Difference Between Mediclaim and Health Insurance Policy

Buying health insurance is a crucial aspect of framing a productive financial plan. People often consider investing in mutual funds and the stock market to increase their savings. But what about shielding the savings? Here’s where health insurance covers your hard-earned money in case of medical emergencies. This way, you can rest assured that there is a safety net in place in case of expenses related to health issues.

There are a lot of options in the Indian insurance market when it comes to purchasing a suitable health insurance plan. There is no right or wrong plan as requirements differ based on individual needs. Therefore, the primary step in choosing a health insurance cover is to understand your health and insurance requirements so that you can choose the right cover.

People often come across two terms while researching about health policy – Mediclaim and Health Insurance cover. These terms might look similar on the surface, but you will start noticing the difference when you dig a little deeper and spend some time to understand the features offered by both policies. Read ahead to understand about Health Insurance and Mediclaim Policy in a better manner.

A Mediclaim policy is a type of health insurance policy that offers a cover for hospitalization and specified illnesses. It can be viewed as a low-premium health insurance plan. But you have to compromise on the coverage. 

Health insurance is a broad term involving different types of covers that offer comprehensive coverage. Features of a health insurance policy are not restricted to hospitalization. Depending upon the chosen cover and applicable terms and conditions, a health insurance policy can cover pre-hospitalization, post-hospitalization, critical illness, etc.

Here’s a table that highlights the major difference between Mediclaim and Health Insurance. However, it is advised to read the Policy Wordings carefully of the policy of your choice before purchasing it to make an informed decision.

Mediclaim Policy vs Health Insurance

The debate between Health insurance vs Mediclaim policy can be summarized as follows.

If are looking for comprehensive coverage and do not mind spending a considerable amount on a yearly basis towards safeguarding your finances, you should opt for a suitable health insurance policy. In case you are running on a tight budget and are okay with a minimalistic health cover, you can choose a Mediclaim Health Insurance plan. Such plans are available at a comparatively lower price than the extensive health insurance policies but you will miss out on widespread coverage.

It is better to have some insurance cover than having none. Group policies such as those offered by your employer might provide some coverage, but they are not entirely reliable in the long run because of their limited features.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.