Buying a mediclaim policy is the best way to save your money from overspending on emergency and normal medical treatments that you cannot avoid in life. This way your life is protected without any stress.
What Is Mediclaim Policy?
It is pretty clear that medical healthcare services are very expensive nowadays and you can only imagine if unfortunately, you end up in a medical emergency, the hospital bills will make you more exhausted and even the savings you had for a long time will all be used up.
A mediclaim policy helps you pay for your expensive medical treatment without having to lose your savings. The mediclaim policy also provides cashless treatment facilities to the insured at the insurance company’s network hospitals which is available for individual policies as well as family floater policies.
Top 10 Mediclaim Policies in India
| Mediclaim Policies | Premium Starting Price | Sum Insured | Network Hospitals | Benefits |
| Care Health Insurance Mediclaim Policy | Rs.482/month | 3 lakh- 60 lakh | 16500+ | AYUSH Cover, Free Health Checkup, 100% Recharge, Day Care Cover. |
| Future Generali Mediclaim Policy | Rs.610/month | Vital- 3-10 lakh. Superior- 15-25 Lakh, Premier – 50- 1Crore | 6000+ | Tax benefit is provided under section 80D for up to Rs. 25000.There is a free look-in period of 15 days.portability is provided. |
| Liberty Mediclaim Policy | Rs.416/month | Up to 1 crore | 5000+ | offers a hospital daily cash allowance of Rs 500/1000 per day.day care treatment, road ambulance charges, domiciliary hospitalization, etc. |
| Niva Bupa (Formerly known as Max Bupa) Mediclaim Policy | Rs.566/month | 3 Lakh-1 Crore | 7400+ | DayCare Cover, AYUSH Cover, Free Health Checkup, Unlimited Restoration. |
| ManipalCigna Mediclaim Policy | Rs.8,182/year subject to change as per insurer. | 2.5- 50 lakh | 6500+ | Includes coverage for diagnostic tests, dental treatments, drugs, medical aids, prosthetics, and/or any other types of medicines taken. |
| National Mediclaim Plus Policy | Rs.5000/year subject to change as per insurer | 2- 50 lakh | 6000+ | Tax benefits, cashless benefits, add-on covers, overseas coverage etc. |
| Royal Sundaram MediclaimPolicy | Rs.449/month | 2- 1.5 crore | 5000+ | Sum Insured can be enhanced by 50% in case of accidents. Covers 147 daycare procedures |
| Kotak Mahindra Mediclaim Policy | Starts as low as Rs.300/month subject to change as per insurer terms. | 2-1 crore | 5000+ | Comprehensive coverage,provides OPD cover, fast claim registration, policy can be port. |
| IFFCO Tokio Individual Medishield Mediclaim Policy | Starts as low as Rs.250/month subject to change as per insurer terms. | 50,000- 5 lakh | 6400+ | During pre and post hospitalization, nursing expenses shall be covered. |
| Edelweiss Mediclaim Policy | Starts as low as Rs. 1500/month subject to change as per insurer terms. | 5 lakh- 1 crore | 3200+ | medical monitoring cover, medical repatriation, medical referral cover, compassionate visit, emergency medical evacuation, the return of mortal remains and second medical opinion. |
The mediclaim policies are available for individuals, Families and separate for Senior Citizens. You may need to check the sum insured offered by each company so that you get the maximum benefit when you buy one for yourself or your family or for your parents alone too.
The claim settlement ratio is also very crucial here as the individual will be admitted to the hospital and must be facing a lot of financial struggles so when you take the mediclaim policies the claim settlement frequency and the network hospitals are very important to keep in mind.
Mediclaim Policy Vs Health Insurance Policy
Do you know what the differences are between a mediclaim policy and a health insurance policy?
Here is a comparison table to help you understand the differences:
| Mediclaim policy covers only a narrow field of expenses which are only based on hospitalization arising due to an accident or illness only. | Health care insurance covers hospitalization expenses such as daycare procedures, OPD expenses etc. |
| Mediclaim policies would pay for your actual medical expenses incurred during hospitalization only. | Health care insurance covers expenses incurred during pre/post-hospitalization and also offers a lump sum amount on diagnosis of any critical condition of the insured. It also covers ambulance charges. |
| Mediclaim policy premium is very low due to very limited coverage. | The policy premium is higher for health insurance policy due to obvious reasons. |
| No add-ons can be availed under the Mediclaim policy. | Health insurance cover comes with several add-on facilities which cover the individual needs of the policyholder. |
What Are The Mediclaim Benefits?
As already discussed, emergency hospitalization can even take up all your savings to pay for hospital bills which are not something that you want to happen. The mediclaim policy is a very important step in your insurance policy lists. You will get financial support during emergency times.
Some major benefits of buying a mediclaim policy are mentioned as follows:
- Cashless Treatment benefits – this facility is available in all of the network hospitals of the insurance company where you have purchased the mediclaim policy. This makes sure you don’t have to spend money from your pocket. This makes it a cost-effective way of benefitting health care services without emptying your savings.
- Hospitalization expenses – The hospitalization expenses include inpatient expenses, OT expenses, doctor’s fees, nursing charges, medicine charges etc.
- Renewability for a lifetime – Mediclaim policy offers a lifelong renewability option for the policyholder.
- Additional benefits like ICU charges, room rent, etc can be availed in the mediclaim policy.
- Benefits of Tax exemption can be availed on the premium during policy renewals.
Types Of Mediclaim Policies In India
Are you looking for the best mediclaim policy for family in India? You may choose from a wide range of mediclaim policies available in the insurance market according to your needs.
