Management Research Paper on Health Insurance(Mediclaim)

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Mediclaim Policy

Many people across the world have a tendency to think that health insurance is something they need the most during the old age or during the ill health. What’s the use of spending money if the health is up to the mark? They are unaware of the fact that accident or disaster can happen to anyone within short span of time which can totally change the life of the person as pollution and changing environment results in various diseases. Many harmful ailments such as cataract disease or cardiovascular disease is gradually associated with people when the approach the sweet 50’s.

A mediclaim insurance policy or health insurance is a bilateral contract between the two parties, insured and insurer in which insurer gives his consent to provide reimbursement to the insured incase the latter is hospitalized or any such expense. The category of these expenses are broad as it covers all the expenditure right from diagnosis of illness, surgery or any other kind of medical assistance that might be needed by the insurer.

Here Are Several Reasons Why People Need Mediclaim Policy:
There are health related uncertainties which can create issue at any point of time. The mediclaim policy is the only assistance which keeps you away from financial crises during the crucial juncture. Huge medical expenses make the people worried as they need to have heavy financial backup during medical emergency. While having mediclaim policy, insured is free from all these hickups. Under Income tax policy of India, Insured can avail the tax benefit if he acquire mediclaim policy. This helps him save lot of money on tax payable. Income tax provides the provision to people to encourage investments in mediclaim.

Mediclaim Policy Is Broadly Classified Into Two Categories:
Individual Mediclaim: It is a policy where an individual can pick a sum insured geared to his/her necessity. Specified sum insured will go over to that individual through the policy period. Such a plan...
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