Insurance other than 'Life Insurance' falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
Health Insurance or Mediclaim refers to protection that is provided to a policyholder as a cover against unexpected medical emergencies. Medical Insurance protects you from costly medical bills in case of any emergency. It covers you and your family against expensive healthcare costs. With rising healthcare costs and expensive medical treatments, covering oneself and one's family against unforeseen hospitalization expenses is always a smart thing to do. A sudden illness or prolonged treatment can take its toll on your finances and throw a spanner into your regular savings and investment plans.
Health / Medical insurance is a plan that covers all the hospital expenses arising out of unforeseen hospitalization. A medical insurance policy offers to reimburse a pre-defined percentage of expenses incurred under certain heads, such as doctor's consultations fees, pathological test, X-ray, hospitalization, operation theatre, medicine, follow-ups, etc.
Medical insurance can be availed on both individual and group (family) basis. The facility is also extended to employees as a part of their cost to the company.
Today there are over 200 Health Insurance Plans available to a consumer. With each of these Health Insurance Plans having their own unique USP, but they all can be differentiated on the basis of 8 broad categories.