Mediclaim is an insurance product which takes care of the expenses you incur in the event of hospitalization or domiciliary care. It can either reimburse your expenses when you submit relevant bills, or enable you to have an entirely cashless hospitalization depending on the policy purchased.
Mediclaim policies are available in a range of types such as individual policies, family floater policies, group policies, senior citizen policies, critical illness policies and special maternity policies.
Mediclaim policies offer the following benefits and cover:
- Hospital charges
- Day-care treatment
- Pre and post-hospitalization expenses – for a period of 30 days before and up to 60 days after hospitalization
- Hospital accommodation charges
- Medical professional's fees – like doctor's fees, nurse's fees, anaesthetist's charges, etc.
- Investigation charges
- You can get the best treatment in case of sudden illness or accident
- No need to break your long term savings
- No need to borrow money for treatment from relatives
- No need to sell property, due to lack of money for treatment
- Tax benefits – under Section 80D are available up to Rs.15,000 on mediclaim premiums for self, spouse and dependent children. An additional Rs.15,000 of tax exemption is available if you insure your parents, and Rs.20,000 if senior citizens.