A person’s financial stability might suffer greatly due to a medical emergency. This is where mediclaim insurance policies come into the picture. They can help mitigate the financial burden associated with medical expenses by covering most or all of the costs incurred. But with so many insurance policies available in the market, selecting the best mediclaim policy in India can be overwhelming. In this article, we will discuss the factors you should consider when selecting an insurance policy.

What is a Mediclaim Plan?

It is a sort of health insurance policy in which the insurance company reimburses the policyholder for medical expenditures incurred while receiving treatment for their medical condition. 


Also, if you have chosen cashless treatment, you will not have to worry about paying the bills. The insurance company will settle the amount with the hospital directly. To use the cashless facility, however, you must seek care at one of the insurer’s network hospitals.

Things to Consider Before Buying a Policy

Coverage Amount

One of the primary factors to consider when selecting a mediclaim insurance policy is the coverage amount. The coverage amount is the maximum amount that the insurance company will pay out in case of hospitalisation. You should choose a coverage amount based on your medical needs and the average cost of medical treatments in your city. It’s always advisable to opt for a higher coverage amount to ensure that you are adequately covered in case of a medical emergency.

Network Hospitals

A network hospital is a hospital that has a tie-up with the insurance company to provide cashless treatment to policyholders. It’s essential to check the list of network hospitals before selecting the best mediclaim policy in India. The wider the network, the more convenient it will be for you to avail cashless treatment in case of hospitalisation.


Waiting Period

A waiting period is the time period during which you cannot claim insurance for certain illnesses or medical conditions. The waiting period varies from one policy to another, and it’s essential to check the waiting period before selecting an insurance policy. If you have a pre-existing medical condition, it’s advisable to choose a policy with a shorter waiting period.

Co-Payment

A co-payment is a fixed percentage of the total claim amount that you have to pay out of your pocket. Some insurance policies come with a co-payment clause, which means that you will have to bear a certain percentage of the treatment cost. It’s essential to check the co-payment clause before selecting an insurance policy. If you are looking for a policy with no co-payment, you may have to pay a higher premium.

Exclusions

Most insurance policies come with certain exclusions. These exclusions are medical conditions or treatments that are not covered under the policy. It’s essential to read the policy document carefully and understand the exclusions before selecting an insurance policy. If you have a pre-existing medical condition, it’s advisable to choose a policy that covers pre-existing illnesses.

Premium

The premium is the amount that you have to pay to the insurance company to avail of the benefits of the policy. The premium varies from one policy to another, and it’s essential to choose a policy with a premium that fits your budget. It’s advisable to compare the premiums of different policies before selecting one.

Claim Settlement Ratio

The ratio of claims settled by the insurance company to all claims received is known as the claim settlement ratio. It’s essential to check the claim settlement ratio before selecting an insurance policy. A high claim settlement ratio indicates that the insurance company settles claims quickly and efficiently.

Renewability

It’s essential to choose a policy that is renewable for a lifetime. A policy that is renewable for a lifetime ensures that you are covered in case of a medical emergency for as long as you live. It’s also essential to check if the coverage comes with a grace period for mediclaim policy renewal after the due date.

Additional Benefits

Some insurance policies come with additional benefits like coverage for alternative treatments, ambulance charges, and pre and post-hospitalization expenses. It’s essential to check for these additional benefits before selecting an insurance policy.


Selecting the right mediclaim insurance policy requires careful consideration of several factors. It is essential to evaluate your family’s medical history, lifestyle, and budget before selecting a policy. By considering the factors mentioned above, you can select the best mediclaim policy in India that provides adequate coverage, is affordable, and meets your specific needs. Niva Bupa, one of the leading insurance providers, can create comprehensive health coverage while keeping people’s needs in mind. Contact today!