Mediclaim policy that is a type of an indemnity policy provides its beneficiary for the financial loss up to the extent of the limiting amount of the policy. Like, other policies, individual seeking the benefit under the policy needs to provide all the relevant proofs.
So, let us understand in detail what all a mediclaim policy offers. In a mediclaim policy, an insured for the specified sum assured amount which decides the premium, is compensated for any hospitalization or even pre-specified illnesses. The scheme also provides for financial benefit in case the insured is undergoing some treatment due to some accident.
In contrast, a health insurance policy which is grouped as a benefit product provides a lump sum amount on the trigger of a event against which the health insurance provides a cover. Some such policies include personal accident, hospital cash or critical illness policies. Individuals can also opt for these benefits as a rider with a regular health insurance policy.
Hence, health insurance is relatively broader providing a cover for perhaps against more instances such as in the case of over 30 critical illnesses. Also, the policy offers more flexibility in respect of sum assured value, premium amount and policy term as it can also be lowered by the insured after a certain specified period.So considering the above features of both the mediclaim and health insurance policies, it can be concluded that health insurance with more flexibility as well as providing a cover against more of diseases as well as critical illnesses will be better off in sufficing the health care needs of an individual. As in case of a severe medical condition, it is an health insurance policy that shall come to your rescue.