Bharti AXA INSURANCE GLOSSARY Co-Payment Co-Payment is an amount that the insured must pay from her pocket against a claim made to the insurer. This is generally expressed as a percentage of claim amount. The co-payment amount is calculated after the deductible has been satisfied. Co-payment is similar to a co-payment option, but the difference is that a co-pay clause typically mentions the Rupee value the insured as to pay per claim. Most co-payment clauses also have a maximum limit on the share that the insured has to pay, so as to protect them from exposure in case of large claims. For example, consider a policy has a co-payment provision of 80/20 and a deductible of ₹5,000. Now, if in a loss event the insured suffers damages of ₹15,000 – she will have to pay ₹5,000 out of pocket as deductible. Of the remaining ₹10,000 that is claimed – the insurer would pay 80% i.e. ₹8,000 and the insured will have pay ₹2,000. If during the same policy period, another claim has to be filed – no deductible will have to paid out of pocket and the 80/20 split will apply to the entire claim amount. This is because while the deductible is applicable for the policy period, the co-payment clause is applicable to each claim filed. Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.