Articles April 6, 2020

Mediclaim Policy is one of the best tools to safeguard the financial future of oneself as well as family. The well-being of a family is the most important priority of an individual. Everyone makes an unwavering effort to keep one’s family safe from any uncertainties. However, some uncertainties like medical emergencies come without any prior notice. In such a scenario, the best solution is to make the necessary arrangements before-hand so that you and your loved ones can stay financially protected. Buying a Mediclaim policy is the best way to secure your family financially in hard times. The beauty of a Mediclaim policy is that you and your family get time for top-notch medical treatment rather than spending it on gathering finances.

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Benefits of a family Mediclaim policy

Family Mediclaim policy is one of the best tools to safeguard the entire family from financial uncertainties. Family Mediclaim policy has more benefits as compared to individual health insurance plans as under:

  1. A family Mediclaim policy is a one-stop insurance plan to cover and protect the entire family. With a family Mediclaim policy, you do not have to avail single health insurance plans for every family member as it covers all the members of the family under one single umbrella
  2. Being a single insurance plan for the entire family, you do not have to worry about paying insurance premiums for various individual plans
  3. The sum insured of a family Mediclaim policy is for every family member which makes the coverage bigger and better.

Which Mediclaim policy is best for your family?

With rising awareness regarding the importance of the Mediclaim policy for family, the demand for such insurance plans is on an all-time rise. India’s insurance sector has a wide range of top-notch family Mediclaim policy. All the insurance providers in India offer a plethora of indigenous and uniquely crafted family Mediclaim policies that tap and cover every growing insurance need of its customers. To identify the best Mediclaim policy for the family, you need to access the available insurance products on various parameters. The following are some important factors that you must keep in mind while selecting the best family Mediclaim policy:

Policy Coverage

Under a family Mediclaim Policy the entire family is covered and the entire sum insured is shared equally by all family members. A family Mediclaim policy offers extensive coverage however it is important to understand the terms and conditions of the Mediclaim policy in a case where more than one claim arises in one policy year.

Premium:

A premium is a price you are paying for keeping a contract of Mediclaim insurance to cover for the medical expenses arising in the event of a medical emergency. Various factors determine the premium amount of family Mediclaim policy i.e. the age of oldest family members, the number of members included under a single Mediclaim policy, gender of family members included, and the sum insured cover opted. For example, a family consisting of young members shall bear less premium as compared to a family consisting of old members.

Claim Settlement Ratio:

The Claim Settlement Ratio is one of the most important factors to be considered while choosing the best Mediclaim policy for your family. The claim settlement ratio determines the efficiency of the insurance provider to settle the claims. It is recommended to opt for a family Mediclaim policy from an insurance provider that has a higher claim settlement ratio.

Network Hospital:

Every Mediclaim provider has a network of hospitals where the policyholder can avail medical treatment in the event of medical attention or emergency. So, while choosing the family Mediclaim policy it is important to consider those Mediclaim providers whose network hospital is in your area or vicinity. You must be looking for a Mediclaim provider who has a network hospital in your area and is offering cashless Mediclaim treatment.

Do your homework:

It is important to do extensive research before buying a family Mediclaim policy. Research about customer reviews of various insurance providers, premium amounts, etc.

Riders

In order to make your family Mediclaim policy robust, you shall need to include various riders. Know the various types of riders offered by insurance providers and the seek cover with the help of various riders like critical illness rider, accidental death rider, etc. A rider is the best way to widen the scope and coverage of the Mediclaim policy for a family as it offers an additional sum insured to the family.

Thus, overall all family Mediclaim policies seem the same, however, they differ on various factors like eligibility criteria, benefits, inclusions, and exclusions. You need to ensure that the chosen family Mediclaim policy fits your insurance needs and financial budget. Most importantly the chosen family Mediclaim policy must serve the purpose of financial security in near as well as in the distant future.

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