Health insurance (popularly known as Medical Insurance or Mediclaim) protects you and your dependents against any financial constraints arising on account of a medical emergency. It sometimes includes disability and long term medical needs. In Mediclaim, you pay a premium and in return the insurer commits to pay a predetermined sum of money to meet the claims. Health insurance is new in Indian context and is slowly catching up with the consumers. Consumers understand the objective of health insurance and it’s offering to cover the ever rising medical expenses.
Health insurance is available to both individual and groups. However, premium for individual policy is costlier than that of the group policy. An individual is the owner of his personal policy. Whereas in group plans, the sponsor is the owner of the policy and the registered members are covered by the policy. You can take advantage of group health insurance to overcome the shortage of your individual insurance. People with no policy or are uninsured due to one or the other reason can take good advantage of the group plans and be covered.
However, before buying a health insurance policy, plan your requirements carefully. It will save you from buying a policy which might not be appropriate for you and can also be expensive.
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