Copay refers to the fixed amount or percentage of the claim that the policyholder agrees to pay. For instance, suppose the Copay is 10%. If the claim is raised for INR 40,000 then the Copay incurred by the policyholder will be INR 4,000 and the rest of the INRV 35,000 will be incurred by the insurance company. While deductible is the fixed amount that the policyholder has to exceed in order to raise an insurance claim.
Copay is paid for each claim raised. However, deductibles are a one-time limit. Once the policyholder crosses the deductible limit, he/ she does need not to pay any other amount until the next policy year.