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Mediclaim Policy | Meaning & Coverage

A mediclaim policy is a health insurance policy that covers the cost of in-patient hospitalisation and related expenses when you are admitted into the hospital. It is a prototype (an archaic version) of the current lot of health insurance plans that are sold now. Though the terms ‘Mediclaim’ and ‘Health Insurance’ can be used interchangeably.

Back in the day, mediclaim policies sold by health insurers offered limited benefits covering purely in-patient hospitalisation expenses. While they did the job of protecting insured lives against medical emergencies, the features were limited. 

Health insurance policies have evolved greatly in the last few years along with the benefits and features offered by them. Apart from covering in-patient medical costs, a new-age comprehensive health insurance policy provides extensive coverage and benefits, including bonus, restoration benefits, cost of consumables, OPD and wellness benefits and many more. 

This makes a health insurance policy more comprehensive as it covers a wide range of benefits. Hence, health insurance policies are usually more expensive than simple mediclaim policies.

 

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