Health emergencies don’t knock and therefore, it is important to secure yourself and your family with a reliable Mediclaim Policy. You can opt for an Individual Mediclaim Plan or go for a Family Floater scheme that sufficiently covers your near and dear ones.
Given the volatile times of today and our hectic lifestyles, diseases and unforeseen health emergencies have become a rampant affair. And while anxiousness around our wellbeing is only natural, we now have ways to remain protected from the unplanned health situations in life. To avoid battling financial hassles in times of dire medical emergencies, it is advisable to purchase a Mediclaim Policy for yourself and those around you.
When it comes to Health Insurance, the National Health Insurance Company is one of the most reliable players in the market. The Health Insurance Company offers a wide variety of Mediclaim policies including Individual Mediclaim Plans as well as Family Floater schemes such as the National Insurance Parivar Mediclaim.
While both the National Insurance Individual Mediclaim Policy and the National Insurance Parivar Mediclaim have their own set of advantages, it is important to understand them in detail and make the right choice while picking between the two.
Difference between National Insurance Parivar Mediclaim and Individual Mediclaim Policy
As the name suggests, a National Insurance Parivar Mediclaim is a family floater scheme. It aims at providing financial protection to the whole family under a singular policy cover. It is pertinent to note that ‘Family’ in terms of the Parivar Mediclaim is limited to spouse and two dependent children alone. It does not include dependent parents or children who are above the age of 25 years.
In contrast to the National Insurance Parivar Mediclaim, an National Individual Mediclaim Policy covers only one Individual under the said terms of the insurance. It does not provide any coverage to the family members of the insured. That said, an individual can always opt for separate Mediclaim plans for each person of the family (except for minor children) to cover them financially during health emergencies instead of going for a Family Mediclaim Plan as a rule.
The primary difference between the National Insurance Parivar Mediclaim and the Individual Mediclaim is that the former protects the entire family under a common umbrella, whereas the latter is only limited to the sole insured. While both schemes carry similarities in terms of claim procedures, reimbursements, and renewals, they entail several stark differences as described below:
- Coverage: As mentioned earlier, the National Insurance Parivar Mediclaim covers the primary insured and his or her spouse and two dependent children. However, the Mediclaim Policy covers only one individual, i.e. the sole insured. While family floater schemes offered by other providers also include more than two dependent children, elderly parents, and other relatives under the floater, the National Insurance Parivar Mediclaim is only limited to the above-mentioned people.
- Sum Insured: In case of National Insurance Parivar Mediclaim, the entire family is eligible for using the sum insured. In other words, the amount of cover can be utilized by all or any one of the family members and is not restricted to one individual as in the case of an Individual Mediclaim Policy. This gives the members the advantage of availing a higher cover as against that in case of a singular Mediclaim plan.
- Premium and Discounts: The premium in case of the National Insurance Parivar Mediclaim is decided in line with the eldest member in the family cluster as against that in the Individual Mediclaim which decides it line with the age of the sole insured. Similarly, in case of a Parivar Mediclaim, the insured can avail discounts on renewal and other cost benefits which may not necessarily be available in an Individual Mediclaim plan.
National Insurance Parivar Mediclaim vs Individual Mediclaim Policy
Picking out the right Mediclaim Policy for you and your family is like winning half the battle. While the choice may appear clear, it isn’t always in the best interest of a family to opt for a scheme like the Parivar Mediclaim. Whether or not the proposer should opt for a family floater or go for an Individual Mediclaim plan depends on several factors such as his/her age, the number of dependents, his/her health conditions, the structure of his/her family and so on. The following pointers should be kept in mind while deciding between the two:
- Since the National Insurance Parivar Mediclaim is limited to the primary insured, his or her spouse and two dependent children, it may not be ideal for a larger or joint family that also includes elderly parents and/or other dependents.
- Similarly, the National Insurance Parivar Mediclaim is not an ideal choice if you have children who are married or are above the age of 25 years as the policy only covers dependent children. Thus, if you are a single parent with kids of marriageable age, it is best to opt for an Individual Mediclaim Plan.
- As all the members in the Parivar Mediclaim are covered under a single umbrella, it may not be suitable for someone who is prone to risk or is comparatively senior in age. This is because the said person could end up using the entire sum insured while depriving others in the plan of a financial cover. In such a case, it is best to purchase an Individual Plan for such person in question along with a family floater covering the rest of the members.
You could combine and opt for either or both the Mediclaim Policies as you think suits your and your family’s needs. For instance, if you are a young couple with two dependent children and elderly parents, you can select the National Insurance Parivar Mediclaim for you, your spouse and your children and additionally opt for two individual plans for your parents. While making your choice, consider the features of each plan and study them in detail. You can also consult a financial advisor in case you are unable to zero in on the most optimum Mediclaim plan for you and your family.
The National Insurance Parivar Mediclaim and the National Insurance Individual Mediclaim Policy are two different types of comprehensive national health insurance plans provided by the National Insurance Company. The nature of these plans differs in terms of coverage, the sum insured and premium/price differences. It is advisable to select between the two only after carefully examining and comparing the features of both schemes.
Since both the National Insurance Parivar Mediclaim and the National Insurance Individual Mediclaim are an offering of the National Insurance Company, they entail complete reliability and offer easy claim and National Health Insurance Renewal procedures. Regardless of choice, the aforementioned schemes ensure to protect you and your family financially in case of a medical emergency and are a solicited choice for medical insurance.
Recommended Link: Claim process of National health insurance