Mediclaim Policy – A cushion to your financial loss
A mediclaim policy, also known as a health insurance policy or medical insurance policy, is a type of insurance coverage that provides financial protection against the high costs of medical expenses. It is designed to help individuals and families manage the financial burden of healthcare by covering a portion or all of their medical bills, depending on the terms and conditions of the policy.
There are specific diseases which are covered through various types of Health Benefit Plans.
The benefits are paid in lumpsum or are paid yearly for few years once the critical illness occurs.
These are available at a very economical price.
Both Individuals and Corporates should have such policies in their Portfolio.
Silent Features
Secure Financial’s Recommendation:
Mediclaim Policy / Health Insurance
| Title | Description |
|---|---|
| Details | Health benefit policies provides health insurance cover against certain health risks. The policy pays out a lump sum benefit, irrespective of the actual medical costs incurred on treating an insured’s illness or injury. |
| Death Benefit | On unexpected demise of the policy holder, his/her nominee will receive benefit from the Insurance Company. |
| Critical Illness Benefit | If Critical Illness occurs than the insurance company will give lumpsum at the time of critical illness. The future Premiums are waived and yearly benefits are paid for welfare of the insured. |
Features and Conditions
Minimum & Maximum age at Entry: Varies from company to company
Minimum & Maximum Term: Varies from company to company
Minimum & Maximum Sum Assured: Varies from company to company
Conditions varies from company to company.
Tax Benefits
Tax Benefits for Individuals: As per Government & Regulatory body’s Guidelines as 80C.
Tax Benefits for Corporates: As per Government & Regulatory body’s Guidelines. This is considered as an expense by the company.
Example: A person buys a Health Benefits policy.
Start of Policy
Critical Illness Occurs policy holder gets lumpsum
Yearly benefits
| BENEFITS |
|---|
| If Critical Illness is detected the policy holder gets Lump-sum at the time of Critical Illness occurred and then he gets yearly benefit if any in the policy from Insurance Company. |
