Group Mediclaim & Term Insurance
Group Mediclaim Insurance is a health insurance policy that provides coverage for a group of people, typically employees of a company or members of an organization. Key features include:
- Collective Coverage: Covers all members under a single policy, making it cost-effective.
- Comprehensive Health Benefits: Includes hospitalization expenses, pre-and post-hospitalization costs, and sometimes specific treatments.
- Family Coverage Option: Many policies offer an option to include family members of the insured individuals.
Term Insurance, on the other hand, is a type of life insurance that provides coverage for a specific period (the term). Key features include:
- Death Benefit: Pays a lump sum to beneficiaries if the insured passes away during the term.
- No Cash Value: Unlike whole life insurance, it does not accumulate cash value.
- Affordable Premiums: Typically offers higher coverage for lower premiums compared to permanent life insurance.
While group Mediclaim focuses on health coverage for groups, term insurance is designed to provide financial security to beneficiaries in the event of the insured’s death within a specified period.