The oldest general insurance company in India, National Insurance Company Ltd was founded in 1906 and became a wholly owned subsidiary of the Central Government in 1972. National Insurance Company has a number of medical insurance policies which are highly beneficial for families as well as individuals.
Out of all the policies offered by National Insurance Company, the National Insurance Mediclaim Policy for families is one of the most popular. It provides coverage on hospital expenses for uncertain diseases and injuries. In this article, we will cover various information that you need to know about Health insurance mediclaim policy.
The key features of the policy include:
- Coverage for more than 140 types of day care procedures and surgeries
- Coverage of pre-hospitalization charges of upto 30 days and post hospitalization charges of up to 60 days
- Reimbursement of medical practitioner and surgeon fees of an amount up to 25% of sum insured
- Reimbursement of ambulance charges for an amount upto 1% of sum insured or Rs 2000 in a policy period.
- Reimbursement of the cost of health checkup at the end of 4 claim free years
The policy has a number of benefits:
- Tax Benefit: The policy provides tax benefit under section 80 D of the Income Tax Act. The policy is available for senior citizens as well.
- Cumulative Bonus: The sum insured will be increased by 5% on every renewal provided no claim has been filed in the last year.
- Family Discount: In case you want to avail this policy for more than one member of the family, you can get a premium discount of up to 10% of the total premium.
Details of Policy
- Sum Insured: You have the option to choose a sum assured between Rs 50,000 to Rs 5,00,000 and the same can be chosen in multiples of Rs 25000. The premium for the same will depend on the age and the sum assured chosen. The premium has to be paid before the commencement of the policy.
- Enhancement of sum Insured: The option to enhance the sum assured is there. However, the same can be done only during renewal of the policy.
- Policy Period: Policy is issued for 1 year after which the same has to be renewed.
- Grace Period: The policy offers a grace period of 30 days from the due date of premium for renewal of the policy. The coverage will not be applicable during these 30 days.
Anybody from the age group of 18 to 65 can avail of this policy. Dependent children from the age group of 3 months to 25 years can also be covered under this policy. The policy is also available for senior citizens.
For buying this policy, the proposer needs to fill up an application cum proposal form. If the insured is aged 50 years and above, a medical check up is necessary. The company might ask you to submit a medical report.
Exclusions and Inclusions
The policy has some inclusions and exclusions. They are:
Inclusions: The policy provides cashless hospital coverage in around 6000 + hospitals in India. Moreover, it also covers medical expenses on ayurveda and homeopathy for an amount upto 20% of sum insured.
Exclusions: Under this policy, a claim cannot be filed in the first 30 days except injuries due to accidents. The policy also does not cover the cost of spectacles and dental treatment.
National Insurance is one of the oldest general insurance companies of India and definitely one of the most trusted. Being a subsidiary of the Central Government, the policies launched by the company are always beneficial to the people. Over the years, they have worked relentlessly for the benefit of the people. They have also worked on their claim settlement procedure to ensure that customers are not inconvenienced in any way at the end of the day. Hence, when it comes to insuring your family, this policy is definitely one of the recommended choices you have in the market.