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Table of Contents
- Understanding Mediclaim: Why It’s Essential for Your Financial Security
- What is a Mediclaim Policy?
- Benefits of Buying a Mediclaim Policy
- Types of Mediclaim Policies
- Points to Consider Before Buying a Mediclaim or Health Insurance Policy
- What is Covered in a Mediclaim Policy?
- What is Not Covered in a Mediclaim Policy?
- Why Should You Read a Mediclaim Policy Thoroughly?
- Health Insurance Eligibility Criteria
- Factors to Consider When Buying a Mediclaim Policy
- Why Should You Read a Mediclaim Policy Thoroughly?
- Health Insurance Eligibility Criteria
- Factors to Consider When Buying a Mediclaim Policy
- Documents Required While Buying a Mediclaim Policy
- Mediclaim Policy Claim Procedure
- Why Choose Finvaid to Buy Your Mediclaim Policy?
- Health Insurance Renewal Online
- Tax Exemptions on Mediclaim Policy
Understanding Mediclaim: Why It's Essential for Your Financial Security
When a medical emergency strikes, it can create not only physical and emotional distress but also a financial burden. Our loved ones’ health is a top priority, and naturally, we want to ensure they receive the best possible care. However, healthcare costs can be overwhelming. This is where a Mediclaim policy becomes incredibly useful.
A Mediclaim policy is a health insurance plan that helps cover medical expenses incurred during hospitalization. Whether it’s for an accident, surgery, or critical illness, a mediclaim policy can significantly reduce the financial strain during difficult times.
Why Mediclaim is Important:
- Financial Protection Against Unexpected Medical Costs
With medical expenses on the rise, having a mediclaim policy ensures you’re prepared for unforeseen hospital bills. It covers the cost of hospitalization, surgeries, doctor’s fees, and even ambulance charges. - Access to Quality Healthcare
When faced with a medical emergency, you want to make sure your loved ones get the best care available. Mediclaim policies provide access to a wide network of hospitals, ensuring timely treatment. - Peace of Mind
Knowing that you have a safety net for medical expenses can relieve a lot of stress, allowing you to focus on your recovery or that of your loved ones without worrying about finances. - Cashless Treatment Facility
Many mediclaim policies offer a cashless treatment option at network hospitals, meaning you don’t have to pay upfront for medical expenses. The insurer settles the bills directly with the hospital. - Tax Benefits
Premiums paid towards mediclaim policies are eligible for tax deductions under Section 80D of the Income Tax Act, making it a financially sound choice.
How Mediclaim Works:
When you purchase a mediclaim policy, you choose the coverage amount (sum insured), which is the maximum amount the insurer will pay for treatment. In case of hospitalization, the policy helps cover the medical expenses, either through reimbursement or a cashless treatment arrangement.
Types of Mediclaim Policies:
- Individual Mediclaim: Covers medical expenses for a single person.
- Family Floater Mediclaim: Covers medical expenses for the entire family under a single policy.
- Critical Illness Mediclaim: Covers expenses related to specific serious conditions like cancer, heart disease, or kidney failure.
In conclusion, a Mediclaim policy is a vital tool to safeguard your family’s health and your financial wellbeing. It ensures that you receive the best medical treatment without the added stress of worrying about costs. Whether it’s for routine check-ups or major emergencies, it’s always a smart decision to invest in a mediclaim policy for peace of mind.
What is a Mediclaim Policy?
A Mediclaim policy is a health insurance plan designed to help cover the costs of medical emergencies or treatment. When you or a family member require hospitalization or medical care, a mediclaim policy can assist by providing cashless treatment at network hospitals or reimbursing your expenses if you pay for the treatment upfront. Essentially, the insurance company takes care of the medical bills, reducing the financial burden on you.
Mediclaim policies can be purchased either individually or as a family floater plan, which covers all members of your family under a single policy.
