A critical illness, a fatal accident, or a life-threatening disease can render you out of work by making you incapable of continuing your present employment. An insurance company offers a non- indemnity policy that covers you in such cases by paying you a lump sum amount that can be considered as a replacement for the loss of income.

What is a Health insurance?

A health plan is a Non - Indemnity Policy, wherein the insurance company provides the insured with a lump sum amount irrespective of medical expenses or bills provided by the insured person.

How is Health Insurance different from Mediclaim?

There is a significant difference between a Mediclaim policy and a Health Insurance.

A Mediclaim Policy compensates the beneficiary of the insured for their actual economic loss up to the limiting amount of the insurance policy. The insured has to share the necessary proofs to recover his loss.

Health Insurance promises the payment of a lump sum amount in case of triggering of the insured events. The insured does not have to submit any hospitalization bills for claiming under this policy. The lump sum is paid when an illness is detected. One can get the predetermined sum even if there is no medical expense. These might not necessarily be used towards medical expenses as they are meant to compensate the permanent or temporary loss of income.

A Health Insurance policy is recommended for people who are at a risk of suffering from a serious condition that makes them incapable of working. Some such diseases covered are

  • Stroke
  • Paralysis
  • Multiple Sclerosis
 
  • Heart valve replacement surgery
  • Cancer
  • Major organ transplant
 
  • End stage renal failure
  • Coronary artery bypass graft surgery
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