It’s the minimum sum a policyholder is expected to pay before the insurer comes in to pay off the rest. For instance, if the deductible for a policy with a cover of ₹10 lakhs, is set at ₹5 lakhs. Then the policyholder is expected to pay the first ₹5 lakhs before they can leverage the insurance policy.
The deductible amount can vary depending on the insurance policy and the type of coverage. For example, a health insurance policy may have a deductible of ₹5K per year, meaning that the policyholder is responsible for paying the first ₹5K of their healthcare expenses before their insurance coverage begins.
It is important to note that deductibles are different from co-payments or co-insurance, which are the amounts that the policyholder is responsible for paying for each medical service or treatment, even after the deductible has been met.
For more details check out article on Deductible
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