Friday, 12 January 2018

All that you need to know about mediclaim policy in India

A country with over 1.34 billion citizens and relatively expensive medical treatment, India has only recently begun to realize the importance of medical insurance. The rise in the number of people opting for a Mediclaim policy is a direct result of that realization. Mediclaim is a medical insurance policy that essentially reimburses the health care expenses of the insured individual up to the assured value in the event of his/her encountering a medical emergency or requires to be hospitalized. Depending on the type of policy, the insurance company either releases the cost of treatment directly to the hospital or medical center or reimburses it after the insured individual submits all the relevant bills. Here are all the essential factors you need to know about Mediclaim policy in India:

It has a predefined time period
As per the current industry norms, an individual buying Mediclaim is only insured for a specified time period after which he/she will be required to pay the premium to continue being covered for medical treatment under the policy agreements.

Mediclaim policy covers:

With a Mediclaim, you’re buying insurance to cover a wide range of medical expenses, including the cost of medicine, blood and oxygen, x-rays and other diagnostic tests, chemotherapy, donor expenses in case of an organ transplant, the cost of daycare treatments, pre and post hospitalization costs, the professionals’ fee and much more. It doesn’t, however, provide cover for pre-existing medical ailments, health issues arising due to drug abuse, STDs, suicide attempts, cosmetic surgeries, laboratory tests or the cost of visual or hearing aids that the insurer might require for his condition.

Different types of Mediclaim policies in India

Insurance companies in India are currently offering several different kinds of Mediclaim plans to the citizens. These are-

       Individual policy
       Like its namesake, this kind of insurance policy covers only the person buying the policy, ensuring him/her against the financial liabilities that may arise in the event of his/her being hospitalized.
       Family floater cover- A family policy provides coverage for the insured person together with his/her family members, so that all the expenses arising in case any of the family members require to be hospitalized for treatment are borne or reimbursed by the insurance company.
       Senior citizen mediclaim policy -A policy to cover the cost of medical treatment of senior citizens, Senior citizen mediclaim policy provides coverage for senior citizens that require hospitalization due to bodily injuries or sickness. The policy offers cover for a wide range of medical problems, including asthma, hypertension, epilepsy, arthritis and many more.

Group policy

Business owners and those in charge of a group use this policy to offer the benefit of cashless hospitalization or reimbursement of hospitalization expenses to their employees as part of their remuneration package.

Low-cost policy

The best health insurance policy for the underprivileged, this policy is mostly sought by owners of small and medium scale businesses to ensure their employees (and those dependent on the employees). The cost of this is quite low to keep it within reach of the low-income citizens.

Overseas policy

This policy offers coverage for the financial liabilities of a person who’s either traveling to a foreign country or is staying there for a period of time is in need of hospitalization due to an accident or sickness.

Critical illness policy

This policy offers coverage for a wide range of critical diseases, most of which require highly expensive medical treatment. The list of illnesses covered includes cancer, kidney failure, paralysis, stroke, coronary artery bypass surgery and more. 

Selecting the right policy for you

The choice isn’t always a luxury! There are dozens of policies to choose from, all promising, all well recommended – It can be a challenge deciding upon the one that’s right for you! Insurance companies often include several benefits that have similar or overlapping features in their policies—make sure you read the list of benefits thoroughly and correctly understand every feature listed in the policy document. Also, consider the following factors before deciding upon a particular policy.


Investing in a health insurance policy will be futile if you only focus on the premium and end up with inadequate coverage. Consider your needs and the benefits you require most before making your final decision.


A lot of senior citizen mediclaim policies have the option of co-payment wherein the insurer chooses to bear a part of his/her medical expenses while the insurance company covers the rest. Opting for co-payment can reduce the premium of your policy which will remain pretty useful in the times of need.


The policy you like might not cover certain expenses like the cost of dental, cataract and cardiac treatment. You must ensure the mediclaim policy you buy covers for all the procedures you might require in the future.

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