New India Senior Citizens Mediclaim Policy

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New India Senior Citizens Mediclaim Policy

	Objective			Objective of the policy is to cover senior citizens- a stage of life cycle when insurance is most required.
Suited for			Anyone between 60 and 80 years of age looking for a coverage up to Rs 1.5 lakh can take this policy.
What does it do?			This policy pays for senior citizens' hospitalisation expenses, pre and post hospitalisation expenses, though with sub-limits. It covers ayurvedic, homeopathic and Unani treatment as well. An added advantage is that it covers pre-existing hypertension, diabetes mellitus for an additional 10 per cent premium payment. In the event of four claim-free years, the insured person can get reimbursement for a health check-up.
Pros			Cover can be extended upto 90 years of age. Family discount of 10 per cent is available if spouse is also covered. Premium discount of 10 per cent is available for taking a voluntary deductible. A bonus of 5 per cent is paid for each claim free-year upto a maximum of 30 per cent of initial sum insured. Provision to cover pre- existing hypertension, diabetes mellitus on payment of additional 10 per cent premium. Premium paid is eligible for tax benefit under section 80D of the Income Tax Act.
Cons			It allows to take a maximum sum assured upto Rs 1.5 lakh only and has a shorter freelook period of 10 days. The premium will be loaded by 10 per cent for renewals during 81 to 85 years and by 20 per cent during 86 and 90 years. It has sub-limits.
Our View			A decent policy for senior citizens, where voluntary deductible option can be availed. The major drawback is that it offers a maximum of 1.5 lakh cover only which may not be sufficient at this age. It is difficult to escape sub-limits at this age.
Eligibility
Entry Age (years)
Minimum		60
Maximum		80
Maximum Policy Renewal Age (years)		90
Coverage Type		Senior Citizens
Policy Term (years)		1
Sum Insured (Rs)
Maximum		1.5 lakh
Minimum		1 lakh
Tax Benefit		Section 80D of the Income Tax Act are applicable
Discount		Family discount of 10% if spouce is also covered discount of 10% for taking a voluntary deductible of Rs 10000
No Claim Bonus		5% for each claim free year upto maximum of 30% of initial Sum insured. On acceptance of claim during any policy year, entire cumulative bonus earned shall be withdrawn in subsequent policy year.
Pre Policy Medical Check Up		Mandatory
Free look Period		10 days
Premium Loading on Basis of Claim History		Loading of 10% is applicable for renewal between age of 81- 85 years and 20% on renewal between age of 86-90 years
Policy Termination		Insurer may cancel the policy by giving a 30 days written notice to policyholder. Policyholder may also cancel the policy at any time by giving a written notice to insurer. In case policyholder cancelling the policy, a certain percentage of premium would be refunded on prorata basis.
Customer Service		The New India Assurance Co. Ltd Jeevan Bharti Building, Corporate Office: 87, M.G Road, Fort, Mumbai 400001; Regional Office: 124 Connaught Circus, New Delhi-110001
Customer Service
Mail to		nia.310000@newindia.co.in
Call to		1800 209 1415
Network Hospitals		Http://newindia.co.in/listofhospitals.aspx

 

	Scope Of Cover
Cashless Facility		Available at network hospitals
Reimbursement Facility		Available if treatment taken at any non empanelled hospital
Pre-hospitalisation		covers medical expenses upto 30 days immediately prior to hospitalisation subject to maximum of 5% of hospital bill
Post-hospitalisation		covers medical expenses upto 60 days immediately post discharge from hospital subject to maximum of 10% of hospital bill
Inpatient Hospitalisation		Covered
Room rent/ ICU expenses		Room rent and boarding expenses will be covered upto 1% of Sum Insured per day and ICU expenses will be covered upto 2% of Sum Insured per day subject to an overall limit of 25% of Sum Insured
Surgeon, Anaesthetist, Medical Practitioner, Consultant's Specialist fees		covered upto maximum of 25% of Sum Insured
Anaesthesia, blood,oxygen, OT charges, surgical appliances, medicines, drugs, diagnostic material, X Ray and artificial implants		Covered upto maximum of 50% of Sum Insured
Ayurvedic/ Homeopathic/ Unani treatment		Covered upto maximum 25% of Sum Insured
Emergency ambulance		Covered upto maximum of Rs 1000
Expenses for organ donor of transplant		Covered
Pre existing hypertension, diabetes mellitus		will be included in cover since inception of policy only on payment of additional premium of 10% of basic premium for each condition
Domiciliary Treatment		Not Covered
Health Check Up		allowed once after every 4 claim free years maximum upto 1% of sum insured excluding cumulative bonus

