Co-pay is a term used in insurance when a plan has a clause that both the insurance company and the person who has bought the insurance policy have to share the payment of hospitalization expenses at the time of a claim. This plan has a 5% Co-pay clause, which means at the time of the claim, 5% of the total admissible claim amount will be paid by you (the person who is insured) and 95% of the amount will be paid by Acko General Insurance.