Top factors to check before you buy a mediclaim plan in India
available in India. Here are some factors you must consider before buying a mediclaim or health insurance:
• Plan type:
There are various types of mediclaim plans available in the market. Each of them is associated with different inclusions and conditions. Hence, make sure to check what health insurance covers before purchasing.
• Sum insured:
Most of the time, there is a pre-set sum insured that you cannot alter afterwards. So, before purchasing these plans, determine the coverage that you might need on facing unforeseen financial circumstances after a medical emergency.
• Network hospitals:
Check the reputation of the network hospitals and whether they offer good medical facilities. This ensures that you receive best-in-class treatment and consultation from certified doctors when needed. Also, know the list of hospitals nearest to you.
• Policy term:
Look for how long is the policy offered. You may choose the policy based on the policy term, as different policy terms have different premiums. So, choose the one that fits your budget. Choosing a long-term health insurance policy will keep you from frequently renewing the policy.
• Claim settlement:
Know the claim settlement process beforehand to understand what you need to do to avail the benefits. There are two kinds of claim settlement: cashless claim and reimbursement claim. Choose an insurer that offers a smooth claim settlement process. This will save you from the hassle of running around for documents and other processes during medical emergencies. Also, check the claim settlement ratio in health insurance of the insurer to stay informed about how easy it is to get the benefits of the policy.
• Discounts on renewal premium
The insurance companies offer a No Claim Bonus (NCB) to policyholders if not made any claims during the policy tenure. You can gain up to 50% NCB if you have five consecutive claim-free years. This NCB translates into a discount offered on renewal premiums, reducing the health insurance cost.
• Copayment clause
Most insurers offer a copayment option. This means if opted for the copayment, the policyholder will have to pay a portion of the claim amount during claim settlement. For example, if agreed to copay 20% of the Rs. 2 lakh sum insured, the policyholder has to pay Rs. 40,000 while claim settlement, and the remaining amount, the insurer will pay. Copayment also affects the premium. The higher the copayment, the lower the health insurance premium.
Which is better, health insurance or mediclaim?
Both mediclaim and health insurance policy help in mitigating health-related risks. A mediclaim comes at an affordable price than a health insurance policy, as the latter offers extensive coverage. So, select the one that fits your budget as well as provides the best protection for your family.
With insurers offering health insurance policies online, buying one has become easy and convenient. Visit the preferred insurer’s official website and search for the health insurance policy that you wish to buy. You can visit the Bajaj Finance Insurance Mall to compare and buy from a range of health insurance policies offered by leading insurers in India.
Mediclaim vs. health insurance in India: Which one should you choose?
While often used interchangeably, mediclaim and health insurance serve different purposes. Mediclaim typically covers only in-patient hospitalisation, and usually comes with a cap on reimbursements. In contrast, health insurance provides more holistic protection—from pre- and post-hospitalisation to diagnostics, day care procedures, and even critical illness coverage.
Your choice depends on how much health security you're looking for. If you want long-term value, better claim flexibility, and wider coverage, a comprehensive health insurance policy is the smarter bet.
Looking beyond hospital bills? Choose a plan that protects you across every stage of treatment.
Explore top-rated health insurance plans with all-India cashless hospital access.