire sum assured can be used by both the entire family jointly or by a single member alone.

Benefits of Buying a Mediclaim Policy

Cost-effective way of health care
Reduces one's financial burden
Offers peace of mind
Availability of cashless hospitalization
No out of pocket medical expense
Medical expenses managed by the insurance company itself