 

	Exclusions and Waiting Period
Pre-existing Diseases		Covered after a period of 18 months
No claim period		30 days commencing from inception of policy except for accidental injuries
Waiting Period		Certain diseases such as hernia, diabetes, mellitus, cataract etc. will be covered after a waiting period of 18 months.Age related Osteoarthritis and Osteoporosis and joint replacement due to degenerative condition will be covered after a waiting period of 48 months.
Deductible		Voluntary deductible of Rs 10000 is applicable
General Exclusions		Self inflicted bodily injury Dialysis, Chemotherapy and radiotherapyDental treatment, Cost of spectacles, braces and contact lensesNaturopathy treatmentEngagement in any illegal or criminal activitiesBodily injury arising as a result of terrorismbodily injury or disease caused as a result of HIV/ AIDS or any related conditionEngagement in adventurous acts such as parachuting, bunjee jumping etc

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

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6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

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PNB Met Suraksha Plus

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PNB Met Suraksha Plus

	Objective		This is an offline insurance policy that pays sum assured to the family members in case of unfortunate demise of the insured member.
What does it do?		A term plan that pays Sum Assured in case of inopportune death of the life insured. There is no maturity or surrender value. USP of the plan lies in where the company proposes to reduce the premiums of existing policies in case the product undergoes re- pricing and premiums of the plan decrease at anytime in future however, it will not increase the premiums in case of an upward price change during re-pricing.
Pros		Premium rates will reduce for existing policyholders in case the rates are revised downward, and remain unchanged in case of a hike. High sum assured policies can avail lower premium rates. The policy offers coverage for longer tenure of 35 years. One can add riders for wider coverage. A lapsed policy can be reinstated within 3 years. Premiums paid toward the policy qualify for tax benefits.
Cons		Riders can be attached only at the time of purchase.
Suited for		Those who prefer agent's assistance in buying a policy can take this policy.
Our View		Term plans are the best kind of life insurance available. If you cannot buy a policy without agent's assistance, you may take this policy. However, if you are comfortable with online purchases, look for online policies as they have lower premium rates. You can avail riders for a marginal increase in premium and enhance the scope of coverage.
Eligibility
Entry Age (years)
Minimum		18
Maximum		60
Maximum Maturity Age (years)		70
Policy Term (years)
Minimum		10
Maximum		35
Sum Assured (Rs)
Minimum		Non Smokers: 2500000 Others: 1000000
Maximum		No limit
Minimum Premium (Rs)
Yearly		3600
Half-Yearly		1847
Quarterly		938
Monthly		319
Premium Payment Frequency		Yearly, Half-yearly, Quarterly, Monthly, Payroll Savings Plan
Premium Payment Term		Equal to policy term
Premium Factor (multiply with annual premium)		0.5131 for Half-yearly, 0.2605 for Quarterly, 0.0886 for Monthly, 0.0868 for Payroll Savings Program
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days of premium due date for Yearly/ Half-yearly/Quarterly premium payment and 15 days from premium due date in case of Monthly premium payment. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Customer Service
Address		MetLife India insurance Company Limited Registered Office: Brigade Seshamahal, 5, Vani Vilas Road, Basavanagudi, Bangalore - 560004
Mail To		indiaservice@metlife.co.in
Call On		1800 425 6969 or +91 080 26438638 from 8 am to 8 pm
SMS		Protect' to 5676769
Additions to the Plan
Available Rider(s)		Accidental death benefit: It covers death due to an accident within 180 days of the accident. Critical Illness Rider: This rider covers 10 critical illnesses namely: Heart Attack, Stroke, Cnacer, Surgery to coronary arteries, Kidney failure, Major organ transplant, Aorta surgery, Blindness, Heart valve replacement and Paraplegia. This rider benefit can be availed only after 90 days starting from the policy purchase date have elapsed. There is also a survival period of 30 days from the date of confirmed diagnosis of the illness before the benefit is actually paid.
Rider Conditions
Entry Age (years)
Minimum		18
Maximum		50
Maximum Maturity Age (years)		60
Sum Assured (Rs)
Minimum		50000
Maximum		Lower of Base plan insurance or 10 lakh
Rider Premium (Rs)		Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the Accidental Death rider for Rs 5 lakh sum assured over a 10 year tenure; the annual rider premium works to Rs 400 and Rs 1085 in case of Critical Illness Rider.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund