What does it do?
It covers maternity expenses. On acceptance of maternity claim, this policy offers to include the new born under same policy. Other benefits include daily cash amount to compensate the expenses for one adult accompanying insured child to the hospital, day care procedure which do not require a 24-hour stay in hospital due to technological upgradation, treatment taken at home on doctor's advice and daily cash for choosing shared accommodation in a network hospital. Expenses incurred towards inpatient hospitalisation including diagnostic procedures, boarding and lodging, ICU, operation theatre, anesthesia, blood, oxygen, medicines, drugs, nursing and medical practitioner charges are covered. Relevant medical expenses incurred prior to and post hospitalisation and emergency ambulance also fall under the ambit. Free health check up at end of two consecutive claim free years is allowed.
To widen the scope of cover, you can take an additional cover for eight critical illnesses upon payment of extra premium. This add on cover is available till 70 years of age and not beyond that.
Other benefits such as out-patient dental treatment, cost of external instruments to support vision and hearing are capped to sum insured. Moreover, these benefits become active only after their respective waiting periods have elapsed. This policy also arranges for a second opinion from any doctor of policyholder's choice from the insurance company's panel, in case of critical illness.
Pros
There is no cover ceasing age. It offers a life long insurance.
It provides a flat discount of 7.5 per cent on advance payment of 2-year premium.
Family discount of 10 per cent is applicable on including 3 or more family members under the same policy.
It gives a cumulative bonus of 10 per cent for every claim free year up to a maximum of 50 per cent.
It provides for a free health check up at the end of two continuous claim free years.
This policy can be purchased online.
Premium paid under this policy qualifies for deduction under section 80D of Income Tax Act.
Cons
In case, cumulative bonus has been passed and a claim arises during that year, cumulative bonus would be reduced by 20 per cent in the following year.
Maternity benefit can be availed only after a waiting period of six years.
Waiting period of three years applies to out-patient dental treatment.
Sub-limits in one way or the other are imposed on each expense.
