A mediclaim policy is a type of insurance policy that covers hospitalisation costs, and thus it saves you from financial stress when any medical emergency occurs. There is a greater need for awareness about health insurance in India since many families still believe their savings would be enough to take care of their emergency medical expenses.
Finding the best mediclaim policy in India is not difficult. Moreover, it comes with various benefits, so everyone should consider buying it to lead a worry-free life.
Table of contents
Nowadays, many health insurers such as Care Health Insurance, HDFC Ergo, and Max Bupa have simplified things for their customers, helping them buy a mediclaim policy online. All one has to do is check the insurer’s official website, select a plan, and pay the premium online. For instance, Care Health Insurance (formerly known as Religare Health Insurance) has a user-friendly website that enables a person to browse and select the best policy at an affordable premium rate.
How to Find the Best Mediclaim Policy?
Here is a list of things to consider when you are selecting the right mediclaim policy:
1. Type of Mediclaim:
Before selecting a mediclaim policy in India, you should be aware that there are individual mediclaim policies and family floater policies. In individual cover, the entire sum insured is available for the insured person, whereas all members share a fixed sum insured in family floater plans.
2. Premium:
Using an online mediclaim premium calculator, you can get an estimate of the premium cost you must pay. The amount depends on various factors, such as sum insured, present health condition, age, etc. In family floater mediclaim, the age of the eldest family member is taken into account.
3. Sum Insured:
Since healthcare costs in India have been skyrocketing and continue to rise, one should select the coverage amount carefully, keeping medical inflation in mind and also current healthcare needs.
4. Waiting Period:
When you plan to buy a mediclaim policy, do remember to check the policy terms and conditions, including the waiting period clause. Usually, there is a waiting period for pre-existing diseases. The insured will be eligible to get coverage only after this period is over.
5. Network Hospitals:
Under the mediclaim insurance policy, insured persons can apply for reimbursement of medical expenses. They also have the facility to get cashless treatment at any network hospital of the insurer. It reduces the burden of paying for hospital bills from their pocket directly.
6. Exclusions:
A policyholder will not be eligible to get coverage for specific scenarios or medical expenses listed under exclusions in the policy. Read the exclusions mentioned in the policy documents to stay financially prepared for expenses not covered in the insurance policy.
7. Lifelong Renewability:
As a person ages, the risk of illnesses also increases, and it is at this stage when there is a greater need for a health cover. Mediclaim policies come with a policy tenure of one year. Make sure it offers the lifelong renewability option to help you stay secure in the future.
Keep the above checklist in mind when looking for the best mediclaim policy in India, as it will help you make the best decision for you and your loved ones.
Featured image source: Freepik (Affiliate Link)
Leave a Reply