Personal Finance Blog India –

3 Imp Reasons – why One Should Not Rely On Mediclaim Offered By Employer :

Most of the companies offer Mediclaim facilities to their employers through Group Insurance.Company have a contract with some insurance company for certain period with certain terms and conditions.

so this is a Group insurance through which your employer is covering you for mediclaim.But important point is whether you are completely dependent on this mediclaim facility offered by your employer and do you need some separate mediclaim which can cover you and family.

Basically, Hospitalization is big risk towards erosion of saving and today we have looked at the aspect why one should have its own mediclaim though you are covered by your employer:

  1. Mediclaim Offered By Employer Is Not Permanent:This is very much important reason.Mediclaim facility offered by company is not permanent and any modifications or contractions in existing facilities are possible.It will available for you till you are associated with company.Few companies cover its employee only and not cover other family members like spouse,parents or childrens.In such cases,your family members can get exposed towards the expenses of hospitalization.Also Group Insurance contract is renewable after certain period of time and one can not guarantee that it will be renewed with same facilities.So important point is Mediclaim facility can not be permanent and if one l0ose job due to some reason ..tend to loose the mediclaim facility.
  2. Certain illnesses require at least continuous coverage of 3 or 4 years to eligible for Reimbursement: This is very important reason why one should not have any break in its mediclaim policy.Certain Day care processes (E.g Cataract ) or other procedures like Knee Joint replacement require continuous mediclaim coverage for at least 03 or 04 years otherwise such illness come in the category of Pre-Existing Illness and generally claim is denied in such cases.So to avoid break ,one should have its own mediclaim policy which will ensure that you will continuously covered for the said waiting period for certain costly procedures.
  3. Mediclaim Portability Issue:  Mediclaim portability is a facility where one can switch over to other insurance company having similar features.As stated above,for certain illnesses to get covered one need to have covered for at least 03-04 years to be eligible for claim.There will be an issue if you are previously covered by employer through Group Insurance  and not able to submit any proof regarding it.

finally, its necessary to opt for own Mediclaim plan… as cover from your employer may not fulfill your requirements and due to having own mediclaim policy one can ensure that he or she can protect self from expense risk due to hospitalization any point of time.

Also View:

  1. Cataract And Mediclaim
  2. Cashless Mediclaim and Process To Avail Cashless Mediclaim
  3. What is Copay In Mediclaim
  4.  Critical Illnesses – Need and options
  5. Documents Required For Mediclaim Reimbursement
  6. What Is TPA In Mediclaim

Highest NAV Guaranteed Plans – Current NAV , Highest NAV Updates

There was a great craze of highest NAV guaranteed plan in the years of 2010 and 2011.

We have take a view of current NAVs and highest NAVs those have offered by these plans.

Plan Name Plan Launched Date Highest NAV Current NAV
Aviva wealth Protect July2010 11.952 11.233
Bajaj Allianz Max Gain Dec-2009 12.5459 11.6222
Bharti Axa True Wealth Oct-2010 10 Min NAV Guaranteed by company at maturity =12 8.1013
Birla SL Platinum Advantage fund Feb-2010 10.95 9.8399
HDFC SL Crest – Highest NAV Guaranteed Fund Sept2010 10.9828 10.2834
ICICI-Pru Pinnacle super – highest NAV Guaranteed fund Mar-2011 11.24 10.29
IDBI Federal Wealthsurance –MAXiNAV Guaranteed Fund May-2011 12.0218 11.6776
ING-Vyasa Market shield fund Dec-2010 10.9216 10.5285
LIC Wealth Plus fund Dec2010 11.0526 9.8711
LIC Samridhi Plus Dec2011 11.8001 11.0596
Reliance Life Guaranteed NAV Plan Dec2010 12.1513 12.0092
SBI Life smart Wealth Assure Mar-2011 12.2006 11.5017

Few imp notes:

  1. Possibly there are great challenging conditions ahead across all the markets whether its bond market or equity market.Bond market is also witnessing severe volatility and tough conditions for fund managers.
  2. Though highest NAVs of few companies are more than that issued nav of 10 …most of the investors are likely in the loss though highest NAV is well ahead than issued NAV. This is because of premium allocation charges ,fund management charges ,mortality charges.companies charging few charges like premium allocation charges upfront which results in allocation of less premium while few charges like mortality charges are applicable through cancellation of units which results in reduction of units.

Overview Of Banks Offering Mediclaim:

Generally most of the banks offers third party products like life insurance,mediclaim,mutual funds for their customers.

Bank sells mediclaim policies as per their tie up with certain insurance company.Banks sell individual plans as well they offer group mediclaim to their customers holding saving,current,deposit accounts.

Overview of Banks offering Group Mediclaim:

Bank Name Associated Insurance Company Mediclaim Plan
Idbi Bank Bajaj Allianz General Insurance IDBI Family Care
Bank Of Baroda National Insurance Company Limited Baroda Health
Bank Of India National Insurance Company Limited BOI Swastha Bima
Union Bank Of India New India Assurance Company Ltd  Union Health Care
Aandhra Bank United India Insurance Andhra Bank Aarogyadaan
Federal Bank Bajaj Allianz General Insurane Federal Bank Family Floater Health Guard
Bank Of Maharashtra United India Insurance MahaBank Swastha Yojana
Corporation Bank New India Assurance Company Corp Mediclaim
Indian Overseas Bank Universal Sompo general Insurance IOB health Care Plus
OBC Oriental Insurance Oriental Bank Mediclaim
Indian Bank United India Insurance Indian Bank Arogyaraksha
PNB Oriental Insurance PNB-Oriental Royal Mediclaim
Syndicate Bank United India Assurance SyndArogya Mediclaim Policy
UCO Bank Reliane General Insurance UCO Medi + Care

Sample Premium Rates:

Sample premium rates for few of above, for sum insured of Rs 5 Lakh are as follows:

Plan Premium for 5 lakh Sum Insured
IDBI Family Care 6,360/-
MahaBank Swastha Yojana 7,316/-
Oriental Bank Mediclaim Insurance 6,830/-
SyndArogya 7,316/-

Important Features of Mediclaim offered by Banks:

  1. Mediclaim Facility available for bank account holder and its family through family floater option .
  2. Policy duration is mostly for One policy year & renewable thereafter.
  3. Entry age varies from policy to policy.Few policies offer entry age up to 54 years only while few allows it up to age of 65 years.
  4. Account holder seeking for policy ,should take note of Policy exclusions. Pre-Existing illnesses (known or unknown) are mostly excluded for first Three policy years or or day care processes like Cataract Operation are excluded for first 1-2 policy years.
  5. For policy enrolment,one need to submit proposal form at your branch.If there is any claim then its directly settled from insurance company / associated TPA.
  6. Cashless mediclaim facility if treatment availed through network hospitals.

As mediclaim offered is through Group mediclaim  premium rates are low.Still there may be some policy conditions like co-pay or other restrictions.Its policy holders duty to ascertain the same.

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