Mediclaim policy is a kind of health insurance policy that covers your medical expenses in case of any health emergency up to the sum insured. The Insurer pays for the treatment cost be it an accident or illness that led to hospitalization including in-patient cover, day-care treatment etc.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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Your mediclaim or health insurance policy will also cover the COVID 19(Ncov) treatment cost up to the sum insured. However, most of the mediclaim policies do not cover the cost of consumable items that are required for Coronavirus treatment such as PPE kits, masks, gloves, oximeters, ventilators, etc. As per the IRDAI recommendations, all the health and general insurers have launched COVID mediclaim insurance policy.
Most of the COVID-19 plans cover pre and post-hospitalization expenses provided the hospitalization is required for a minimum of 24 hours. A few mediclaim policies for COVID such as Corona Rakshak and Corona Kavach also pay for Ayush treatment, home treatment if suggested by an authorized medical practitioner. For more details policy wordings can be referred.
In case you have group mediclaim policy from your employer, you can check for the scope of coverage for COVID 19 and get it customized as per your requirements. Or if you plan to buy a standalone COVID 19 mediclaim policy you will have to serve the waiting period. Go through the policy coverage benefits and limitations if it suits your insurance needs. While most of the mediclaim policies cover Coronavirus hospitalization expenses except for the consumable medical items, which can only be covered by a standalone coronavirus policy.
Mediclaim policy premium paid can also be claimed for tax-exemption benefits under section 80D of the Income Tax Act of India, 1961.
Before buying a mediclaim policy it is important to know its features and benefits. Moreover, amid the increasing number of lifestyle diseases, hospitalization expenses, and healthcare expenses it is inevitable to buy a mediclaim policy that can offer financial support during hospitalization. It offers a cushion in case of a medical emergency. At the same time, it offers numerous other insurance benefits such as:
Although there are many mediclaim policies offered by different insurance companies.
Below are some of the best mediclaim policies in India that you can consider:
|Mediclaim Policy||Sum Insured (Rs.)||Network Hospitals||Renewability|
|Aditya Birla Mediclaim Policy||10-30 lakhs||8200||Lifelong|
|Bajaj Allianz Mediclaim Policy||1.5-50 lakhs||6500+||Lifelong|
|Bharti AXA Mediclaim Policy||3,4,5 lakhs||4300+||Lifelong|
|Care Health Insurance Mediclaim Policy (Formerly known as Religare Health Insurance Mediclaim Policy||Rs. 3 Lakh to Rs. 60 Lakh||4987||Lifelong|
|Cholamandalam Mediclaim Policy||2- 15 lakhs||6500+||Lifelong|
|Digit Mediclaim Policy||2- 25 lakhs||5900+||Lifelong|
|Edelweiss Mediclaim Policy||5 lakh- 1 Crore||2578+||Lifelong|
|Future Generali Mediclaim Policy||Vital: 3, 5,10 lakhsSuperior: 15, 20, 25 lakhsPremier: 50 lakhs- 1 Crore||5000+||Lifelong|
|IFFCO Tokio Individual Medisheild Mediclaim Policy||50,000- 5lakhs||5000+||Lifelong|
|Kotak Mahindra Mediclaim Policy||2-100 lakhs||4800+||-|
|Liberty Mediclaim Policy||up to 1 Crore||3000+||Lifelong|
|Max Bupa Mediclaim Policy||3 lakhs-1 Cr.||4115+||Lifelong|
|ManipalCigna Mediclaim Policy||2.5-50 lakhs||4000+||-|
|NationalMediclaimPlus Policy||2-50 lacs.||6000+||Lifelong|
|New IndiaAssuranceMediclaim Policy||1-15 lakhs||3000+||Lifelong|
|Oriental Individual Mediclaim Plan||1-10 lakhs||4300+||Lifelong|
|Royal Sundaram Mediclaim
|1-5 lakhs||4000+||Up to 75 years|
|Raheja QuBE Mediclaim Policy||1-50 lakhs||2000+||Lifelong|
|Star Health Mediclaim Policy||1-25 lakhs||10200+||Lifelong|
|SBI Mediclaim Policy||1-3 lakhs||6000+||Lifelong|
|Tata AIG Mediclaim Policy||2-10 lakhs||4000+||Lifelong|
|United India Mediclaim Policy||1-10 lakhs||7000+||-|
|Universal Sompo Mediclaim Policy||Up to 5 lakhs||5000+||Lifelong|
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
There are different types of mediclaim policies that are available. You can choose a mediclaim policy as per your needs and enjoy your peace of mind. Let’s have a look at the various types of mediclaim plans:
|Mediclaim Policy||Health Insurance|
|It reimburses your actual medical expenses||It gives you a lump-sum amount on diagnosis of any of the pre-specified critical disease, irrespective of your medical expenditure|
|It has much wider scope than critical illness because it covers hospitalization and treatment towards accident||It covers only certain diseases like heart attack, kidney failure, paralysis, etc.|
|The policy is taken to defray the hospitalization expenses incurred at the time of hospitalization||It not only pays expenses of critical illness but also compensate for financial loss that may arise due to critical illness|
Read in Detail: mediclaim insurance vs health insurance
There are two types of claims available under Mediclaim policy-
In the case of reimbursement, it is pivotal to inform your insurance company that a hospitalization has been taken place or likely to take place in a near future. Either you could that by sending an email or by making a call. To get reimbursement, you need to submit all payment receipts, including bills of those medicines which you have bought from outside chemist. You need to make sure that original discharge card, final bills and payment receipts should be in one place, so that they can be submitted to the insurance company to get reimbursement.
