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Why One Must Have a Mediclaim Insurance Policy

Posted On : 19 April 2023, 1 Years Ago. Health-Insurance
Mediclaim Insurance Policy

Medical emergencies can be quite an expensive affair. With the cost of medical care and treatment rising every day, it pays to have a health insurance policy. Mediclaim insurance is an insurance policy that provides financial protection against medical expenses.

 

Medical insurance plans offer coverage for hospitalisation expenses such as room rent, nursing expenses, doctor’s fees, medicines, diagnostic tests, etc. They also pay for the expenses of pre and post-hospitalisation. In some cases, they also cover day-care treatments, domiciliary treatments and ambulance charges.

 

This blog will highlight the benefits of medical insurance and reasons to purchase one for you and your family.

 

Benefits of Having a Mediclaim Insurance Policy

A mediclaim insurance is a type of insurance policy that offers coverage for medical expenses incurred due to medical treatments and hospitalisation. The policy covers doctor’s fees, hospitalisation bills, diagnostic tests, medicines, and other medical expenses. The policy also provides coverage for pre and post-hospitalisation expenses. Individuals, families, and senior citizens can avail of the policy. Here is a list of advantages of buying a healthcare plan.

 
  • Financial Security: A medical insurance policy provides a financial safety net when you require medical treatment. It covers the cost of hospitalisation, medical expenses, and other treatments, helping you avoid financial burdens.
  • Tax Benefits: Medical insurance plans offer tax benefits under Section 80D of ITA (Income Tax Act).
  • Cashless Treatment: A medical policy allows you to avail of cashless treatment at any of the network hospitals listed in your policy. It helps you stay stress-free as you don’t need to arrange for funds at the time of treatment.
  • Affordable Premiums: You can easily find an affordable medical insurance with flexible premium payment options. It helps you cover your medical expenses without straining your budget.
  • Comprehensive Coverage: Mediclaim covers all medical expenses, from pre- and post-hospitalization to ambulance charges. It also covers daycare procedures and provides coverage for critical illnesses.
  • Renewability: Most health policies provide lifelong renewability, allowing you to extend your coverage without any break.
  • Network Hospitals: Medical insurance policies have a network of hospitals where you can avail of cashless treatment.

 

Reasons to Buy a Mediclaim Policy for Family

One of the most important explanations you should opt for a mediclaim insurance policy is to ensure financial protection in a medical emergency. Medical emergencies can be expensive and can cause financial strain. With a mediclaim plan, you can be assured of financial security in any medical emergency. Other reasons to opt for a mediclaim plan are:

 
  • One should opt for a mediclaim insurance policy to avail of tax benefits. Policyholders can claim tax deductions on their mediclaim premiums under Section 80D of the ITA (Income Tax Act) of 1961. This tax benefit can help in reducing the overall cost of the policy.
  • A mediclaim policy also provides coverage for pre-existing diseases. It is especially beneficial for those who suffer from chronic illnesses such as diabetes, asthma or hypertension. Many mediclaim policies also provide coverage for regular health check-ups, which can help in the early detection and treatment of any health issue.
  • It also provides coverage for international travel. It is especially beneficial for those who frequently travel for business or leisure. A mediclaim policy provides financial protection in case of any medical emergency while travelling abroad.


It can be said that having medical insurance plans is an essential step towards securing one’s financial future. It provides financial protection in medical emergencies, tax benefits and coverage for pre-existing diseases and international travel. Therefore, having a mediclaim policy is essential for all individuals.

Secure your health with comprehensive insurance plans from Nivabupa

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