A Quick Guide to Choosing the Best Mediclaim Company in India

If you look up health insurance on the internet or read about it, you will find that there are numerous options to choose from. However, even though the abundance of choices is a good thing, it can also be highly confusing. One such option that many people lack clarity and knowledge about is Mediclaim, a form of health insurance that works slightly differently than basic health care plans.

Many people assume Mediclaim to be just another word for health insurance, but as mentioned above, it is somewhat different. So, whether you’re looking to purchase a Mediclaim policy or simply want to evaluate all the alternatives – here is your guide to choosing among the best Mediclaim companies in India.

How Do Mediclaim Policies Work?

Mediclaim policies are designed to provide you with financial protection during medical emergencies. However, Mediclaim generally only covers the expenses incurred during hospitalization and is far less comprehensive compared to health insurance. Moreover, Mediclaim offers coverage for a pre-specified amount and period, leaving almost zero room for flexibility. Now let’s take a further look at how Mediclaim policies work.

Some Key Aspects of Mediclaim

Like health insurance, even Mediclaim plans differ from one insurer to another. But whether you choose the best Mediclaim companies in India or not, here are some key aspects that remain the same:

i. Premium Amount: The premium for most Mediclaim policies is calculated based on certain factors, including the sum insured, age, policy duration, gender, and geographic location.

ii. Tax Benefit: If you’re worried about the tax benefits of Mediclaim, you need not be as you can claim tax deductions up to rupees 25,000 even for the premium paid towards Mediclaim policies.

iii. Sum Insured: The sum insured entirely depends on the policy buyer’s choice and affordability, but it is generally pre-decided.

iv. Coverage: Mediclaim plans typically offer coverage for hospitalization costs, accidents, and specific diseases. The rest of the bills and expenses must be paid by the insured individual. So, it is essential to choose a Mediclaim plan with maximum coverage benefits.

v. Claim Settlement: A Mediclaim policy can be claimed through reimbursement or by cashless payment. However, it is better to select a policy that offers both options.

The Types of Mediclaim Plans Offered in India

Now that we have a better understanding of Mediclaim, let’s explore the various types of policies offered by the best Mediclaim companies in India:

· Individual Mediclaim

· Family/Family Floater Mediclaim

· Senior Citizen Mediclaim

· Group Mediclaim for employees or members of a group

· Critical Illness Mediclaim for treatment of conditions like cancer, heart attack, or kidney failure.

· Overseas Mediclaim for medical costs incurred outside India

· Low-Cost Mediclaim

Choosing the Best Mediclaim Companies in India A government report stated that the rate of traffic accidental deaths in India had increased from 42.9 percent in 2015 to 43.9 percent in 2019. Even though the increase is not as high as one would expect, it is still worrisome. Apart from rising health care expenses and an increase in lifestyle diseases, the uncertainty of accidental deaths always remains. All these factors point to the obvious need of investing in health insurance.

Even if you cannot afford a comprehensive health insurance plan, you can easily buy a Mediclaim policy as they are comparatively more affordable and even cover accidents. Moreover, you can take your pick from some of the best Mediclaim companies in India. There are several Mediclaim providers you can turn to, but since it is an important decision, it is best to get in touch with insurance experts at companies like Care Health Insurance.

Although you cannot completely ignore the few drawbacks of Mediclaim, it is your safest and best bet besides regular health insurance plans. So, don’t wait, and purchase a Mediclaim policy for you and your loved ones today by choosing one of the best Mediclaim companies in India.


Speak Your Mind