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)

Vidyarthi – Mediclaim for Students

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.

Features

• This policy is for students aged between 3 years to 25 years. Sum insured ranges between Rs 50,000 to Rs 4 lakh.
• Any registered institution affiliated to any state board, council, university and All India Council for Technical Education (AICTE), University Grants Commission (UGC) or any other government statutory authority, in India, may take this policy.
• Educational institutions may also take a group policy covering named students enrolled with them.
• Parents/guardians of students may also take this policy.
• The policy also provides for continuation of insured students education in case of death or permanent disablement of the guardian due to accident.
• Sum insured under this policy shall be progressively increased by 5% in respect of each claim free year of insurance subject to maximum accumulation of 10 claim free years of insurance.
• The policy also provides group discounts ranging from 10% to 30% depending on group size.

Cost Structure

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

1. Room, Boarding expenses as provided by the Hospital/Nursing Home.
2. Nursing expenses.
3. Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists Fees.
4. Anaesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical appliances(any disposable consumables subject to upper limit of 10% of Sum Insured), Medicines & Drugs, Diagnostic Materials and X-Ray, Dialysis, Chemotherapy, Radiotherapy, Cost of pacemaker, Artificial Limbs and cost of Stents and implants
   

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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)

Nagrik Suraksha Insurance

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.

Example

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.

Features

• Minimum sum assured is Rs 1 lakh, while the maximum is Rs 5 lakh.
• Policy period ranges from 1 year to 4 years.
• Coverage is also provided outside India, but the claim settlement is done only in Indian currency.
• A discount of 10% of the total premium will be allowed comprising the insured and any one or more of a) Spouse, b) Dependent children c) Dependent parents.
• Group discounts available.
• This insurance is available to person between the age of 5 years to 70 years for family package and 18 years to 70 years for individual(s)/group cover.

Premium Chart

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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 .