Trojon: December 2011

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Plan Name: Triple Health Insurance
Insurer: Bharti AXA Life Insurance
Category: Health Insurance
Objective: Health Cover for critical illnesses

Bharti AXA Life Triple Health Insurance plan is one of a kind health plan which pays claim not only as a onetime payment but also second and third time. That is, if one critical illness is diagnosed and another, claims will paid two times.

Triple Health Insurance covers a total of 13 illnesses which are split into three groups- A, B and C.
The insured can make one claim for critical illness of each group. For illnesses falling in the same group, just one claim will be paid. For instance, if insured suffers from stroke and paralysis, 100% of Sum Assured will be paid. But if the insured suffers from stroke then needs liver transplant then 200% of Sum Assured will be paid.
Benefits of Bharti AXA Triple Health Insurance
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Critical Illness:
On diagnosis of first critical illness: 100% of Sum Assured is paid. All the future premiums are waived off.
On diagnosis of second critical illness: 100% of Sum Assured is paid.
On diagnosis of third critical illness: 100% of Sum Assured is paid and policy terminates.

Maturity Benefit:
If opted for “return of premium “and no claim have been made, on maturity fifteen times the first year premium.

Death Benefit:
If opted for “return of premium” and no claim have been made, death benefit would be equal to first year premium x completed policy years is paid to the nominee.

Tax benefits:
You can avail tax benefits under Section 80D to maximum amount of Rs 15,000. For senior citizens, the maximum amount is Rs 20,000. You are also eligible for tax deduction under Section 80C.

Who can buy Bharti AXA Life Triple Health Insurance?
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Triple Health Insurance can be bought by anyone aged from 18 years to 50 years. The maximum age at maturity should not exceed 65 years. There is fixed policy term of 15 years. People with pre-existing illnesses cannot opt for this plan.

What is not covered in Bharti AXA Life Triple Health Insurance?
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- Pre existing conditions or any complication arising from it
- Any critical illness diagnosed within 90 days from inception of policy
- Cool off period of 365 days after payment of one claim
- 30 days survival period
- War or related activities
- Self inflicted injuries
- Abuse of intoxicant things like alcohol or drugs
- HIV, genetic disorders and related diseases
- Mental Disorders
There are few more exclusion’s which can be verified from the policy document

How much premium for Bharti AXA Life Triple Health Insurance?
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For person aged 30 years opting for Sum Assured of INR 500,000 with return of premium option, his premium would amount to INR 5,945.

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Plan Name: Money Back Health Insurance
Insurer: IndiaFirst Life Insurance
Category: Unit Linked Health Plan
Objective: Health insurance and return on investment

IndiaFirst Money Back Health Insurance Plan is a health cum investment plan which provides you with a health cover as well as returns on investment. A portion of premium is directed towards health cover while the rest is used for investing in unit linked market plan. So you get both health cover and investment option in one plan.

IndiaFirst Money Back Health Insurance Benefits
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Health Cover: Medical expenses are covered if the insurer is hospitalized for more than 24 hours. The maximum cover during the policy term is limited to five times the annual Sum Assured.

Day Care Procedures: There are a number of treatments which do not require hospitalization like radiotherapy, dialysis etc which are also covered with the plan.

Pre & Post Hospitalization: Medical expenses incurred 30 days before hospitalization and 60 days post hospitalization are covered.

Maturity Benefit: The fund value will be provided on maturity

Adding Members: You can add new members like spouse or child within a set time frame.

Loans: Loans are available before the completion of five years of the policy.

Portability: After completion of five policy years, you can switch to any other IndiaFirst unit linked
plans.

Tax benefits: You can avail tax benefits under Section 80D to maximum amount of Rs 15,000. For senior citizens, the maximum amount is Rs 20,000. You are also eligible for tax deduction under Section 80C.

