ASSIGNMENT ON INSURANCE
HEALTH SAVER PRODUCT
INTRODUCTION: HEALTH SAVER
The increasing number of chronic ailments and lifestyle diseases in a study out flow of funds to meet medical expenses such as diagnostics, doctor visits is not usually covered under by traditional health insurance plan. This is strongly pronounced in old stage, as very few individual plans for it. Further increasing health cover premium at higher stage groups also cause of concern.
A comprehensive health insurance and savings solution that not only provides your family with immediate hospitalisation cover but also aims to create a fund to keep you prepared against any health related expenses especially allowing you to provide for rising health care costs. These plans provide you complete health coverage through a hospitalization cover while at the same time also creating a health fund to cover any other healthcare expenses.
Health Saver The Long Term Dual Benefit Tax Saving Health Plan
Hospitalisation Insurance Benefit Coverage against medical hospitalisation and listed day care procedures. Health Savings Benefit Creates a health fund through investment to meet all other healthcare needs. expenses for inpatient
BENEFITS: This benefit entitles you to claim reimbursement for health care expenses incurred by any of the insured members from your health fund. Some of the benefits covered under the health savings benefit are
Medicines and drugs Diagnostic expenses Dental expenses Co-pays or deductibles as part of the medical insurance cover Other miscellaneous medical expenses not covered under medical insurance
The benefit can be claimed after 3 completed years of the policy and is subject to the existing fund value as given below 4th yr & 5th onwards 20% of Health Fund 100% of Health Fund 6th yr to 10th yr 50% of Health Fund 11th yr onwards 100% of Health Fund
Claims can be made once in a policy year on producing actual bills or proof of expenses. The minimum amount that can be claimed is Rs. 1,000. A part of your premiums are allocated for investment designed specifically to build a health fund to meet for health related expenses . The health savings kitty is created by investment in a long term flexible savings plan with multiple fund options and portfolio investment strategies based on your preference. Allows for health related claims from your savings kitty post 3 completed policy years. Allows you to avail tax benefits u/s 80D for the entire amount invested. DETAILS ABOUT THE PLAN: Term: Whole life plan Coverage: Hospitalisation Insurance Benefit. Health Savings Benefit.
Min/ max age at entry:
25 years to 55 years for individual plans. 90 days to 55 years for family floater.
(Maximum cover ceasing age for children is 25 years under the family-floater cover) Max age at maturity: Hospitalisation Insurance Benefit ceases at 75 years of age. Health Savings Benefit continues for whole life.
Min/ max Annual Limit: Annual limits available under the plan are Rs. 2 lacs, Rs. 3 lacs , Rs. 5 lacs , Rs. 7 lacs and Rs. 10 lacs. Min / max Premium: Individual All Annual Limits 10,000 15,000 Family floater Family floater Annual Limits upto Annual Limits greater than Rs 5 lacs Rs 5 lacs 15,000 20,000 25,000 30,000
Age (Yrs) < 40 40-55
Available premium paying frequency: Monthly Half Yearly Yearly
Waiting period: 30 days from policy commencement date. Important Benefits Cover Continuance Option This option ensures that your policy continues subject to foreclosure in case you are unable to pay premiums, any time after payment of the first five years’ premium. All applicable charges will be automatically deducted from the units available in your fund. You will need to opt for cover continuance, if you wish to avail of this benefit. Death Benefit In the unfortunate event of death of the primary insured member during the term of the policy, the nominee shall receive the total fund value and the policy shall be terminated. The fund value paid out on death of the primary insured may be taxable in the hands of the nominee as per the prevailing tax regulations at that time. In the unfortunate event of death of any other insured members the policy would continue for remaining insured members with the appropriate reduction in health insurance charges.
Increase or Decrease in Premium You can increase or decrease the annual premium under the policy (subject to minimum premium grid), but such an increase or decrease would be allowed at next premium due date.