Different Kind Of Mediclaim Policies Available In India: Check Now

A person in need requires both financial and emotional help during emergency situations. By providing coverage, health insurance aids in covering rising medical expenditures; the key decision is the sort of policy to choose from a variety of options. Different insurance firms provide a variety of plans; it is crucial to determine needs and goals before choosing the best option. To find out more on mediclaim policies available in India, read on.

What Exactly Is A Mediclaim Policy?

In the event of a medical emergency, Mediclaim, a type of health insurance, will pay your medical bills up to the insured amount. Mediclaim insurance, which is offered as both an individual and a floater amount insured option, also provides cashless treatment facilities to the policyholder at the insurer's network hospitals.

What Are Some Benefits Under Mediclaim Policy?

Hospitalisation and healthcare costs are over the roof as a result of the rise in lifestyle disorders nowadays. You can receive financial assistance during hospitalisation in the event of a medical emergency by purchasing mediclaim coverage. Following are the benefits under mediclaim policy:

1. Pocket Friendly - A mediclaim coverage is an affordable option to receive medical treatment without depleting your resources.
2. Cashless Hospitalisation- There is a cashless hospitalisation option accessible at all the hospitals in your insurance provider's network, so there are no out-of-pocket costs in the event of a medical emergency.
3. Financial Safety - By providing financial support in times of medical emergency, it lessens the financial strain on the policyholder and his or her family.
4. Different Cover - The market provides both individual and family floater plans.
5. Variety of Expenses Covered - Mediclaim plans pay for in-patient hospitalisation costs associated with a sickness or unintentional damage, including OT expenditures, doctor's fees, nursing costs, medication costs, etc.
6. Option for Lifetime Renewal - Depending on the chosen policy, a medical insurance coverage may also give the policyholder the option of lifetime renewal.
7. Tax Benefits - The annual policy premium can be used to qualify for tax advantages under section 80D.

What Are The Types Of Mediclaim Policies Available In India?

In India, there are several kinds of medical insurance packages. You may select the coverage based on your healthcare requirements and receive medical care in confidence. Following are the types of mediclaim policies available in India -

1. Individual Policy - Just the policyholder is covered under a personal medical insurance policy. Under this sort of coverage, only one person may use the medical insurance benefits in exchange for the premium. In India, a number of health insurance providers provide individual mediclaim coverage.
2. Family Floater Policy - A family floater medical insurance policy covers the policyholder's immediate family, such as parents, spouses, and kids. Each family member has access to the same total insured amount under this type of coverage on a floater basis.
3. Senior Citizen Policy - The purpose of a senior citizen medical insurance coverage is to pay for hospitalisation costs incurred by seniors over the age of 60. The senior citizen health insurance policy coverage is tailored to meet their specific medical requirements.

What Are Some Factors One Should Consider While Getting Mediclaim Policy?

Following are some factors that an individual should consider while getting mediclaim policy -

1. Plan Type - Individual plans cover each person for a specified amount, whereas family floater plans insure the entire family for a set amount. When the primary insured person passes away or reaches the exit age, the family floater insurance is closed, and younger family members are not eligible to renew it. However, in an individual plan, a person is still covered under the policy's individual amount insured basis even if the family's oldest member reaches exit age or passes away during the policy's term.
2. Sum Insured-  It is advised to take into account a number of criteria, including the rate of inflation and rising healthcare costs while deciding on the coverage level or the sum assured. Furthermore, hospitalisation expenses in any major metropolis are far greater than they are in rural areas. Additionally, if you include coverage for your family members in the policy, you might wish to choose a bigger sum insured.

Endnotes

There is no ideal or undesirable age to get a mediclaim policy. It is advised to purchase it as soon as feasible. Since you have a lower chance of developing health problems when you are young.

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