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Top Up health Insurance and Mediclaim Policy Cover

Published On May 06, 2021, Updated On Jan 04, 2022

Majority of people go on living their lives without realizing the need for safeguarding their healthcare expenses entirely. Although, they secure themselves with a medicare policy, however, the coverage for the same at times is not adequate. Naturally, a need for higher coverage is evident and that is when a top up plan comes into the scene. Let us understand in detail about Mediclaim Policy cover and Top Up health insurance.

Top Up health Insurance and Mediclaim Policy Cover

Mediclaim Policy Cover

Mediclaim Policy is a type of health insurance plan that offers coverage for healthcare expenses of a policyholder up to the sum insured if any uncertain medical emergency arises. The insurance company makes payment for the treatment expenses be it due to an illness or any accident that required hospitalisation including daycare treatment, in-patient expenses, pre and post hospitalisation expenses, etc.

Features of Mediclaim Policy

The features of the policy are as follows:                  

  • Pre and Post-Hospitalisation Cost: The mediclaim policy offers coverage for pre-hospitalisation cost up to 30-60 days and post-hospitalisation cost up to 60-120 days depending upon their respective insurance provider.
  • Daycare Procedures: Cost for treatment not involving 24 hours hospitalisation is also covered under Mediclaim policy.
  • Tax Deduction: As per section 80D of the Income Tax Act, a policyholder can avail tax deductions on premium paid against the Mediclaim policy.
  • Additional Expenses Covered: Coverage of expenses towards alternative treatment, ICUs, annual check-ups are also done by the insurer.
  • Lifelong Renewability Option: A Mediclaim policy can also provide lifelong renewability cover to the policyholder depending upon the insurance company.

Top Up Health Insurance Plan

A top up health insurance plan offers the policyholder with the additional protection if the sum assured amount of their existing medical insurance gets exhausted. These plans are more economical and affordable in comparison to the standard Mediclaim policy. To help the policy buyers in extending their threshold limit without causing any affect on their budget, various health insurance companies have come up with these top-up plans.

Features of Top Up Health Insurance Plan

The features of Top Up Health Insurance Plans are as follows:

  • Convertibility: The top up plan can be converted to standard health insurance plans.
  • No restrictions on hospitalisation expenses: There are no sub-limits and restrictions on hospitalisation costs such as doctor’s fee, room rent, etc.
  • Free Look Period: A free look period of 15 days is provided to the policyholder from the issuance date of the insurance plan.
  • Cumulative Bonus: A cumulative bonus is provided to the policyholder on the sum insured for each claim free year up to a certain percentage.
  • Policy Term: the policy term generally ranges between 1 or 2 years depending upon the insurance company.

Read More

Features and Benefits of Health Insurance Top up Plans

What is Mediclaim and How Is It Different From Health Insurance?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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