National Insurance Mediclaim Policy

Objective

The objective of this policy is to provide for financial support in case the insured member is hospitalised for an illness, disease or accident.

Suited for

His policy can be bought by an individual for self or for family on an individual sum insured basis or as a floater cover.

What does it do?

The policy covers hospitalisation expenses and day care procedures which that do not require an overnight stay in the hospital due to technological advancements. Ambulance charges and hospitalisation expenses of organ donor in case of major organ transplant are also covered. It is up to the policyholder to avail cashless facility. If policyholder doesn’t avail cashless treatment, he will be entitled to 6 per cent discount on premium.

Pros

This policy can be bought online.
The policy offers a premium discount if policyholder does not require cashless facility.
It offers an extended renewal period till 90 years of age, if the insured has taken this Mediclaim policy regularly for at least five years prior to attaining 80 years of age.
Premium paid towards the policy is exempt from Income Tax under section 80D of Income Tax Act.

Cons

There are sub-limits on the policy benefits.
The policy can be renewed only up to 80 years of age for those who do not subscribe to it for five consecutive years until 80.

Our View

This basic health insurance policy is good enough as far as its coverage is concerned. The only drawback is the sub-limit imposed on various expenses incurred during hospitalisation.