Mediclaim Policy
Cover your immediate medical bills and save yourself from any financial stress.
Mediclaim policy is a type of health insurance policy, intended to provide financial coverage to the policyholder for medical emergencies up to a specific sum insured. It is one of the oldest and most popular insurance policies in India that is limited to hospitalization.
Features and Benefits of Mediclaim Policy
Mediclaim policy acts as financial security for your future health emergencies and keeps your mental health at peace. With the rising costs of healthcare amenities, getting necessary treatment or immediate need of hospitalizing are turning out to be an arduous task.
Insurance companies offer Mediclaim plans and policies with various features and benefits in different budgets to help you be prepared for any medical emergencies within the policy period.
Take advantage of cost-effective healthcare services to combat the increasing medical bills.
You can opt for cashless hospitalization facilities as your insurer will pay the bills.
It helps reduce financial stress and increase mental peace at the time of emergencies.
Covers medical expenses for both individual and family.
Avail pre and post-hospitalization expenses for a limited number of days along with ambulance costs.
Provides daycare coverage that includes expenses for treatments that don’t require 24 hours hospitalization.
Based on the premium, it also offers lifelong renewability cover to the Mediclaim insured.
Avail tax exemption benefits under section 80D of the Income Tax Act.
Types of Mediclaim Policy From an individual to an entire family – mediclaim policy and its features have been divided into four basic types to shield different people with financial support.
Though several factors together determine the effectiveness of an insurance policy, the most important factors that determine the worth and usefulness of a critical illness insurance policy above all are the number of illnesses covered. Besides this, other fundamental factors you should consider before buying the policy are as follows.
Compare the Sum Assured
Determine the coverage you need and compare the policies until you get the most satisfactory one.
Critical illness insurance rider
An add-on to the base cover such as health insurance or life insurance which covers critical illness on payment of an additional premium.
Sub-limits
It refers to the limitations given by the insurer on the total sum assured where amounts are fixed for the cover of test and surgery. The insured will have to bear the remaining expense of the total sum insured from his own pocket.
Inclusions
Find out what diseases are included in the critical illness insurance plan and compare them with other providers to know the premium and coverage rate with a maximum disease covered.
Exclusions
Cosmetic surgery or treatment of obesity, an illness caused due to war or terrorism, critical illness due to smoking or drinking, pregnancy or childbirth-related issues, sexually transmitted disease, self-injuries, and death within 30 days of critical illness diagnosis or surgery.
Maximum Renewal Age
Be it a specific age or a lifelong coverage, always stay informed about the maximum renewal age before deciding on a particular policy. The higher the renewal age, the better.