Cashless vs. Reimbursement Treatment
There are two main types of claims under a mediclaim policy:
- Cashless Treatment:
In this case, your insurance provider gives you a list of network hospitals where you can receive treatment without paying any upfront fees. The insurer directly settles the medical expenses with the hospital, so you don’t have to worry about the payment at the time of treatment. - Reimbursement Plan:
If you choose a hospital outside the insurer’s network or if you need to pay for treatment upfront, you can claim reimbursement from your insurer. After treatment, you submit the medical bills and relevant documents, and the insurer reimburses you for the expenses.
Additionally, mediclaim policies in India offer tax benefits. Premiums paid for these policies are eligible for tax deductions under Section 80D of the Income Tax Act. You can claim a deduction of up to ₹25,000 for premiums paid (higher deductions apply for senior citizens).
Key Features of a Mediclaim Policy:
- Tax Benefits:
Mediclaim policies provide tax deductions under Section 80D of the Income Tax Act. You can claim up to ₹25,000 for premiums paid for yourself or your family. For senior citizens, the tax deduction can go up to ₹50,000. - Adequate Financial Coverage:
Mediclaim plans are designed to ensure that you don’t bear the entire financial burden in case of a medical emergency. Whether it’s an unexpected hospitalization or planned treatment, your policy will cover the medical expenses. - Cashless Treatment:
The cashless treatment feature helps avoid the financial strain of upfront medical payments. Your insurer directly settles the bills at network hospitals, ensuring timely and hassle-free care. - Multiple Policy Options:
Mediclaim policies come in various options. You can buy an individual plan or opt for a family floater policy that covers your entire family under one plan. This allows you to choose the best policy according to your needs and the size of your family.
Conclusion
A mediclaim policy is an essential tool for protecting you and your family against unexpected medical costs. It provides financial security in emergencies, offers tax benefits, and ensures you can access quality healthcare without worrying about bills. Whether you’re looking for coverage for yourself or your family, there are flexible options available to suit your needs. Having a mediclaim policy gives you peace of mind, knowing that you are financially protected in case of illness or injury.
Benefits of Buying a Mediclaim Policy
With the rise of lifestyle diseases and increasing healthcare costs, having a mediclaim policy is no longer a luxury but a necessity. Whether for yourself or your family, a mediclaim policy ensures you are financially protected when medical emergencies arise. Below are some key benefits of buying a mediclaim policy:
- Financial Protection During Medical Emergencies
A mediclaim policy provides essential financial support during unexpected medical emergencies. The insurance covers hospitalization costs, ensuring you don’t have to bear the entire financial burden during a health crisis.
- Cashless Treatment Facility
One of the greatest advantages of a mediclaim policy is the cashless treatment option. Your insurer provides a list of network hospitals where you can get treatment without paying upfront. The insurer directly settles the bills with the hospital, helping you avoid unexpected expenses in times of crisis.
- Dual Coverage for Individual and Family
Mediclaim policies offer flexibility, allowing you to choose between individual coverage or a family floater plan. A family floater plan covers your entire family under a single policy, ensuring that each member’s health is protected under one affordable plan.
- Affordable Healthcare
Mediclaim policies make healthcare services much more affordable. Instead of spending your savings on expensive medical treatments, a mediclaim plan allows you to access quality healthcare without draining your finances.
- Lifelong Renewability
Many mediclaim policies offer lifelong renewability, meaning you can renew your policy year after year for continuous coverage. This ensures that you and your family are protected, no matter your age or health status.
- Coverage for In-Patient Hospitalization
A mediclaim policy typically covers all in-patient hospitalization expenses. This includes doctor’s fees, operation theatre (OT) charges, medicines, nursing care, and more. With a mediclaim policy, you won’t have to worry about paying these costs out-of-pocket.
- Tax Benefits
Premiums paid for a mediclaim policy are eligible for tax deductions under Section 80D of the Income Tax Act. This helps you save money on your taxes while also ensuring you have health coverage.
- Additional Benefits
Apart from basic hospitalization, many mediclaim policies also cover additional expenses such as room rent, ICU charges, ambulance fees, and more, making sure you get comprehensive healthcare support.
