Manoj Gehi View On General Insurance &amp Personal Finance.

Which one to chose Individual or Floater Mediclaim? Many of us wish to have a Mediclaim / Health Plan but are not sure which one to take. As such let me elaborate on the two types of plans Individual Mediclaim as the name suggests is a plan where in each member of the family is covered up to the individual specified sum insured limit. Illustration if a family of four take a policy of 3 Lakhs each then every person under the policy will be covered for Rs. 3 Lakhs. In case of a claim, the hospitalization expenses will be settled to the maximum of 3 lakhs. In case an amount of Rs. 3, 50,000 lakhs the policy holder will have to pay Rs.50,000 from his own pocket, as his sum insured liability is restricted to Rs. 3,00,000. Advantages of Individual Mediclaim :- ¨       No claim bonus is given under most of the individual plans ranging from 5% to 10 % varying from Company to Company. ¨       Family Discount is given for more than 2 people to the extent of 10 % on the pr