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,