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A Comprehensive Analysis Of Medical Loans And Health Insurance

Updated On Apr 02, 2022

Medical insurance, often known as health insurance, is a contract in which an insurance company commits to reimburse the insured for medical and surgical expenditures incurred during the policy's term. Medical expenditures may be incurred if the insured becomes ill or is involved in an accident that requires hospitalization. To be eligible for coverage benefits under the policy, the policyholder must pay a set amount of money regularly, known as a premium. A health insurance premium is set by an insurance company, and policyholders must pay it on a monthly, quarterly, half-yearly, or yearly basis without failing to keep their renewal benefits. 

The Difference Between Health Insurance And Mediclaim Policy?

  • Since one mediclaim policy just covers hospitalization expenditures, a health insurance policy provides complete coverage that includes more than just hospitalization. For example, AYUSH treatment costs, in-patient hospitalization costs, pre-and post-hospitalization costs, daycare costs, and so on.
  • It does not offer an add-on cover, but in health insurance, you may pick from a variety of add-on covers, such as hospital cash, critical sickness, room rent waiver, and so on, depending on your needs.
  • In terms of medical policy, It has a restricted hospitalization cover of up to Rs. 5 lakh, while a health insurance policy has a comprehensive hospitalization cover that may surpass Rs. 5 lakh, depending on numerous parameters like age, the number of people covered, pre-existing diseases, and so on.
  • In the case of a medicare policy, It isn't completely flexible, but it is adaptable and may be altered to fit your budget and needs.

Why Should You Purchase Health Insurance Through the Internet?

The convenience of purchasing health insurance policies online, as well as the large range of plans available, are two significant reasons why most people prefer to do so. There are a few additional reasons why you should get medical insurance online, as listed below:

Saving Time -

Purchasing health insurance plans online saves time since it eliminates the need to speak with an insurance representative and explain your needs or ask for recommendations. Simply fill out a quotation form and choose the most appropriate medical health insurance policy from the options presented on your screen.

Choosing the best option -

When purchasing health insurance online, you have total control over which plan is best for you and your family. All information, including policy quotations, coverage advantages, exclusions, and other terms and conditions, is available to you. All you have to do is do a comparative analysis of the most appropriate plans.

Health Insurance Benefits

Health insurance provides a wide range of advantages to those who are covered. The following are some of the most important advantages of having health insurance:

  • Comprehensive coverage

Health insurance coverage protects you against big medical bills in the event of a medical emergency. Typically, health insurance policies cover in-patient hospitalization costs, as well as pre-hospitalization and post-hospitalization costs, ambulance costs, domiciliary hospitalization costs, childcare procedures, organ donor costs, and treatments using AYUSH systems of medicine, among other things.

  • Renewability over time

According to the Insurance Regulatory and Development Authority of India (IRDA) norms, health insurance providers are required to provide policyholders with lifetime renewability benefits. It enables you to renew your health insurance coverage at any age without any upper age limit. Parents and elderly adults will benefit the most from this feature since they will be able to renew their insurance policies without having to worry about finding new health insurance plans as they become older.

Take Away

With growing healthcare costs, getting the necessary and high-quality medical treatment can be costly. To protect yourself and your family from these costs, you must enroll everyone in a reputable health insurance plan as soon as possible. If you want to secure a smooth medical health insurance purchase, choose a reputable insurance provider that provides you with sufficient information about the health insurance plan you've chosen.

Do read - How Much Health Insurance Coverage Do I Need?

Understand Some Commonly Used Terms In Health Insurance Policy


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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