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Which is better health insurance or mediclaim?

Which is better health insurance or mediclaim?

Are they both the same? If not what’s the difference between the two? Let’s look

When you talk about health insurance, Mediclaim comes immediately to mind. Most people think they’re the same, but they’re not. It’s important to understand the difference between Mediclaim and health insurance so that you can take out a policy that suits the needs of you and your family the best.

What is Mediclaim?

A Mediclaim policy is one that offers coverage up to a specified limit on the hospitalization and treatment of specified diseases. There are two ways in which these medical expenses are settled – cashless or reimbursement. If you have a cashless facility, you don’t have to pay anything from your own pocket. Otherwise, you will have to pay for the treatment, which will be reimbursed by the insurance company according to the limit set by the policy. Generally. assured sums are lower in the case of Mediclaim compared to health insurance.

Premiums paid on a Mediclaim policy are tax-deductible under Section 80D of the Income Tax, up to Rs. 25,000. If you are over 60, the deductions go up to Rs. 50,000. If you are over 60 and your policy includes a parent, you can claim up to Rs. 1 lakh from your taxable income.

What is Health Insurance?

Health insurance is a more comprehensive policy and covers more than just hospitalization. For example, you can opt for a critical illness cover under a health insurance policy that will provide coverage for a variety of diseases like cancer, heart disease, kidney failure and so on. Critical illness is a defined-benefit cover, which means that you will be paid a fixed amount as soon as you are diagnosed with the specified illness in a lump sum. You don’t have to produce any kind of hospital or other bills to avail of this kind of facility. 

A health insurance policy goes beyond hospitalization and treatment. It also offers comprehensive cover for expenses incurred on an ambulance, maternity expenses, alternative therapy, vaccination for animal bites, emergency domestic evacuation and so on. Moreover, you don’t have to be hospitalized to make health insurance claims. Even if the treatment is done in the out-patient department, you are reimbursed for it. There are also no restrictions on the number of claims you can make on a health insurance policy.

There are also many options available when it comes to health insurance. You can choose health insurance cover ranging from Rs. 5 lakh to Rs.1.5 crore. You have the choice of reducing the sum assured after a certain period and opt for lower premium payments. You can also reduce the term of the policy.

The tax benefit is one of the few similarities between Mediclaim and a health insurance policy. A health insurance policy gets the same benefit as Mediclaim under Section 80D. However, you should not see Mediclaim or health insurance as an investment just to avail of a tax benefit. You should see it as a way of protecting your financial interests in the face of growing medical costs.

So what’s the best option for you – Mediclaim or more comprehensive health insurance? That depends on several factors like the amount of premium you want to pay, your age, the number of dependents you have, family history of diseases and so on. But you must remember that higher the coverage, higher the premium you have to pay.  

Omnichannel jewelry retailer Blue Stone has raised over $30 million in funding at a valuation of $410 million, led by Sunil Kant Munjal, Chairman, Hero Enterprise.

Additionally, the company is planning an initial public offering (IPO) of Rs 2,000 crore by end of the new fiscal 2022-23, wherein the company is likely to dilute 10-12 percent stake. “We have started work on it, but it is currently in the initial stages,” said Gaurav Singh Kushwaha, Founder and CEO of Blue Stone.

With this round of funding, Bluestone is planning to step up its manufacturing and technology capabilities. Moreover, the company is focusing to bring product differentiation, add offerings and expand its omnichannel capabilities.

The Ratan Tata-backed company currently has around 70 stores and plans to launch 100 more stores in the next fiscal year, with a cumulative footprint of 300 stores projected by 2024. “We aim to further strengthen our omnichannel presence in metros as well as the smaller towns and cities,” said Singh.

In the fiscal year ending March 2022, the company will record revenue of Rs 500 crore (a growth of 85% over the previous fiscal year), with break-even achieved. Moreover, in the next two years, the company plans to clock annual revenue of more than Rs 2,000 crore.

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