What is the group medi claim policy and what are the major benefits?

Medi claim Insurance is a cover which takes care of medical expenses following Hospitalization/Domiciliary Hospitalization of the Insured in respect of the following situations: (A) In case of a sudden illness (B) In case of an accident (C) In case of any surgery which is required in respect of any disease which has arisen during the policy period.

A Group Medi claim policy is a policy in which the insured gets a Group discount; hence the premium per person is lower and this is the major benefit for taking the group medi claim policy.

Who can avail Group Mediclaim Policy?

Group medi claim policy is available to any homogeneous group/association/ institution/corporate body provided it has a central administration and subject to minimum of 100 persons to be covered.

What is the benefit of group mediclaim policy?

Group discount on premium is allowed depending upon the total number of insured persons.

Covered Risks:

This cover is a hospitalization cover and reimburses the medical expenses incurred in respect of covered disease /surgery while the insured was admitted in the hospital as an in-patient. The cover also extends to pre- hospitalsation and post- hospitalization for periods of 30 days and 60 days respectively.

Major Exclusions:

Any pre-existing disease, any expense incurred during first 30 days of cover except injury due to accident, all expenses incurred in respect of any treatment relating to pregnancy and child birth. Treatment for Cataracts, Benign prostatic hypertrophy,Hysterectomy, Menorrhagia or Fibromyoma, Hernia,Fitula of anus,Piles, Sinusitis, Asthma,Bronchitis, All Psychiatric or Psychosomatic disorders are excluded from the scope of the cover.

Competition in medical insurance or health insurance business is increasing day-by-day forcing companies to offer better products than before. Free medical insurance counseling can be availed through existing medical insurance or health insurance agents.

In picking the best mediclaim policy or mediclaim insurance one has to have a look at the features of the policy carefully and decide based on the requirements. It is always best to go for a low cost medical insurance or mediclaim policy that offers cashless facility and a higher bonus for every ‘no claim year’.

If your company offers group medical insurance, then be sure to sign up for it. Group mediclaim policy will cover diseases like diabetes and costs like maternity, that individual polices do not.

As group premium rates are much lower than individual rates , be sure to sign up for a group mediclaim even if your company may deduct the premium from your salary,  and even if this is not a perk.

Ask for premium rates from the different companies you consider and then choose one that gives you the maximum features for the lowest premium. See what suits the age profile of you and your family. This is the strong determining factor in policy purchase.

Mediclaim policy is useless if the medical insurance claims  involves a cumbersome  process or takes too long. Find out from friends, family and colleagues about their experiences with different companies before you cut the cheque.

Also speak to some doctor friends to find out which companies create the most problems. Obviously, choose the one most people are satisfied with.

Finally the mediclaim policy, earns the agent a commission each year. Be sure to get an agent who gives you good service. He should remind you before the policy is due and also help with claims. Find out a good agent with the help of your friends.