Returns in IndiaFirst Money Back health Insurance
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There are a total of six funds ranging from high risk to low risk wherein you can invest your amount. If you have higher risk appetite and are for long term you can opt for aggressive fund. On the other hand, if you have limited investment period, you should go for conservative fund.
In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

What is not covered in IndiaFirst Money Back Health Insurance?
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- Pre existing conditions till four years
- War or related activities
- Self inflicted injuries
- Abuse of intoxicant things like alcohol or drugs
- HIV, genetic disorders and related diseases
- Cosmetic treatments or plastic surgery
- Non allopathic treatments
- Dental treatments
- Mental Disorders

There are few more exclusion’s which can be verified from the policy document

What charges does IndiaFirst Money Back Health Insurance deduct and how much?
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Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. Premium allocation charge is 13% of annual premium for the first year and 2% thereafter.

Fund Management Charge: Charge is 1.35% for all funds which is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The policy administration charge is 1.8% for the first year inflating at 5% per annum thereafter.

Morbidity Charge: These are charges deducted as a part of health cover provided and are recovered through cancellation of units.

Who can buy IndiaFirst Money Back Health Insurance?
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Money Health Insurance can be bought by anyone aged from 18 years to 65 years. Children above 90 days can be covered if either of the parents is covered under same policy. The health cover can be continued till the age of 75 for the insured.
Both individual and family floater plans are available in Money Back Health Insurance

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Plan Name: Health Protection Plus
Insurer: Life Insurance Corporation of India
Category: Unit Linked Health Insurance Plan
Objective: Health insurance and return on investment

LIC Health Protection Plus Plan is a health cum investment plan which provides you with a health cover as well as returns on investment. A portion of premium is directed towards health cover while the rest is used for investing in unit linked market. So you get both health cover and investment option in one plan.

LIC Health Protection Plus Benefits
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Health Cover: You have to choose the hospital cash benefit which will be paid daily on hospitalization. The Sum Assured for major surgical benefit will be 200 times the hospital cash benefit. A lump sum payment as a % of Sum Assured will be paid if insurer undergoes any of the major surgery. The lump sum payment is made regardless of the actual expenses.

Maturity Benefit: The fund value will be provided on maturity
Increasing Benefit: The initial daily benefit will increase by 5% on each policy anniversary to a maximum of 1.5 times the initial benefit.
Domiciliary Treatment Benefit: If the insured requires, he can claim amount equal to 50% of fund value to meet the medical expenses incurred.
Adding Members: You can add new members like spouse or child within a set time frame.
Flexible Premium: The premium is flexible and lowering of premium does not affect health cover and other benefits.
Tax benefits: You can avail tax benefits under Section 80D to maximum amount of Rs 15,000. For senior citizens, the maximum amount is Rs 20,000.

What is not covered in LIC Health protection Plus?
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- Pre existing conditions
- War or related activities
- Self inflicted injuries
- Abuse of intoxicant things like alcohol or drugs
- HIV, genetic disorders and related diseases
- Cosmetic treatments or plastic surgery
- Non allopathic treatments
- Dental treatments
- Mental Disorders

There are few more exclusion’s which can be verified from the policy document

What charges does LIC Health Protection Plus deduct and how much?
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Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. Premium allocation charge is 30% of annual premium for the first year and 6% thereafter.

Fund Management Charge: Charge is 1.25% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The policy administration charge is INR 75 for the first year and INR 25 thereafter.

Health Insurance Charge: These are charges deducted as a part of health cover provided and are recovered through cancellation of units.

Who can buy LIC Health Protection Plus?
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Health Protection Plus can be bought by anyone aged from 18 years to 55 years. Children above 91 days can be covered if either of the parents is covered under same policy. The health cover can be continued till the age of 75 for the insured.

Both individual and family floater plans are available in Health protection Plus.
The surrender of Health Protection Plus is not allowed.

Trojon

Friday, December 16, 2011

Mediclaim policies with MoneyBack or Return of Premium

Friday, December 9, 2011

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