Insurance Plans October 29, 2020

Most of the individuals in India think that taking a health insurance plan is a wastage of money because if you don’t fall ill during the policy terms then your entire premium will be wasted. But you must know that health plans are very useful at the time of medical emergencies. It helps you to keep all your savings intact and indemnifies for the loss. So, one such health plan is the New India Floater Mediclaim Policy that gives you multiple options for the Sum Assured. A person can add up to 6 members under the same plan and secure their health issues. So, you must explore all other features of this health insurance plan.

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Key Features of Floater Mediclaim Policy

  1. This policy has the option to choose a Sum Assured between Rs.2 Lacs to Rs.15 Lacs.
  2. This plan gives you a New Born Baby cover as well.
  3. You are allowed to add a new married spouse to this plan during the policy term.
  4. Expenses for the Cataract Treatment is Covered in this health insurance plan.
  5. AYUSH Treatments are covered in this health policy.
  6. Get Hospital Cash every day during hospitalization.
  7. The company will give you a cumulative bonus after every claim-free year.
  8. You are entitled to enjoy tax deductions under Section 80D of the Income Tax Act.

Benefits of Floater Mediclaim Plan

Now, you must see the various medical expenses that are covered in this health plan. The company will reimburse the medical expenses and there are some benefits that you will enjoy during the policy term.

Critical Care Benefit

In this insurance plan, you will get a critical care benefit if in case you are hospitalized. The company will give you 10% of the Sum Assured as the critical care benefit. This sum of money can be useful to face medical emergencies.

New Born Baby Cover

You will also get a newborn baby cover in this insurance plan. It means that the company will cover the medical expenses related to a newborn baby in this policy.

Cataract Treatment Cover

If you are going through the cataract treatment then those expenses are also covered in this plan. You will get up to 10% of the Sum Assured with a maximum of Rs.50000 as coverage for the treatment of the critical illness.

AYUSH Treatment Cover

The company will give you 25% of the Sum Assured if you are going for the AYUSH treatment. The AYUSH Treatment includes the Ayurvedic treatments and they are as follows:-

  1. Ayurveda Treatment
  2. Unani Treatment
  3. Siddha Treatment
  4. Homeopathy Treatment

Hospital Cash Benefit

You will get the Hospital Cash Benefit in the New India Floater Mediclaim Policy. The minimum hospital cash benefit will be 0.1% of the Sum Assured and a maximum of 1% of the Sum Assured.

Ambulance Charges Coverage

Ambulance helps the patient to carry him from one place to another. So, the ambulance charges are covered in this health insurance policy. The maximum coverage for the ambulance charges is up to 1% of the Sum Assured.

Day Care Procedures Cover

This plan covers all the expenses incurred during the day care procedures. It will cover the day care procedure for up to 139 days.

Premium Discounts

You will enjoy discounts on the premium by adding more family members to the same plan. The percentages of discounts are given below:-

  1. Earn a discount of 5% by adding 2 members to the insurance plan.
  2. Get 10% off on the premium by adding 3 members to the same insurance plan.
  3. Earn a discount of 15% by adding 4 or more members to the insurance plan.

Cumulative Bonus

The company will give you a cumulative bonus of 25% after every claim-free year and it will be added to the existing Sum Assured. Your sum assured will keep on increasing by 25% after every claim-free year until it reaches 50% of the Sum Assured.

Eligibility Criteria for the New India Floater Mediclaim Policy

ParticularsDetails
Minimum Age of Entry18 Years
Maximum Age of Entry65 Years
Minimum Age of Entry for Dependent Child3 Months
Maximum Age of Entry for Dependent Child25 Years
Minimum Amount of Sum AssuredRs.2 Lacs
Maximum Amount of Sum AssuredRs.15 Lacs
Sum Assured OptionsRs.2 Lacs, Rs.3 Lacs, Rs.5 Lacs, Rs.8 Lacs, Rs.10 Lacs, Rs.12 Lacs, and Rs.15 Lacs
Family Members AllowedProposer, Spouse, Dependent Children, and Dependent Parents
Maximum Members Allowed under one Plan6 Members

Exclusion of this Plan

  1. Treatment of any Pre-existing Disease is not covered until 48 months of Continuous Coverage.
  2. Any Illness contracted by the Insured Person during the first 30 days

The following illnesses will have a waiting period of 24 months:-

  1. All internal and external benign tumors, cysts, polyps of any kind, including benign breast lumps
  2. Benign ear, nose, throat disorders
  3. Benign prostate hypertrophy
  4. Cardiovascular and Circulatory Disorders
  5. Cataract and age-related eye ailments
  6. Diabetes Mellitus
  7. Gastric/ Duodenal Ulcer
  8. Gout and Rheumatism
  9. Hernia of all types
  10. Hydrocele
  11. Hypertension
  12. Non-Infective Arthritis
  13. Piles, Fissures and Fistula in anus
  14. Pilonidal sinus, Sinusitis, and related disorders
  15. Prolapse inter Vertebral Disc and Spinal Diseases unless arising from an accident
  16. Renal Disorders
  17. Skin Disorders
  18. Stone in Gall Bladder and Bile duct, excluding malignancy
  19. Stones in Urinary system
  20. Treatment for Menorrhagia/Fibromyoma, Myoma and Prolapsed uterus
  21. Varicose Veins and Varicose Ulcers

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