Conclusion
A mediclaim policy provides numerous advantages, offering financial protection, peace of mind, and easy access to quality healthcare. Whether you’re seeking coverage for yourself or your family, a mediclaim policy can help you handle unexpected medical costs, avoid financial stress, and enjoy various additional benefits.
Types of Mediclaim Policies
Mediclaim policies come in various forms to meet different healthcare needs. Whether you’re looking for coverage for yourself or your family, there’s a plan that suits your requirements. Additionally, there are add-ons available to enhance the coverage of your basic health insurance plan.
Here are the main types of mediclaim policies:
- Individual Mediclaim Plan
This plan is designed to cover the healthcare expenses of one individual. Only the policyholder is covered under this plan, making it ideal for those without dependents. If you’re single or only need personal health coverage, this plan is a suitable option.
- Family Mediclaim Plan
A family mediclaim policy covers all members of the family under a single plan. This includes the policyholder, spouse, children, and parents. This type of plan offers financial coverage for the entire family under one premium, making it cost-effective and convenient.
- Personal Accident Mediclaim Plan
This plan provides coverage against accidental death, partial or total disability caused by an accident. It’s a great choice if you want additional coverage for unforeseen accidents, which may lead to high medical expenses or loss of income due to disability.
- Senior Citizen Mediclaim Policy
Specifically designed for individuals aged 60 years and above, senior citizen mediclaim policies cover age-related illnesses and healthcare needs that may not be included in standard health plans. This policy offers enhanced coverage for the elderly, addressing their specific medical requirements.
- Critical Illness Mediclaim Plan
A critical illness mediclaim plan covers the high medical costs associated with the treatment of serious conditions such as cancer, heart disease, stroke, kidney failure, and other chronic illnesses. This plan provides comprehensive financial support for expensive treatment options. It can be purchased as a standalone policy or as an add-on rider to your existing plan.
- Top-up Plan
A top-up plan is an add-on to your existing mediclaim policy. It extends the coverage amount beyond the limit of your current plan. If your current health insurance coverage is insufficient, a top-up plan helps cover additional medical expenses without increasing your premium drastically.
Points to Consider Before Buying a Mediclaim or Health Insurance Policy
Before purchasing a mediclaim policy, here are some important things to keep in mind:
- Opt for Health Insurance Early
Purchasing health insurance at an early age can help you lock in lower premiums. The earlier you buy, the more affordable the policy will be in the long run.
- Check the Premium Amount
Higher premiums don’t always mean better coverage. Compare different policies and assess the benefits provided to ensure the plan meets your needs without unnecessarily high premiums.
- Read the Fine Print
Understand the terms and conditions of your policy. Review what is covered and what is excluded. Pay attention to the claims process, waiting periods, and other important details.
- Assess Your Lifestyle and Needs
Evaluate your healthcare needs and lifestyle before buying a policy. This helps you choose a plan that offers appropriate coverage based on your age, health condition, and family needs.
- Clarify Any Doubts
Don’t hesitate to ask the insurance provider about anything that’s unclear. It’s important to fully understand your policy before committing.
- Understand the Exclusions
Some health conditions, such as those caused by drug or alcohol addiction, may not be covered. Be sure to review the exclusions to avoid any surprises when filing a claim.
- Check Coverage for Pre-Existing Conditions
Most policies impose a waiting period for covering pre-existing health conditions. Make sure to check how long this waiting period is before you can claim coverage for any existing illnesses.
- Choose Higher Coverage
While selecting your coverage amount, consider factors like rising healthcare costs, inflation, and regional differences in treatment costs. Opting for a higher coverage amount ensures you’re well-protected.
- Check Policy Renewal Flexibility
Look for policies that offer lifetime renewability. Some policies provide renewal options up to any age, which can be especially beneficial as you get older.
- Check for Co-Payment Clause
Some policies may include a co-payment clause, meaning you’ll need to share a part of the medical costs. Be sure to review any co-payment terms in the policy.
