POSTED BY September 12, 2010 COMMENTS (77)ON
Today, I will discuss about two Health Insurance policies which are not very known or popular. However, these policies are unique and reasonably priced. These policies are sold by National Insurance Company Ltd and Oriental Insurance Company Ltd. The insurance policies, which I am talking about, are not single products but a combination of two or more products to create a single good product. You can consider these policies by investigating further and if they meet your requirements. (Read Basics of Health Insurance)
Sold by National Insurance, Vidyarthi is designed to provide health and personal accident cover to the students. It also provides for continuation of insured students education in case of the death or permanent disablement of the guardian due to accident. The premium for hospitalisation expenses is substantially lower compared to a standard Mediclaim Policy.
Now, if we look at the premium table given below, for health insurance of Rs 1 lakh for a student, parents get personal accident coverage of Rs 2 lakh and the student also gets personal accident coverage of Rs 50,000. The premium for this plan is Rs 1,111 per year which is below the average price of medical insurance purchased from any other insurance company for sum insured of Rs 1 lakh for the age up to 25 years.
Scope Of Cover
* Service Tax Extra
The main reason why this product is not known to public is because people by themselves never take the initiative to find something better. Sometimes intermediaries, to whom people consult and buy insurance, are not aware of such products. In other countries, like US and UK, universities and colleges have made it mandatory for students to have health insurance which is not the case in India. If universities and parents take the initiative, then they can provide something better to their children as well as themselves through this product.
People can buy Vidyarthi from National Insurance directly or through the agents of that company. There are many other companies like Tata AIG, ICICI Lombard which offer similar kind of products but they are not as good as this one. (Read details in Policy document)
This is a master piece product from Oriental Insurance Company. Nagrik Suraksha is also a combination of personal accident coverage and medical insurance. This policy not only provides personal accident insurance, but also hospitalisation expenses on account of accident which other insurance companies fail to provide. In this policy, 80% of your coverage amount is for personal accident, and the remaining 20% is for hospitalisation on account of accident.
Suppose you take insurance coverage amounting to Rs 1 lakh. Out of Rs 1 lakh, Rs 80, 000 is for personal accident and the remaining Rs 20,000 is for hospitalisation on account of accident. The premium to be paid for coverage amount of Rs 1 lakh is only Rs 90 for the entire year. If you buy insurance coverage amounting to Rs 4 lakh, you can get personal accident coverage worth Rs 3.2 lakh and hospitalisation expenses worth Rs 80,000 by just paying Rs 360 for the entire year.
* Service Tax Extra
You can buy Nagrik Suraksha from either agents of Oriental Insurance or from the company directly. This is really a gem of a product and most suitable for people who are looking at some exotic products and not just plain vanilla kind of offerings. (Policy document)
This is a guest post by Kashyap Juthani from pocketsafe.in , I have added the charts and have done some minor additions and modifications .