The coverage varies from one policy to another, but usually, the following expenses are covered:
Every mediclaim policy has some limitations. Mentioned below are the circumstances that can deny you claim-
If you haven’t bought a mediclaim policy and are planning to apply for the one, then it is highly recommended to check below points to make sure that you buy best policy. These factors can also be used to compare different insurance plan options available in the market.
In individual plan, each individual is insured for a specific amount, whereas, in family floater, the whole family is insured for a fixed sum assured. In case of family floater, when the primary person dies or reaches a specific age, the policy is closed even other members who are still younger can’t renew the policy. In Individual plan, the individual is insured on separate parameters. The attainment of specific age will not impact insurance coverage of other family members.
While choosing the coverage amount or the sum assured, it is recommended to take various factors such as rate of inflation, surging healthcare cost, etc. into consideration. Moreover, if you’re living in any metropolitan city, the costs of hospitalisation will be way higher than in rural areas. Likewise, if you opt for the sum insured of your loved ones also, you might want to take higher sum insured into consideration.
Various mediclaim plans come with co-payment clause. The co-payment is usually a percentage sum that the insured has to bear while raising a claim before the insurance provider settles the rest. Such co-payments can range from 10% to 30% based on the insurance provider.
Every mediclaim plan is tailor-made so as to cover medical risks of the policyholder. Nevertheless, there are a few exclusions, which are either covered after a certain term or not covered at all. Conditions taking place due to reasons such as HIV infection, drug or alcohol addiction, suicide attempt, congenital diseases, etc. are not covered under the mediclaim policy. However, expenses related to hysterectomy, removal of kidney stones, gall bladder surgeries, and maternity, etc. are covered after a certain waiting period.
One of the most important benefits of choosing mediclaim policy is the ease of the cashless settlement of the expenses incurred during hospitalisation. Every insurance provider has network hospitals and while seeking hospitalisation in any of such hospitals, you can avail cashless treatment if the treatment/hospitalisation is within the coverage scope. This aids in getting financial relief at the most crucial and critical times. Therefore, you must check out the network hospitals near your area, which have tie-ups with the insurance provider you want to purchase the policy from.
Although, policy offers coverage for one year only, but in reality, it is a relationship between you and the insurance company. So, your health Insurance policy should cover as you age because it is tough to get insurance at that age. If your policy doesn’t provide you coverage at that point of time then buying such a policy will not give peace of mind.
This is relevant only if you have a pre-existing disease at the time of taking insurance plan. It also covers those diseases which might arise from a pre-existing disease. For example, if you have diabetes at the time of taking the plan and later develop heart problem, then even the heart problem will be considered as a pre-existing disease. Almost all insurance companies have a clause that states that a pre-existing disease will be covered only if the plan has been renewed for a certain number of years. A best mediclaim insurance plan covers pre-existing diseases as soon as possible.
In today’s fast paced life where everything can be done online from ordering dinner to attending college, is it any wonder that many people choose to buy mediclaim insurance online? Bridging the gap between insurers and insured, PolicyBazaar is a one stop platform to find top mediclaim policies. Your quest to find a good plan will come to an end at PolicyBazaar where after giving basic details, like name, annual income, occupation, etc; you will get free Mediclaim premium quotes of various policies, which can be compared at a click of the mouse. While you compare mediclaim insurance plans, always pay attention towards overall limits, depth of coverage and empanelled hospitals. Moreover, after selecting a policy, you can use our Mediclaim premium calculator to compute your premium and thus, you can plan your financial goals effectively. Make a proper comparison and instantly buy a best mediclaim policy at affordable rates.