A deductible is the sum you must pay out of pocket before the insurance provider begins to pay.
For example, if your deductible is Rs 25,000 and you claim Rs 50,000, your insurance policy will cover the additional Rs 25,000.
The insurer may refuse to cover any expenses if the claim sum is less than the deductible. However, depending on the insurer, these rules can vary.
Insurance plans with higher deductibles usually have lower premiums.
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