Mediclaim
InsuranceMediclaim is the common term for individual or family health insurance in India, covering hospitalisation expenses. The term is used interchangeably with "health insurance" -- technically, Mediclaim is an older product type (basic hospitalisation) while modern health insurance covers more (OPD, preventive care, wellness).
In detail
Evolution from Mediclaim to modern health insurance:nTraditional Mediclaim (1986 onwards via nationalised insurers): basic inpatient hospitalisation, rigid termsnModern health insurance (2000s onwards): cashless hospitalisation at network hospitals, comprehensive coverage, portability, day-care procedures, OPD cover in premium plansnnKey modern features vs traditional Mediclaim:nCashless claim: insurer pays hospital directly (no advance from patient)nPortability: switch insurers without losing accumulated waiting period benefitsnNo claim bonus: sum insured increases for claim-free yearsnLifetime renewability: IRDAI mandates all health policies must offer lifetime renewal
Real-life example
Priya's parents have an old Mediclaim from LIC from 2005 (Rs 2L cover, very low by today's standards). She upgrades them to a modern Rs 10L senior citizen health policy. New policy: cashless at 6,000+ hospitals (vs old Mediclaim's limited network), automatic restoration of Rs 10L if exhausted, 20% co-payment for pre-existing disease claims. Much better protection.