- List of Network Hospitals
Ensure your insurer has a network of hospitals where you can avail of cashless treatment. Verify this list before purchasing the policy to ensure you have access to quality healthcare facilities.
Conclusion
Choosing the right mediclaim policy can make all the difference in managing healthcare expenses. Whether you need an individual policy, a family plan, or a top-up plan, it’s important to assess your specific needs and choose a plan that provides the best coverage for you and your loved ones. Always consider the key points before purchasing, ensuring you get the most suitable and comprehensive policy.
What is Covered in a Mediclaim Policy?
A mediclaim policy offers comprehensive coverage for various medical expenses incurred during hospitalization and treatment. Here’s an overview of the key services covered by a mediclaim policy:
- Hospitalization Costs
Mediclaim covers a wide range of expenses related to hospitalization, including:
- Blood tests
- Diagnostic procedures
- Oxygen masks
- Chemotherapy
- X-ray reports
- Medicines
- Donor expenses (for organ transplants)
- Radiotherapy
- Pacemakers
- Accidental hospitalization
It also includes pre-hospitalization and post-hospitalization care (medical expenses incurred before and after hospitalization).
- Room Rent
Charges for staying in a hospital room are covered under the policy. This includes both the Intensive Care Unit (ICU) and regular ward charges. However, cashless hospitalization is applicable only at network hospitals associated with your insurer.
- Medical Professionals’ Fees
This includes the fees charged by medical professionals such as:
- Doctors
- Surgeons
- Anesthetists
- Nurses
Your mediclaim policy will cover these fees as part of the treatment.
- Daycare Treatments
Procedures that require less than 24 hours of hospitalization (such as minor surgeries, dialysis, etc.) are also covered under most mediclaim plans.
- Domiciliary Hospitalization
If a patient cannot be taken to the hospital due to a lack of hospital beds or other reasons, and treatment is provided at home, the expenses incurred are also covered under domiciliary hospitalization.
- Yearly Health Check-ups
Many mediclaim plans offer free annual health check-ups as part of their policy. These check-ups are designed to detect any early signs of illness and help in preventive care.
What is Not Covered in a Mediclaim Policy?
While mediclaim policies cover a wide range of medical treatments, there are certain exclusions. These are situations or conditions that are not covered under the policy. Some common exclusions include:
- Diseases from Drug and Alcohol Addiction
Any medical condition arising due to addiction to drugs or alcohol is excluded from coverage.
- Pre-existing Ailments
Most mediclaim policies don’t cover pre-existing conditions until a certain waiting period is completed. This period may vary based on the insurer and the type of policy.
- Critical Illnesses in the First 30 Days
Any critical illness or medical condition diagnosed within 30 days of the policy start date is not covered. This is known as the waiting period.
- Joint Replacement Surgeries
Some policies exclude coverage for specific treatments, like joint replacement surgeries, for 2 to 4 years from the start of the policy.
- Suicide or Self-inflicted Injuries
Suicide or self-inflicted injuries are not covered under any mediclaim policy.
- HIV/AIDS
Treatments related to HIV/AIDS are typically excluded from coverage in most mediclaim policies.
- Hormonal Treatments
Hormonal treatments are generally not covered under standard mediclaim policies.
- Birth Control
Expenses related to birth control methods or treatments are usually excluded.
- Congenital Anomalies
Congenital conditions (conditions present from birth) are generally not covered under most mediclaim policies.
- Dental Surgeries
Dental surgeries are not covered unless they require hospitalization.
- Complications of Ectopic Pregnancy
Complications arising from ectopic pregnancy are usually excluded from coverage.
- Childbirth
Most policies do not cover childbirth (normal or cesarean delivery), unless specifically included as part of a maternity rider.
Note:
Always read the policy document carefully to fully understand the list of exclusions for your specific mediclaim policy. This will help you avoid any confusion when it comes to filing a claim.
Why Should You Read a Mediclaim Policy Thoroughly?
