Your family is the most important asset you have. They are by your side in times of joy, support you in sadness, and are there for you whenever you need them. They are your biggest treasure and they deserve endless love and care from your side. Protecting your family should be more than just your duty. It should be your top priority.
When you buy a new car, there is always a thought in your mind: “What if it gets in an accident?” So you buy an insurance plan. It is because you care about your vehicle and want to protect it. So why not do the same for your family? Life is unpredictable. What if someone in your family falls sick? Will you be able to pay for the hospital expenses from your savings account? Do you have ample preparation for emergencies? If the answer to the previous two questions is ‘no’, then it is high time you took preventive measures.
The easiest and most beneficial step you can take is buying a health insurance that covers you and your family as well. National Insurance Company Limited (NIC), a government of India undertaking is a trusted organization since 1906. Their ‘National Parivar Mediclaim’ policy is a floater health insurance, covering the members of a family under a single sum insured.
i. The policy shall cover at least two family members, as defined below.
ii. Proposer should be between eighteen years and sixty-five years.
iii. Maximum entry age of any family member is sixty-five years.
iv. Children between the age of three months and eighteen years may be covered, provided parent(s) is/are covered at the same time.
v. Family members
c. Dependent legitimate or legally adopted children
Dependent child up to eighteen years of age
Dependent male child above eighteen years and up to twenty-five years, if a bonafide student and
Dependent female child if not employed, till marriage
vi. Midterm inclusion of family members at pro-rata premium is allowed only in case of
a. newborn between the age of three months and six months
b. spouse within sixty days of marriage
Sum Insured (SI)
i. The SI for each policy year ranges from INR 1,00,000 to INR 10,00,000, in multiples of INR 1,00,000.
ii. The SI is on floater basis and applies to one or all the insured persons.
The key features of the product are :
* Zone wise ratings with discounts for lower rated zones
* Floater Sum Insured range : INR 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 lakhs
* Proposer to be aged between 18 to 65 yrs.
* Policy can be renewed lifelong
* Long-term cover for 2/ 3 yrs.
* Cover for Allopathy, Ayurveda and Homeopathy treatment up to full sum insured
* Cover for :
– Hospitalization including pre & post hospitalization for 30 and 60 days respectively
– Domiciliary hospitalization
– 140+ day care procedures/surgeries
– Maternity cover
~ Medical expenses for delivery / lawful medical termination of pregnancy
~ Medical expenses for a newborn baby
~ Vaccination for children
– Infertility treatment cover
– Ambulance charges
– Anti-rabies vaccination
– Organ donor’s medical expenses
~Hospital Cash for a maximum of 5 days
* Pre-existing diseases covered after 4 continuous policy years
* Medical second opinion from World Leading Medical Centers (WLMC) for 88 major illnesses
* The Policy provides for cashless facility and/ or reimbursement of hospitalization expenses or reimbursement of domiciliary hospitalization expenses for treatment of disease or injury.
* Good health incentives
– No Claim Discount @5% for every claim free year.
– Health check-up expenses after every 4 continuous claim free years
Optional covers :
* Pre-existing Diabetes & Hypertension cover
* Critical Illnesses cover for 8 named illnesses – Sum Insured range INR 2/ 3/ 5/ 10 lakhs
* Outpatient Treatment cover : Sum Insured per family INR 2,000/ 3,000/ 4,000/ 5,000/ 10,000
– No Claim Discount
– Discount in lieu of Maternity/ Infertility cover
– Zone-wise discount
– Online discount
Pre Policy Check-Up
i. Pre Policy check-up is required for all individual family members
a. fifty years and above or
b. between the age of eighteen years and sixty five years, opting for Critical Illness
ii. The Company shall reimburse 50% of the expenses incurred for pre Policy check up, if the
proposal is accepted and the premium has been realized
In the event of the insured person porting to any other insurer, the insured person must apply with details of the Policy and claims to the insurer where the insured person wants to port, at least forty five days before the date of expiry of the Policy.
Portability shall be allowed in the following cases:
i. All individual health insurance policies issued by non-life insurance companies including family floater policies.
ii. Individual members, including the family members covered under any group health insurance policy of a non-life insurance Company shall have the right to migrate from such a group policy to an individual health insurance policy or a family floater policy with the same insurer. One year thereafter, the insured person shall be accorded the right to port to another non-life insurance Company.
A grace period of thirty days immediately following the premium due date during which a payment can be made to renew or continue the Policy in force without loss of continuity benefits such as waiting period and coverage of pre-existing disease. Coverage is not available for the period for which no premium is received.
Free Look Period
The Free Look Period shall be applicable at the inception of the Policy. The insured shall be allowed a period of fifteen days from the date of receipt of the Policy to review the terms and conditions of the Policy, and to return the same if not acceptable.
If the insured has not made any claim during the Free Look Period, the insured shall be entitled to
i. a refund of the premium paid less any expenses incurred by the Company on medical examination of the insured person and the stamp duty charges; or
ii. where the risk has already commenced and the option of return of the Policy is exercised by the insured, a deduction towards the proportionate risk premium for period on cover
The insured can avail tax benefits for the premium paid, under Section 80D of Income Tax Act 1961.
National Insurance has another product which provides more coverages in plus named National Parivar Mediclaim Plus Policy.
Key features in plus to the above mentioned product features are :-
* Policy available in three plans
Plan A –5 slabs, INR 6, 00,000 to 10, 00,000 in multiples of 1, 00,000
Plan B – 3 slabs, INR 15, 00,000/ 20, 00,000/ 25, 00,000
Plan C – 3 slabs, INR 30, 00,000/ 40, 00,000/ 50, 00,000
* Pre-existing diseases covered after 3 years
* Reinstatement of sum insured due to road traffic accidents.
* Air ambulance for emergency medical evacuation
* Travel Expenses for Medical Emergency Reunion with family members
* Doctors home visit and nursing care post-hospitalization
Good health incentives-
* No claims discount- upto 5% on base premium.
* Health check-up expenses every 2 years irrespective of claims
* Critical Illnesses – Cover ranging from INR 2, 00,000-25,00,000.
* Pre-existing diabetes/hypertension (as floater) cover- ranging from 25% to 75% of SI.
* Outpatient Treatment (as floater in a policy year) with cover ranging from INR 2,000-/ to 25,000/-
So, don’t wait! Buying insurance is a fairly uncomplicated process and takes not more than a few minutes online.
Click here to know more about the National Parivar Mediclaim policy by National Insurance.