Wednesday, 15 August 2012

'Health insurance business' means the effecting of insurance contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, travel health insurance and personal accident cover,” said the guidelines issued by the Insurance Regulatory and Development Authority of India (Irda). At present, personal accident and critical illness covers come under miscellaneous business.

It is a fixed benefit policy, payment may be more than that of claimed.
No extra loading on premiums for individual lives.(premium guaranteed for 3 years).

Benefits can be claimed along with medi-claim, xerox copies of the discharge summary, final bills etc is sufficient.

Claim is allowed even if treatment is taken in Govt. Hospitals.

Maximum age to claim is upto 80 years.

Under quick cash benefit amount is credited to policy holders  account.

Tax benefit as per I.T. rules.

Automatic escalation of 5% every year upto upper limit 50% (all four benefits will be increased by 5%).

No claim bonus of 5% once in three years. (There is no upper limit for this 5% claim bonus).

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