Buying a mediclaim policy is an important decision, and it’s crucial to understand the details of your policy. After purchasing, take time to carefully read the policy document. Here’s why:
- It Provides Information on Permanent Exclusions
Some health conditions, like congenital diseases (e.g., cystic fibrosis, Down syndrome), are permanently excluded from coverage. These may be mistakenly confused with pre-existing conditions but are not covered by any insurer. Such exclusions are clearly mentioned in the fine print of the policy, and knowing this can help avoid surprises during a claim.
- It Details Important Timelines
The policy document explains essential timelines, such as:
- Lock-in period (the duration before the policy becomes active)
- Waiting periods (for pre-existing conditions, specific treatments, etc.) Understanding these timelines is crucial before using the insurance.
Health Insurance Eligibility Criteria
While health insurance is essential for most people, there are some eligibility requirements to keep in mind when purchasing a mediclaim policy:
- Age Limit
- Minimum age: 18 years (for adults)
- Maximum age: 65 years
- Children’s coverage: Typically, children aged 3 months to 18 years can be covered under family plans.
- Existing Medical Conditions
When buying a mediclaim policy, you’ll likely be asked to provide a declaration of health. Some insurers may even require medical tests to assess any existing health risks. Your coverage may depend on these evaluations.
Factors to Consider When Buying a Mediclaim Policy
Before buying a mediclaim policy, it’s important to consider several factors to make sure you’re getting the right coverage for your needs:
- Plan Type: Individual vs. Family Floater
- Individual Mediclaim Plan: Covers only one person with a specific sum assured.
- Family Floater Plan: Covers the entire family under one sum assured, often at a lower premium. However, note that if the primary policyholder reaches the exit age or passes away, the policy will end for the entire family.
- Exclusions
Every mediclaim policy has certain exclusions—expenses that are not covered. Common exclusions include:
- Addictions (alcohol, drugs)
- HIV/AIDS
- Some cosmetic surgeries
- Pre-existing conditions during the waiting period
- Birth control treatments
Make sure to read the exclusions carefully to know what’s not covered by the policy.
- Pre-existing Illness
Most insurers cover pre-existing diseases after a waiting period (usually 2 to 4 years). It’s crucial to check this waiting period before purchasing a policy.
- Coverage Amount
Choose a coverage amount that fits your needs. Consider the rising cost of healthcare, inflation, and your living location (urban areas generally have higher hospitalization costs). It’s better to opt for a higher sum assured to cover unexpected medical expenses.
- Policy Renewal Flexibility
Some policies offer lifetime renewability, meaning you can continue renewing your insurance even as you age. This is important for older individuals, as some policies have an age limit after which they can’t be renewed.
- Co-payment Clause
A co-payment clause means that you will have to pay a percentage of the claim amount (usually 10-30%) from your pocket, and the insurer will pay the remaining amount. Check the co-payment percentage before purchasing the policy.
- Network Hospitals
Many insurers have a list of network hospitals where you can avail of cashless treatment. Ensure your insurer has network hospitals near you, so you can access cashless hospitalization when needed.
Conclusion:
Buying a mediclaim policy is a significant investment in your and your family’s health. By carefully considering all factors, including eligibility, exclusions, and coverage details, you can make an informed decision. Don’t forget to read the fine print in the policy document to avoid any surprises when you need the coverage the most.
Why Should You Read a Mediclaim Policy Thoroughly?
Buying a mediclaim policy is an important decision, and it’s crucial to understand the details of your policy. After purchasing, take time to carefully read the policy document. Here’s why:
- It Provides Information on Permanent Exclusions
Some health conditions, like congenital diseases (e.g., cystic fibrosis, Down syndrome), are permanently excluded from coverage. These may be mistakenly confused with pre-existing conditions but are not covered by any insurer. Such exclusions are clearly mentioned in the fine print of the policy, and knowing this can help avoid surprises during a claim.
