What is a Mediclaim Policy?

Mediclaim, also known as medical insurance, is a type of health policy that reduces your financial risks if you undergo medical treatment. It covers your hospitalisation bills along with any specific illnesses and treatments. Along with tax benefits under section 80D (ITA), you can opt for a mediclaim policy cover for a pre-specified sum.

The best mediclaim policy is an insurance cover that protects you against rising medical costs. It provides financial protection in the event of hospitalisation due to an accident or ailment. Like other insurance policies, you can avail mediclaim policy benefits by paying an annual premium. This policy comes with a definite period and requires renewal to avail benefits.

Features and Benefits of the Best Mediclaim Policy

The following are some of the features and benefits of the best mediclaim policy

  • Cashless treatment
  • The policy covers the insured person & dependents
  • Financial protection
  • Saves your pocket expenses
  • Hospitalisation costs handled by insurance providers.
  • Easy online policy purchase
  • Tax benefits

How to calculate the insurance premium of Best Mediclaim Policy?

Several factors, such as the sum insured, pre-existing health conditions, number of insured persons, age, physical location, etc., determine the premium of mediclaim policies in India. However, the insurance company decides the final premium amount based on your specific needs and preferences.

Types of Mediclaim Policies in India

Everyone has different needs and preferences. Hence, there are different types of mediclaim policies in India to cover each requirement:

  • Individual Policy: It offers financial protection against rising medical costs for just the insured person.
  • Family Floater Policy: Along with the insured person, other family members, such as spouse, kids, and parents, are also covered.
  • Group Policy: In this plan, a company's owner buys a medical policy for group members or employees.
  • Senior Citizen Policy: Senior citizens get financial assistance for health expenses with special requirements.
  • Critical Illness Policy: It offers coverage against illnesses, such as heart or kidney failures, cancer, or CVD (cardiovascular) diseases.
  • Overseas Policy: It covers hospitalisation costs in the event of overseas treatment.
  • Low-Cost Policy: It provides health cover to the underprivileged people of the society, such as employers of small/medium scale industries.

What are the inclusions of Best Mediclaim Policy in India?

A mediclaim policy covers you against an extensive range of health expenses. The following are a few general inclusions of a mediclaim policy:

  • Hospitalisation Expenses: It includes all medical costs, such as blood, oxygen, medicines, x-ray, oxygen, diagnostic procedures, OT charges, etc.
  • Pre and Post-Hospitalisation Expenses: Covers medical expenses arising before 30 days of hospitalisation and up to 60 days after discharge
  • Day-Care Costs: covers medical expenses incurred due to advanced treatments that do not need the patient to get hospitalised for more than a day.
  • Hospital Room Costs: Costs towards regular wards or ICU's are entirely covered or cashless.
  • Doctor's Charges: Provides cover for doctor's fee.

What are the exclusions from Mediclaim Policies in India?

Every insurance policy differs from one insurance provider to another and has a few exclusions are as follows:

  • Hormonal & birth control treatments
  • Vaccinations
  • Cosmetic or plastic surgery
  • Obesity-related treatments
  • Pre-existing diseases
  • Dental treatments
  • STD's
  • Maternity expenses (if add-on feature not availed)
  • Non-medical expenses like toiletries, administrative and service charges, are excluded.
  • Diseases incurred during the waiting period are not covered.

Things to Remember While Buying Mediclaim Policies in India

If you're willing to purchase mediclaim policies in India, the following are the factors that you should go through:

  • Sum Insured: The more the sum insured, the higher will be the premium for that policy. Hence, while choosing the best mediclaim policy in India, you should select an adequate sum insured based on your needs.
  • Individual/Family Floater: Before finalising your mediclaim insurance, you should check if it is an individual policy or a family floater. It is because, in a family floater mediclaim policy, the sum insured is mutually shared amongst all family members (policy's beneficiaries).
  • Co-Payment: Under this clause, the policyholder has to pay a certain claim percentage, and your insurer bears the rest of the medical costs.
  • Network Hospitals: The cashless treatment is available only with the network hospitals. Hence, choose an insurance company with a broad array of hospital networks.
  • Waiting Period: Any insurance policy has a waiting period before which you cannot avail its benefits. Hence, it would be great to check for this waiting period while buying or claiming the best mediclaim policy in India.
  • Add-ons: Insurance providers offer some extra benefits and enhance your policy cover. However, remember that these add-ons will raise your premium amount.

Which are the Best Mediclaim Policies in India?

There is a wide range of mediclaim policies offered by various insurance providers. However, the following are the top five:

1. Aditya Birla’s Mediclaim Policy
  1. Sum Insured: 10-30 lakhs
  2. Renewability: Lifelong
  3. Network Hospitals: more than 5850
2. Bajaj Allianz's Mediclaim Policy
  1. Sum Insured: 1.5-50 lakhs
  2. Renewability: Lifelong
  3. Network Hospitals: more than 6500
3. Bharti AXA Mediclaim Policy
  1. Sum Insured: 3,4, 5 lakhs
  2. Renewability: Lifelong
  3. Network Hospitals: more than 4300
4. Care Health Insurance Mediclaim Policy
  1. Sum Insured: 3-60 lakhs
  2. Renewability: Lifelong
  3. Network Hospitals: more than 4950
5. Cholamandalam Policy
  1. Sum Insured: 2-15 lakhs
  2. Renewability: Lifelong
  3. Network Hospitals: more than 6500