New India�s Mediclaim Policy - 2007

New India's Mediclaim Policy - 2007

The New India Assurance and mediclaim 2007: Officials at the regional office of the New India Assurance Company' claim that people opting for the mediclaim policies is increasing every day despite competition from private players.

The National Insurance, New India Assurance, United India and Oriental Insurance, which were earlier subsidiaries of The General Insurance Company (GIC), have become autonomous and their mediclaim policies are more or less the same with minor variations.

Though the premium of mediclaim policy has almost doubled in the last five years; the middle class is forced to opt for this policy due to various reasons - the decline in medical cover by employers, increase in income and the growing number of diseases. Also the treatment costs have increased manifold.

However, under the new guidelines, implemented from January 1, 2002, The New India Assurance says that the New Mediclaim policy (2007) introduced on the anniversary of sixty years of Independence on the 15th Aug 2007 is available to any person between the age group of 5-60 years. However, children between 3 months to 18 years can be covered only if the parents are also covered under the policy.

Insured may renew the policy beyond the age of 60 years provided there is no break in insurance. Persons above 45 years of age, opting for the mediclaim policy for the first time will have to undergo the prescribed pre-health check up from an empanelled doctor. The cost of pre acceptance health check up will be borne by the proposer.

According to the revised terms and conditions, New India's Senior Development officer Mr Anantha Krishnan says that there are attractive discounts like the family discounts, loyalty discounts and good health discount.

Also the Cumulative bonus under New India's mediclaim policy (2007) has a maximum limit of 30% instead of 50%. The Cumulative bonus shall be progressively increased by 5% for each claim free year of the medi claim policy with New India.

The costs of health check up with New India's mediclaim (2007): The insured shall be entitled for re imbursement of cost of health check up undertaken once at the expiry of a block of every continuous claim free years of New India's policy. The cost so reimbursable shall not exceed 1% of average sum insured excluding cumulative bonus for preceding four years.

Group mediclaim New India: The employer can also take group mediclaim scheme to provide medical cover to the employees. He added that under the group policy, the company would give a discount of 2.5 to 30 per cent in premium depending upon the number of policyholders.

The total number of mediclaim policyholders in the Tamil Nadu is around 50,000. An enquiry at regional office of The New India Insurance revealed that the company sold about 15,000 policies in Tamil Nadu. In the total general insurance business in the state, it has a share of about 30 percent.