Everything You Need to Know About Mediclaim Policy in India

The standard Mediclaim policy in India guidelines is as per the stipulations of the IRDA. Insurance companies offering the Mediclaim policy in India should have an IRDA license for selling health insurance and other insurance products. Not only the insurance company but each insurance product launched by the insurance company should have an IRDA approval number.

While purchasing health insurance policies for self and family, individuals should confirm IRDA approval on the policy document. Health insurance policy subscribers can also check on the IRDA site listing of a particular health insurance plan.

Mediclaim policy in India feature highlights

Standard health insurance policies in India have the following salient features:

Death benefit

If policyholder or policy member succumbs to death due to covered condition, the beneficiary can claim death sum assured from the insurance company. Death sum assured is the sum assured less amount withdrawn for treatment.

Hospitalization expenses cover

If a policy member is diagnosed with covered condition illness, then the sum assured amount can be claimed in part or full for treatment.

Cashless hospitalization

Top insurance companies have countrywide and even overseas networks with hundreds of hospitals. Networked hospitals provide cashless hospitalization facilities to the policyholder or policy member requiring treatment for an inclusive health condition.

Pre and post hospitalization cover

The health insurance policy also pays for pre and post hospitalization expenses of policyholders/members affected due to general condition.

Geographical scope

The policy document defines the geographical scope. Some individuals prefer to opt for global coverage health insurance plans.

Policy riders

The health insurance policy plan mentions several riders which subscribers may choose to make policy more comprehensive. Riders can be critical illnesses riders, personal accident riders, virus infection riders, and other additional cover options.

Policy inclusions and exclusions

A health insurance policy is carefully drafted to include all major conditions that can lead to hospitalization due to severe illnesses. The policy document clearly mentions the included health conditions as well as the exclusion conditions.

Mediclaim policy in India FAQs

Q. How much tax can be saved by purchasing a health insurance policy?

An individual taxpayer can claim up to Rs 25,000 tax deduction benefit u/s 80 d for paying for health insurance for self and family. The family includes a spouse and two children. An individual can claim up to Rs 60, 000 tax deduction benefits if policy cover includes dependent parents.

Q. How to choose a health insurance plan?

The insurance aggregator portal provides the latest listing of top health insurance plans in India. Individuals can make informed decisions by taking in the quick comparatives of different health insurance policy plans. While choosing a health insurance plan for self and family, an individual should take into consideration criteria such as health insurance cover requirement, premium requirement, the number of members covered, health conditions covered, inclusions, and exclusions.

An individual should go through the policy document thoroughly before committing to becoming the policyholder. Top insurance companies have a standard health insurance policy document format that is easy to follow. It is best to avoid policies worded with jargon and complicated terms.

Q. What is the cooling period of health insurance policy?

The cooling period is a time of 15 to 30 days given to policy subscribers to go through the policy document. If the subscriber does return the policy within this period, the policy is deemed as accepted by subscriber and policy subscriber becomes policyholder. If, however, the policy is returned within the cooling period, the insurance company remits any premium paid by subscribers after making necessary deductions.

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