What is a mediclaim?

It is an insurance against risk that is faced due to Medical expenses. When it is taken by an individual either for self, family or dependent parents, they assume a certain expense that can be caused due to any unforeseen medical requirements. It helps them meet these expenses due to sickness or injury in the event of hospitalisation. Mediclaim is thus a contract between a health insurer and a proposer where the former agrees to provide the latter with facilities that it offers based on the defined premium amount that the latter pays.

The proposer can be any retail individual or a corporate offering to insure their employees under Group medical cover. Unlike the retail individual policies, in group medical cover offered to corporate is based on the requirement and covers proposed by them for their employees. #rideonfinance