Some of the most important ones are listed below:
- Individual Mediclaim Policy where the medical coverage is given to only one person which is usually the policyholder.
- Family Floater Mediclaim Policy provides coverage to the insured as well as his/her family members which might include parents/spouse and children. A single amount of the sum insured will be available to all the family members.
- Senior Citizen Mediclaim Policy is exclusively designed to provide medical coverage to elderly people who have crossed the age of 60 years. One can avail a customized medical cover for the senior citizens according to the particular needs of the insured.
Best Mediclaim Policy In India For Families And Individuals
Here is a list of some of the best mediclaim policies available in India which you may consider buying without any confusion:
- National Insurance Mediclaim Policy – National Mediclaim Plus. A high sum Insured policy which is capable of indemnifying for minimum 24hr hospitalization. Cashless care procedures are available for families as well.
- LIC Mediclaim Policy – LIC Jeevan Arogya Plan covers specific medical costs which actually offers a lump sum amount to cover the medical costs irrespective of the actual charges you had to spend.
- Star Health Mediclaim Policy – Plans are available for both individuals and families. It gives hospital cash benefits and all day procedures are covered in the mediclaim plan. Includes benefits in the Air ambulance facility.
- New India Assurance Mediclaim Policy – New India Floater mediclaim. This plan covers both you and your family from hospitalization expenses in an emergency. Offers a high sum insured up to to 15 lakhs.
- SBI Mediclaim Policy – Arogya Sanjeevani policy covers upto 3 lakhs.
- National Parivar Mediclaim Policy – Considered one of the best in India for families.
- Aditya Birla Mediclaim Policy – Has many benefits to the policyholder and provides great safety.
- Care Health Insurance Mediclaim Policy – Offers cover for individuals as well as families pre and post hospitalization. Minimum 24 hrs required to claim under the policy though.
Cashless Mediclaim Policy For Family In India
If you already have a family health insurance plan in place it certainly covers a wide range of medical needs. But to avail emergency medical expenses for any of your family members it’s best to get a family mediclaim policy to get the most hassle-free claim settlement amidst any chaos.
If you have a family mediclaim policy you don’t have the pain to arrange money for bill payments in the hospital instead the insurance company will directly settle it with the hospital.
Given is a list of top 5 family cashless mediclaim insurance policy names:
- Niva Bupa Health Companion Mediclaim Policy
- New India Asha Kiran Mediclaim Policy
- New India Floater Mediclaim Policy
- Reliance Health Gain Plan
- Apollo Munich Optima Restore Mediclaim Policy
Group Mediclaim Insurance Policies In India
When you have employees in your organization or if you are an employee in an organization it’s always better to enroll for group health insurance as the premium payable is less compared to individual insurance for yourself. It becomes beneficial to both employees and employers.
Some of the best group mediclaim policies in India are mentioned as follows:
- Bajaj Allianz Group Mediclaim
- Care Group Mediclaim Policy
- Bharti AXA Group Mediclaim Policy
- Edelweiss Group Mediclaim Policy
- Manipal Cigna Group Mediclaim Policy
- National Group Mediclaim Policy
- Reliance General Group Mediclaim Policy
- SBI General Group Mediclaim Policy
- Star Health And Allied Group Mediclaim
- Universal Compo Group Mediclaim
Did you know that the mediclaim policy offered by New India Assurance insurance company is designed for Senior Citizens in the age group of 60 to 80 years. This plan provides maximum coverage of up to Rs.1.5 lakhs. Emergency ambulance expenses up to Rs.1000 are also covered under the same.
List Of Mediclaim Policies Offered To Senior Citizens In India
Though there are many health insurance plans exclusively meant for senior citizens, few of the companies stand out on the list for their major offers and benefits available. Most of them can be custom-made according to the personal needs of the senior people.
The companies listed are mentioned below:
- Apollo Munich – Optima Senior Mediclaim
- Niva Bupa Heartbeat Mediclaim Policy
- Bajaj Allianz Silver Health Plan
- Star Health Senior Citizen Red Carpet Plan And Senior Citizen Mediclaim
- New India Assurance Mediclaim For Senior Citizens
Common FAQs
- What are the services exactly included in a Mediclaim Policy in India?
The Mediclaim Policy in India provides cover for Hospital charges including room rents, organ donation expenses etc. It provides cover for the Day care treatment to the patient. It also covers the consultation fees or doctor’s charges. - What is not covered in a Mediclaim policy?
Any pre-existing illnesses are only covered after the waiting period mentioned in the policy terms and conditions. It does not cover plastic surgery or cosmetic surgery. It also does not provide cover for external devices fitted in the body such as hearing aids/contact lenses. - Will Mediclaim charges be deducted from my salary?
Not exactly as mediclaim policies come with a lot of benefits in which Tax Benefits are a major part. You are eligible for a tax benefit of up to Rs.25000 per year on mediclaim policy premiums under the Section 80D. - Will I not be able to cover my parents aged over 70 under a mediclaim policy?
The normal criteria for a mediclaim policy for senior citizens are up to 65 years of age. But it certainly can be over 70 years and above based on each insurance company. - What is a cashless mediclaim policy?
The mediclaim insurance company settles your expenses during hospitalisation directly with the network hospital where you get admitted. This refers to the cashless mediclaim policy. - What do they mean by overseas mediclaim policy?
This is the medical insurance that covers emergency hospitalisation expenses while you are abroad. - Do mediclaim policies cover accidents?
Yes, any expense incurred in an accident that happened to you or the person covered under your mediclaim policy will be covered by your mediclaim plan.