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What's the difference between Health Insurance & Mediclaim?

Insurance companies offer two types of products under Health Insurance. These are indemnity and benefit products. Indemnity insurance compensates the beneficiary of the policy for their actual economic loss up to the limiting amount of the insurance policy. The insured has to share the necessary proofs to recover his loss. Mediclaim is an example of such product.
Benefit products promises the payment of a lump sum amount in case of triggering of the insured events. Few examples of benefit policies are Critical illness, Persona Accident, Hospital Cash. Insured does not have to submit all the hospitalization bills for claiming under this policy.

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