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Medical insurance options

Looking for medical insurance? Mediclaim is probably the only one that rings a bell. But there happens to be more on offer. Kanchana Suggu has drawn up an exhaustive list of the medical insurance policies.

Scheme: Personal accident insurance for students
Insurer: National Insurance Company
End user: Schools, colleges and any other educational institutions can avail of this scheme for the benefit of the students studying there.
Insurance: Against bodily injury or death resulting from an accident while within the school/college premises.
Cost: 1.25 per cent of the capital sum insured not exceeding Rs 25,000, subject to a minimum of Rs 30 per policy.
Age: Not applicable to students below three years of age.
Amount:

• Medical expenses limited to Rs 150 per student per accident and Rs 300 per student for all accidents during the policy period, subject to an excess of Rs 20 for each and every claim.
• Hospitalisation expenses limited to 10 per cent of the capital sum insured or Rs 2,000, whichever is higher per student.

• Reimbursement of hospitalisation expenses upto Rs 100,000
• Compensation upto Rs 100,000 in case of death

Scheme: Personal accident insurance
Insurer: National Insurance Company
Coverage: Against all types of accidents resulting in injury or death.
Cost: You can insure up to 60-100 times your monthly income. But your insurance amount cannot exceed 100 times. Rate of premium ranges from Rs 0.4 to Rs 3 per Rs 1,000.
depending upon the degree of risk he is exposed to everyday and also the extent of injury.
Age: Between 5 to 80 years. Additional conditions apply for individuals between 70-80 years.
Amount: Compensation up to the extent of sum insured.

Scheme: Raj Rajeshwari Mahila Kalyan Bima Yojana
Insurer: National Insurance Company
End user: Women of rural and semi-urban areas.
Coverage: Insurance against death or disability by accident.
Cost: Rs 15 or Rs 23 per woman per annum depending upon the extent of injury covered.
Age: Between 10 to 75 years.
Amount: Compensation up to Rs 25,000 depending upon the extent of injury.

Scheme: Mediclaim insurance
Insurer: General Insurance Corporation through its four subsidiaries: Oriental Insurance, New India Assurance, National Insurance Company, United India Insurance.
Coverage: Insures against any hospitalisation expenses that may arise in future. The scheme reimburses hospitalisation expenses for illness, diseases or injury sustained, excludes any disease existing before taking the policy.
Cost: Sum insured can be anywhere between Rs 15,000 - Rs 500,000. Rate of premium ranges between Rs 175 per year to Rs 2,500 per year depending on the age and capital sum insured.
Age: Between 5 - 80 years. Children between 3 months and 5 years can be covered provided one or both parents are also covered.
Amount: Compensation up to the extent of sum insured.

Scheme: Critical illness insurance policy
Insurer: National Insurance Company
Insurance: Covers critical ailments like coronary artery surgery, cancer, failure of both kidneys, multiple sclerosis, major organ transplants like kidney, lung, pancreas or bone marrow.
Cost: Premium ranging from Rs 0.82 to Rs 15.25 per Rs 1,000 insured, depending upon the age and sex of the insured.
Age: Between 20 - 65 years.
Amount: Compensation ranging from Rs 500,000 to Rs 25,00,000 subject to certain conditions.

Scheme: Ashadeep
Insurer: Life Insurance Corporation of India
Insurance: Provides insurance against four major critical ailments- cancer(malignant), paralytic stroke resulting in permanent disability, renal failure of both kidneys or coronary artery diseases where by-pass surgery has been done.
Cost: Premium ranging from Rs 70.95 to 99 Rs per Rs of the sum assured depending on the age of the claimant and the policy term (15, 20 or 25 years).
Age: Between 18 - 65 years. Maximum age at entry is 50 years.
Amount: Insurance can be taken for a sum ranging from Rs 50,000 to Rs 300,000. Immediate payment of 50 per cent of sum assured and payment of an amount equal to 10 per cent of the sum assured every year from the establishment of affliction to the date of maturity or death, whichever is earlier.

Scheme: Cancer insurance
Insurer: The Indian Cancer Society with New India Assurance Company
Insurance: Reimburses all the medical expenses incurred in the treatment of any type of cancer, under the condition that any cancer should not exist at the time of taking the policy.
Cost: The policy can be taken for a sum of Rs 30,000 - Rs 200,000. The premium ranges from Rs 1,500 to Rs 6,300 depending upon the number of years for which the policy is taken.
Age: No age limit.
Amount: Reimbursement of all expenses incurred in the course of treatment.

Scheme: Long-term hospitalisation scheme
Insurer: New India Assurance Company
Insurance: Insures against any hospitalisation expenses that may arise in future. The scheme reimburses hospitalisation expenses for illness, diseases or injury sustained, excludes any disease existing before taking the policy.
Cost: The policy can be taken for a sum of Rs 500,000 or Rs 1 million.
Age: Between 5 - 80 years. Children between 3 months and 5 years can be covered provided one or both parents are also covered.
Amount: Compensation up to the extent of sum insured.
Note: This scheme can be taken only for a period of 5 or 10 years.

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