Ques: Can you please tell me the difference between mediclaim and health insurance?
Health insurance plans are generally of two types; indemnity and benefit. Indemnity insurance plans compensate for the financial loss of the policyholders up to the sum insured. Insured people have to show necessary proofs to get reimbursement.
Benefit insurance plans promise a lump sum amount in case the policyholder needs it for ailments mentioned under the coverage. You can get a large amount of money at once for the treatment of critical illness or for hospital expense. Photocopies of original hospital bills are enough to get the claims.