What is Mediclaim?

Mediclaim is a pocket-friendly type of insurance that offers financial protection against specific health-related expenses like hospitalization or treatment expenses for accident cases and covers particular diseases.

What is Health Insurance?

Health Insurance is an extensive and usually more expensive type of insurance that offers financial protection against medical and surgical expenses, including pre and post hospitalization expenses. It covers extensive costs for more than 30 critical illnesses.

Difference between Mediclaim and Health Insurance

Let’s look at a few critical differences between Mediclaim and Health Insurance to help you make the right choice:

Category Mediclaim Health Insurance
Sum assured The upper limit of the sum assured for mediclaim is Rs. 5 lakhs. The upper limit for the sum assured for health insurance is Rs. 6 crores.
Coverage A mediclaim offers coverage for hospitalization expenses, expenses related to accident cases and a specific expense protection for diseases mentioned in advance.   However, there isn’t any additional rider that one can purchase. Health insurance offers coverage for hospitalization, pre and post hospitalization, and ambulance charges.

People can also purchase riders for protection against critical illnesses, accidents, disability, maternity, and compensation of loss of income in case of an accident.
Critical illness Mediclaim doesn’t provide coverage for critical illnesses. Health insurance provides coverage for more than 30 critical illnesses like kidney failure, heart diseases, cancer, etc.
Hospitalization To claim mediclaim, one would have to be hospitalized. One need not be hospitalized. Home care expenses, medicine, vaccination, and other charges will still be covered.
Flexibility Mediclaim is a fixed plan with no scope for changes. Health insurance allows you to increase or decrease the plan duration, premium amount, or avail more benefits during the policy tenure.
Consistency of features Mediclaim features change from one insurance provider to another. Health insurance is the same across insurance providers for a particular sum insured bracket.
Claims Claims can be filed till the sum assured is exhausted. Claims can be filed till the sum assured is exhausted, but in case of critical illness or accidental disability, they can be claimed only once during the policy tenure.

However, in the case of a claim-free year, policyholders receive benefits at the time of renewal for next year.


In conclusion

There isn’t a policy instrument which is better than the other between a mediclaim and health insurance. Health insurance is more comprehensive, but it all depends on the individual’s health risks and which option will be better suited to serve those risks.

Learn more about Health Insurance Plans here.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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