Learn Everything There Is To Know About Mediclaim Policies
Updated On Apr 19, 2022
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A Mediclaim policy is a sort of health insurance policy in which the insurance company reimburses the policyholder for medical expenditures incurred while receiving treatment for their medical condition. If you have mediclaim coverage, you can seek payment by presenting your bills to the insurance company. Furthermore, if you have chosen a cashless treatment option, you will not have to worry about paying the bills. The insurance company will settle the amount with the hospital directly. However, in order to take use of the cashless feature, you must seek treatment at one of the insurer's network hospitals. One of the most important aspects of mediclaim insurance is that it is only valid for a certain time, and you must renew the policy at the end of the term to continue receiving the benefits.
What are the features of a Mediclaim policy?
People who have sedentary lifestyles are at a higher risk of developing a variety of ailments. Purchasing medical coverage might aid you in obtaining financial support in your time of need. Today, many people opt to get a mediclaim coverage for the following reasons:
- You can use the cashless service at network hospitals.
- Individual and family mediclaim policies are available.
- It offers tax savings on the yearly premium.
What Are The Different Kinds Of Mediclaim Policies?
There are several types of Mediclaim insurance on the market. You can select insurance based on your unique needs. The following are the most common types of Mediclaim policies:
- Individual policy — As the name implies, individual insurance is for one person, and the benefits mentioned under the policy are solely available to the designated person.
- Family Floater Insurance - A family floater policy provides coverage to one person, who can then extend it to his or her complete family.
- Senior Citizen Policy - This policy is developed specifically for persons over the age of 60. This coverage covers hospitalization expenditures for people of that age bracket.
- Critical Illness Mediclaim — When dealing with life-threatening conditions such as cancer, renal failure, heart disease, and so forth, hospital expenditures swiftly drain your finances. A critical illness coverage helps to reduce such costs by providing a lump sum payment upon sickness diagnosis.
- Mos-Bite Protector Policy — If you are diagnosed with any vector-borne diseases such as Malaria, Dengue fever, Chikungunya, or Zika virus, this policy will pay you a lump sum payment.
- Personal Accident Policy - This policy provides coverage for accidental death, permanent total disability, permanent partial disability, and temporary total disability.
What are the benefits of buying a mediclaim policy?
Mediclaim health insurance is the greatest option for you since it is a cost-effective solution for all of your healthcare needs. The coverage allows you to avoid financial stress caused by accidents and health issues in the case of an emergency. Not only that, but you may also claim tax breaks after paying your premiums. You can select the sum insured amount based on your salary and other factors. The plan's cashless claims allow you to obtain payments for both scheduled and emergency hospitalization.
It's normal to feel perplexed while buying mediclaim insurance coverage, especially if you're a first-time customer. Insurance is not for everyone, and choosing the correct plan may be difficult. Keeping this in mind, we have highlighted three key tips to assist you in your decision-making process and guarantee you get the proper mediclaim insurance.