Important Features of a Mediclaim Policies

The usage of mediclaim policies has increased over the past few decades. Earlier, people used to buy them for just tax saving. However, with the growing number of medical conditions and recent economy plunge; more and more people are considering mediclaims to be a better option for covering their losses.

Here are some of the most important mediclaim features :-

– Reimbursement or Cashless Hospitalization :

Operation Theater cost, cost for oxygen, any diagnostic commodity needed for treatment, charges for doctors & nurses, X-ray cost, cost for blood, radiotherapy cost, cost for organ transplant, medicines bills, chemotherapy cost, pacemaker cost or blood donation etc are all included within the hospital charges. Majority of the mediclaim policies even cover hospitalization up to 30 days.

– When hospitalization not necessary :

Most of the mediclaim specifies that the patient need to be hospitalized. But this clause is not applicable for cataract. To reap the benefit of a mediclaim one need to be hospitalized at least for a day. However, treatment for Cataract doesn’t involve hospitalization. Hence, for Cataract you can get your claim even without hospitalization.

Mediclaim Policies

Mediclaim Policies | Image Resource :

– Premium payment of mediclaim policy increase every year :

A 20 year old has to pay more premium than a 50 year old. Since, the rate of premium rises according to the age.

– Mediclaim reimbursement cannot be used for earning income :

The objective of mediclaim is to cover your losses. All the charges are reimbursed only after the submission of original bills or the payment is made direct to the hospital. This prevents the Policy holder from making income from his/her claims.

– Treatments that are not covered by mediclaims :

These are some of the treatments that are not included by mediclaim policies :

– Often treatments for diseases such as hernia, piles, cataract, gallstone etc are not covered during first year of any mediclaim policy
– Disease that existed before you took the policy will not be covered
– HIV/AIDS and any other Sexually transmitted diseases
– Cosmetic surgery or plastic surgery
– Treatments related Obesity
– Vaccination and Inoculation
– Dental treatment
– Childbirth and Pregnancy

I hope this blog would be helpful to the readers. Please feel free to give suggestions or ask queries on the particular topic.


Various Types of Life Insurance Policies

Hi All! Hope you all are healthy. For me, it has been a good start to the New Year, with all things falling in place. But as they say, life is uncertain and nobody does know what is in store for us.

Life Insurance Policy

Life Insurance Policy | Image Resource :

I believe in being ‘better safe, than sorry’. Not because I belong to a field of profession that involves persuading people to buy various insurance covers. Nevertheless, as a normal person too I feel, the saying ‘Prevention is better than Cure’ is true.

Moreover, better way is to treat yourself and your loved ones to the benefits of a life insurance cover. Some of the most common types of life insurance policies are discussed as under-

1. Whole Life Policy

Apart from being one of the basic life insurance covers, Whole Life Policy is the one, which is preferred by most individuals. The policy remains active throughout lifetime of the insured, and he/she continue to pay premium until their death.

2. Limited payment life policy

It is one wherein the insured can choose the number of years he/she want to continue to pay premium. Unlike whole life policy, this one lets the insured decide period until when he wishes to make payment towards the premium of the insurance cover.

3. Endowment policy

Endowment life insurance policy runs for a limited period of years or up to a particular age. The premium is to be paid up to the maturity of the policy. This type of cover is rising in popularity.

4. Double endowment policy

Suited for physically challenged people, double endowment policy is one wherein insurer agrees to pay the assured, double the amount of the insured sum – if he/she live beyond the date of policy’s maturity.

5. Joint life policy

As it sounds, this policy covers the risks of two lives. It is generally opted by business partners. For couples, this policy is issued only under special circumstances.

These are just some of the most common life insurance policies. There are still many more, which I hope to discuss about sometime later. Take care folks!

A Few Useful Tips for Choosing Right Insurance Company

I am a fun-loving person and love spending time traveling with my friends. My work is also my passion. In this blog, I would like to guide you through to purchase a suitable insurance policy. Having a few years of experience in the area, I thought I could share my experience, which may help at least a few people who have confusion about life insurance policies.

Life Insurance

Life Insurance |  Image Resource :

It is necessary for all people as well as companies and institutions to have an insurance cover. It is the major financial support that one could have after sudden death of an insured person or in the case or any unforeseen circumstances. There are number of insurance companies that offer optimum and beneficial coverage, but it is important for a person to have a clear idea of the companies that would match his/her requirement.

The first step is doing a thorough research about various companies and check out the policies available. Keep in mind your requirements and try to sort out the policies that impress you. Once the information is gathered, then you can go ahead to make a comparison. After narrowing your search, then check out the company ratings. However, it is not always the right choice, while choosing a highly rated company.

Insurance Types

Insurance Types |  Image Resource :

Check out the giant insurance companies versus small companies and the benefits that suit your needs. Sometimes, smaller or less popular companies may have better offers than the reputed ones. Do your bit of calculations and make the right choice. Companies, which have been in business for a long time, can deal with all the complex situations in a finer way and of all experience works out to be better. But there is no harm in checking the newer companies, which also actively compete by offering customer-friendly policies.

Technological advancement is an advantage where one can sit in the comfort of home and check out information. You can check for customer reviews and complaints of the insurance companies on relevant websites. This gives a perfect picture of the products and services and help in making a right decision. Well, last but not the least; you can seek assistance from any experienced insurance agent and find the right policy.