Health Insurance for Parents from PNB + Oriental Insurance

POSTED BY Ashish Garg ON March 7, 2013 11:05 am COMMENTS (4)

Dear Sirs,
My father (aged 62 years) has an account with PNB, I got to know that PNB has tied up with Oriental Insurance for offering Non-life Insurance to bank customers. They are offering Health Insurance to all PNB customers at a very discounted rate.
Their premium for a floater policy for 5 lakhs (they are only offering floater) is Rs.6830 per annum inclusive of taxes. The premium is constant for any age group. There are of course some standard terms and conditions such as exclusion of some illnesses, pre-existing diseases etc.
Below is what PNB have given on their website:
SALIENT FETURES:
v  A Family Floater Scheme.
v  Cover for 4 family members under single premium
v  Age Group covered: 3 months to 80 years.
v  No Medical Examination for entry at any stage.
v  Cashless facility available at a large Net Work of Hospitals. The policy will be serviced by TPAs (Third Party Administrators).
v  Premium much lower and quite comparable with all available health insurance products in the market.
v  Uniform Premium for persons of all age-groups up to 80 years’ age.
v  Cover available for Minimum Sum Insured of Rs.1 Lac, up to Rs. 5 Lac, in multiple of Rs.1.00 Lac. The Premium Structure (Inclusive of Service Tax) is as under:

Considering their age, the premium is nominal as compared to other insurers, need your suggestion on should I go ahead and purchase this policy? My dad is already covered by some Govt post retirement scheme as he is an ex-govt servant and now retired.

Bank is asking to pay the premium from PNB account cheque only therefore I can not pay their premium directly and can only transfer money to his account. In such scenario will I be getting any tax benefit? As per my understanding, I think I will not be getting any tax benefit for their medicalim insurance. Need some help here as well.


Regards,

4 replies on this article “Health Insurance for Parents from PNB + Oriental Insurance”

  1. Ashal Jauhari says:
    March 7, 2013 at 4:19 pm

    Dear Ashish, as you want to claim the tax benefit & at the same time, want to cover your parents also, please do not go for this tie up plan. Please purchase another plan of your choice or from the insurer where you are having your personal cover. Claim is more important than saving few hundred Rs. in prem.

    thanks

    Ashal

    Reply
  2. Ashish says:
    March 7, 2013 at 12:41 pm

    Dear Ashal,

    You are right, pre-existing diseases are not covered and also there is some waiting period for illness acquired during the policy year which is 1-2 years.

    Both parents have diabetes and also high blood pressure. Rest of the things are OK, but doubt in case of a claim in later years for some disease issuer may take into account of these and deny the claim.

    For example, in case of any heart problem, can the insurance company deny the claim saying the root cause is due to BP or diabetes.

    Regards,

    Reply
    1. Sandeep says:
      July 23, 2015 at 3:52 pm

      Hi Ashish,

      Could you please send me your contact number. I am also looking for this policy from PNB.
      Thanks In advance.

      Regards,
      Sandeep

      Reply
  3. Ashal Jauhari says:
    March 7, 2013 at 11:59 am

    Dear Ashish, instead of opting this policy first hand, please duscuss in detail with an Oriental person to knwo the pros & cons, T&Cs of this policy. Specially the exclusion clauses. I seriously doubt that any pre existing illness of your father or mother ‘ll be covered.

    Thanks

    Ashal

    Reply

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