Mediclaim Policy

Your family’s health is your number one priority for you. Are you sure that you are adequately equipped to take care of them when they need you the most? Check out the options in Mediclaim for senior citizens offered by various insurance providers at RenewBuy, use the Mediclaim policy premium calculator, and get quotes from known insurance companies,

 As a customer, when you get the power to compare Mediclaim policy, you can be assured of the right decision-making process in buying the same.Make an informed choice to take care of the hospitalization costs of your near and dear ones.

In today’s age of skyrocketing medical bills, for even routine hospitalization, lack of planning can burn a big hole in your pocket as your savings will deplete severely in paying your loved one’s hospital bills. You cannot afford to let this scenario happen in your life. You need to take adequate protection to safeguard your financial sanity as well as continue providing quality treatment to your family member. This is the basic USP of the best Mediclaim policy in India for family


Types of Mediclaim policy

A Mediclaim policy requires  minimum 24 hours of hospitalization for the insured to in order to file a claim. It is obvious that by opting for in-patient care, you may have racked up a big medical bill. A Mediclaim policy seeks to protect you financially by taking care of the medical and hospital bills, without you having to resort to desperate measures like withdrawing your savings, breaking your FD, or availing a loan.


If you need financial cushion in such difficult times, then you can opt for a Mediclaim policy. This type of policy lets you two options to process the claims:

1 – Reimbursement

In this type, you are reimbursed for the medical bills once the insured person is discharged or after the treatment is concluded. You can inform the insurance company prior to the hospitalization, or during the course of the treatment. When you file a claim, in this case, you need to provide a complete set of documents along with hospital bills, medicines bills, doctor’s notes, and discharge papers, along with post-discharge care details.  Keeping detailed documentation at the time of hospitalization itself is a good way to build a strong case for claiming reimbursement under  Mediclaim policy for family.


2 – Cashless Mediclaim

In this type, you can have the insured person admitted to one of the hospitals empanelled by the insurance company (as a partner hospital) and get cashless treatment facility. Under this, the insurance provider will settle the bill directly (either in part or in full). So, in case of full cashless settlement in a Mediclaim policy for senior citizens, you need not pay anything to the partner hospital at the time of discharge.


Timing is everything in cashless settlement. You need to ensure that you begin the process well before the hospitalization so that the cashless settlement is processed successfully. Here are a few basic steps in the cashless process of the best Mediclaim policy in India

1 – Get a pre-authorization form from insurance desk at the hospital

2 – Fill and submit with accurate and relevant details

3 – The copy will be signed by the hospital doctor and sent to the Third-Party Administrator (TPA) that acts as an intermediary between the hospital and the insurance company or to the insurance company

4 – Post processing the company will approve a certain amount that can be utilized to settle the payment directly with the hospital.


Usually cashless treatment adds low value in case of unplanned or extreme emergencies that requires immediate admission. For such cases, reimbursement is a viable option.



1- Sum Insured

All hospitalization costs are paid out to the extent of the sum insured. If you have senior members in the house, then it makes sense to go for a higher sum insured. Coverage is extended to hospital charges, room rent, day care treatment, pre-hospitalization (30 days before admission) and post-hospitalization (60 days after discharge) care, and doctor’s fees.


2 – Room rent

Though it differs from provider to provider, generally, a limit of 1% of sum insured is applied to room rent. So, if your sum insured is Rs. 2 lakhs, then you can opt for a daily room rent coverage of Rs. 2,000. Make sure that your room rent matches with the sum insured to prevent out of pocket payments post discharge.


3 – Co-payment

Check the co-payment clause for your Mediclaim policy. It ranges from 10% to 30% of the amount. Basically, this is the amount that you choose to pay upfront to settle medical bills. Any amount over and above this will be borne by the insurance company. Generally Co-payment kicks in at higher ages of the insured.


4 – Exclusions

Knowing about the exclusions at the time of buying the policy will prevent any nasty surprises at the time of filing a claim. Most of the companies keep situations like attempted suicide, sexually transmitted diseases, alcohol/ drug addiction, etc. out of the coverage.


5 – Network coverage

The more hospitals in your proximity under the provider’s network, the better it is for you. Make sure to study which hospitals are partnered with your chosen Mediclaim insurance company, and then select one which has a good network coverage. This will help you avail of a cashless treatment without any hassles.


Advantages of Mediclaim policy

1 – Cashless treatment possible

This is one the biggest attractions of a Mediclaim policy. You can avail of quality health care, and not spend a penny out of your pocket, if you have protection in the form of a Mediclaim policy.


2 – Suits many needs

You get two types of plans in a Mediclaim policy

a. Individual plan

The policy will be applicable to the hospitalization costs of one insured person only. If another person in the family needs hospitalization, he/ she cannot claim benefits of the coverage.

b. Family floater plan

The policy will be applicable to the hospitalization costs of your family members. The coverage will be applicable to all the family members who need hospitalization, if covered under the plan.


3 – High-quality health care

Shortage of funds need not be a barrier to quality healthcare at a good hospital for your loved one. The Mediclaim will protect you from high medicine bills and prescribed medications. With sum insured of as much as Rs. 50 lakhs possible, you can be assured of financial stability in these trying times.


4 – Income tax deductions

Mediclaim premium paid is eligible for tax deductions under section 80D. Make sure you take a deduction under this section for income tax benefit.


Exclusions and Waiting Periods

The below aspects are out of the coverage of a Mediclaim

1 – Non-medical expenses

2- 30 day waiting periods for any claim other than accident

3 – Sexually transmitted diseases

4 – Cosmetic or plastic surgery

5 – Any condition that occurs because of war, nuclear attack, or terrorist attack

6 – Health issues related to alcohol or drug abuse

7- Most companies have specific waiting periods for diseases like cataract, hernia etc.


Eligibility Criteria

1 – Insured person should be between 91 days and 65 years

2 – Claims allowed only on hospitalization costs

3 – Coverage for pre-existing conditions only after a waiting period of 4-5 years


Why Buy from RenewBuy?

Check out RenewBuy’s simplified yet high-performance website to compare and buy the best Mediclaim policy as per your specific needs. You can do a side-by-side comparison of all the major Mediclaim insurance policies available in India. This way you can pick one after a thorough research, rather than simply selecting one at random. Such informed buying process lets you save money and align your policy with your requirement. What’s more, you can be assured of unbiased and expert suggestions in case of any doubts.


Our customer care centre is equipped to deal with any query or doubts that you may have when you are zeroing in on the best Mediclaim policy for the family. We make the entire policy purchase process a hassle-free one.