Should I buy a health insurance or a mediclaim? Is coverage for critical illness, maternity expenses, compensation of lost income important? Would a health insurance premium be more than a mediclaim insurance premium?
- Priyanka Bhatia
A comprehensive health insurance policy providing wider coverage would cost more than a simple policy providing less benefits. You are the best person to decide which all covers you need. Critical illness policy is an add-on cover that provides a lump sum on diagnosis of any of the covered critical illnesses. This add-on would help lowering the financial burden of medical expenses on the person and family. Maternity expenses usually come with a waiting period. The compensation of lost income is usually provided with an accidental insurance cover. Such policies also cover the loss of income in case the policyholder meets with an accident and or disability.
You must evaluate your exposure to different types of risks and buy insurance to cover for those risks. For example, if you are working and the nature of your job is such that your risk of meeting with an accident is high, you may go for an accidental insurance cover. Again, accidental insurance cover is an add on to your basic cover.
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