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Thursday, November 7, 2013

Reliance HealthWise - Standard Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

Reliance HealthWise- Standard

Objective

An online health insurance policy that aims at covering hospitalisation medical expenses and other incidental expenses in case insured person gets hospitalized.

 

Suited for

It can be bought as an individual or family floater covering your spouse and 2 children under the same policy.

 

What does it do?

This is a basic health insurance policy. Apart from expenses incurred while hospitalized, this policy also provides for treatment taken at home on advice of the doctor, day care treatment for illnesses or procedures which do not require an overnight stay in hospital due to technological progress and health check up. Ambulance expenses are covered too.

 

Pros

There is no capping on room rent or ICU rent.
There are no sub-limits on different illnesses.
This policy can be bought online as well.
Premiums paid towards this policy enjoy a tax benefit under Section 80D.

 

Cons

It does not offer lifetime policy renewal.

 

Our View

A positive factor is that it has no sub-limits and no capping on expenses. Only drawback is that it doesn't allow lifelong policy renewal. Old age is the time when the chances of falling ill increase. Buying a new policy at higher age is tough and expensive as well. Preference should be given to the policies that offer lifelong renewal facility.

 

Eligibility

Entry Age (years)

Minimum

18; 3 months for children

Maximum

55 years for Gold, 60 years for Silver & 65 years for Standard Plan respectively; 18 years for children

Maximum Policy Renewal Age (years)

75

Coverage Type

Individual/ Family floater

Policy Term (years)

1

Sum Insured (Rs)

Maximum

5 lakh

Minimum

2 lakh

No Claim Bonus

5% no claim bonus for every claim free renewal till it reaches 20% of initial sum insured

Pre Policy Medical Check Up

Mandatory above 45 years of age. Insurer reimburses 50% of the cost if proposal gets accepted

Policy Termination

Either of the parties may terminate this policy by giving a 15 days notice. The insurer would pay proportionate premiums if no claim has been made.

Customer Service

Reliance General Insurance Company Ltd., Regd Office: Reliance Centre, 19, Walchand Hirachand Marg, Ballard Estate, Mumbai 400001

Customer Service

Mail to

Services.Rgicl@relianceada.com

Call to

1800 3002 8282(toll free) ; 022 3989 8282(charges apply)

SMS

Type 'protect' and send it to 55454

Network Hospitals

Http://www.reliancegeneral.co.in/insurance/cashless-hospitals.aspx

 

Scope of Cover

Cashless Facility

available if treatment taken in network hospital

Reimbursement facility

available if treatment taken in a non-network hospital

Pre and post hospitalisation

covers medical expenses during a period for upto 30 days prior to hospitalisation and 60 days post discharge respectively

Inpatient hospitalisation

covered

Domiciliary hospitalisation

covered upto 10% of basic sum insured

Day Care treatment

covered subject to the list mentioned in the policy document

Health check up

pays 1% (individual policy) or 1.35%(for floater policy) of average sum insured after 4 claim free years on a reimbursement basis

Value Added Covers

Ambulance expenses

covered upto maximum of Rs 500

Expenses on accompanying person (payable if hospitalized for 5 days or more)

pays Rs 200 per day for maximum of five days

 

Exclusions and Waiting Period

Pre-existing diseases

covered after 4 years of continuous renewal

No claim period

first 30 days of policy commencement

Waiting period

Certain diseases such as cataract, Hernia, sinusitis etc.shall be covered after first policy year elapses

Other exclusions

Naturopathy treatment or any other Non-Allopathic treatment.AIDS or related illnesses

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

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