- It Details Important Timelines
The policy document explains essential timelines, such as:
- Lock-in period (the duration before the policy becomes active)
Waiting periods (for pre-existing conditions, specific treatments, etc.) Understanding these timelines is crucial before using the insurance.
Health Insurance Eligibility Criteria
While health insurance is essential for most people, there are some eligibility requirements to keep in mind when purchasing a mediclaim policy:
- Age Limit
- Minimum age: 18 years (for adults)
- Maximum age: 65 years
- Children’s coverage: Typically, children aged 3 months to 18 years can be covered under family plans.
- Existing Medical Conditions
When buying a mediclaim policy, you’ll likely be asked to provide a declaration of health. Some insurers may even require medical tests to assess any existing health risks. Your coverage may depend on these evaluations.
Factors to Consider When Buying a Mediclaim Policy
Before buying a mediclaim policy, it’s important to consider several factors to make sure you’re getting the right coverage for your needs:
- Plan Type: Individual vs. Family Floater
- Individual Mediclaim Plan: Covers only one person with a specific sum assured.
- Family Floater Plan: Covers the entire family under one sum assured, often at a lower premium. However, note that if the primary policyholder reaches the exit age or passes away, the policy will end for the entire family.
- Exclusions
Every mediclaim policy has certain exclusions—expenses that are not covered. Common exclusions include:
- Addictions (alcohol, drugs)
- HIV/AIDS
- Some cosmetic surgeries
- Pre-existing conditions during the waiting period
- Birth control treatments
Make sure to read the exclusions carefully to know what’s not covered by the policy.
- Pre-existing Illness
Most insurers cover pre-existing diseases after a waiting period (usually 2 to 4 years). It’s crucial to check this waiting period before purchasing a policy.
- Coverage Amount
Choose a coverage amount that fits your needs. Consider the rising cost of healthcare, inflation, and your living location (urban areas generally have higher hospitalization costs). It’s better to opt for a higher sum assured to cover unexpected medical expenses.
- Policy Renewal Flexibility
Some policies offer lifetime renewability, meaning you can continue renewing your insurance even as you age. This is important for older individuals, as some policies have an age limit after which they can’t be renewed.
- Co-payment Clause
A co-payment clause means that you will have to pay a percentage of the claim amount (usually 10-30%) from your pocket, and the insurer will pay the remaining amount. Check the co-payment percentage before purchasing the policy.
- Network Hospitals
Many insurers have a list of network hospitals where you can avail of cashless treatment. Ensure your insurer has network hospitals near you, so you can access cashless hospitalization when needed.
Conclusion:
Buying a mediclaim policy is a significant investment in your and your family’s health. By carefully considering all factors, including eligibility, exclusions, and coverage details, you can make an informed decision. Don’t forget to read the fine print in the policy document to avoid any surprises when you need the coverage the most.
Documents Required While Buying a Mediclaim Policy
When buying a mediclaim policy, you need to submit a few important documents to your insurer. This ensures that the insurance company can verify your details and process your application smoothly. Here’s a list of the key documents required to purchase a mediclaim insurance plan:
- Address Proof
This can be any government-issued document that verifies your residential address, such as:
- Aadhar card
- Passport
- Driving license
- Utility bills (e.g., electricity, water bills)
- Age Proof
You’ll need to provide proof of your date of birth, such as:
- Aadhar card
- Passport
- Voter ID card
- Birth certificate
- Completed Application/Proposal Form
This is the form you need to fill out with your personal details and information about your health status. Make sure all the details are accurate.
- Identity Proof
You’ll need to submit an identity proof document such as:
- Aadhar card
- Passport
- Voter ID card
- Driving license
- Pre-policy Medical Test Reports
In some cases, especially for older applicants or those with pre-existing conditions, the insurer may require medical test reports to assess your health status. This ensures that your policy is tailored to your needs.
- Two Passport-sized Photographs
You will need to provide two recent passport-sized photographs for your policy documentation.
By submitting these documents, you can easily complete the process of purchasing your mediclaim policy and ensure that your insurance plan is ready when you need it. Make sure to double-check all the required documents to avoid delays.
Mediclaim Policy Claim Procedure
When it comes to making a claim under your mediclaim policy, there are two main types: Cashless Claims and Reimbursement Claims. Here’s a breakdown of both processes for your easy understanding:
- Cashless Claim Procedure
A cashless claim allows you to receive treatment at a network hospital without having to pay upfront. The insurance company directly settles the hospital bills. Here’s how you can raise a cashless claim:
- Visit a Network Hospital: Go to a hospital that is part of your insurer’s network for treatment.
- Fill Out the Pre-Authorization Form: Get the form from the hospital’s insurance desk and fill it out.
- Submit the Form: The hospital will stamp and send the form to the insurer or TPA (Third-Party Administrator).
- Approval from the Insurer: The insurer will review the documents and approve the claim.
- Treatment and Bill Settlement: Once approved, the insurer will coordinate with the hospital for bill settlement.
- Discharge and Sign Documents: After treatment, sign any required documents and your insurer will cover the hospital expenses.
- Reimbursement Claim Procedure
If you get treatment at a non-network hospital, you can still claim the expenses. Here’s the simple process for a reimbursement claim:
- Inform Your Insurer: Notify the insurer about your hospitalization, either planned or emergency.
- Collect All Bills and Documents: After treatment, gather all your hospital bills, medical receipts, and discharge summary.
- Submit the Documents: Along with the claim form, submit the hospital documents to your insurer.
- Claim Assessment: The insurer will assess your claim and verify all documents.
- Reimbursement Settlement: Upon approval, the insurer will reimburse the eligible expenses.
Why Choose Finvaid to Buy Your Mediclaim Policy?
Finvaid is your trusted platform for purchasing and managing health insurance, making the entire process seamless and hassle-free. Here’s why Finvaid is the best choice for your mediclaim needs:
- Compare Policies: Easily compare multiple health insurance policies and choose the best one suited for you and your family.
- Premium Calculator: Use our free online tool to calculate the premium and understand the cost of different policies.
- Expert Assistance: Get help from our experts through chat or phone calls to resolve your queries.
- Quick Renewal: Renew your health insurance plan online with just a few clicks, ensuring continuous coverage.
Once you’ve selected the right policy, you can conveniently purchase it online via Finvaid, securing the best coverage for you and your loved ones.
Health Insurance Renewal Online
Renewing your health insurance is simple and quick with Finvaid. Most health insurance plans can be renewed online before they expire, ensuring that you don’t lose coverage. Here’s how you can renew your policy:
- Visit Finvaid Website: Go to Finvaid.
- Fill in Policy Details: Enter your current policy details for renewal.
- Select Payment Option: Choose your preferred payment method.
- Receive Renewed Policy: Once payment is made, you’ll get a digitally signed copy of your renewed policy.
With easy payment options and quick processing, you can renew your policy in minutes and continue to enjoy your coverage without interruption.
Tax Exemptions on Mediclaim Policy
Mediclaim policies come with attractive tax benefits under Section 80D of the Income Tax Act. Here’s how you can benefit:
- Up to ₹25,000: If you’re below 60 years of age, you can claim deductions of up to ₹25,000 on your health insurance premiums.
- Up to ₹50,000 for Senior Citizens: If you’re over 60 years of age, the deduction limit increases to ₹50,000.
- Additional Deduction for Parents: If you have health insurance for your parents, you can claim an additional deduction:
- Up to ₹25,000 for parents under 60 years.
- Up to ₹50,000 for parents over 60 years.
- Preventive Health Check-ups: You can also claim deductions of up to ₹5,000 for preventive health check-ups (₹7,000 for senior citizens).
These tax exemptions make it even more beneficial to invest in a mediclaim policy, as you can save money while securing your health.
By purchasing your policy through Finvaid, you can easily manage your health insurance, save on taxes, and be assured of a comprehensive medical coverage plan.