Medical care at overseas hospitals could well be within your reach with a number of health insurance providers planning to launch a premium health cover shortly. Health insurance providers, both private and state-owned, are readying products targeted at high networth individuals that would provide a cover of about Rs 50 lakh.
“We are working on the details of the product and will soon file it with the regulator for approval,” said M Ramadoss, chairman and managing director, New India Assurance.
Insured will have the option to be treated at hospital of his choice, both in India as well as overseas. Insurance companies, however, will also provide a suggested list of network of hospitals. Insurance companies will not insist on customers exploring the domestic option first.
Among private insurers Apollo Munich Insurance Company and Iffko Tokio confirmed plans to launch such a product soon. “The customer will be free to choose any medical facility across the globe according to his or her convenience. The product will offer the customer an option to choose any medical facility irrespective of a geographical location,” said Antony Jacob, chief executive officer, Apollo Munich.
Apollo Munich, which has already received the Insurance Regulatory and Development Authority’s nod for the product, would extend global cover for maternity benefits, therapeutic aids and appliances, such as cardiac pacemakers, artificial limbs or prostheses, bone marrow and organ transplants, among others.
The product would also offer optional cover against terrorism.
An Iffko Tokio spokeswoman said the details of the product were being worked out and the company will soon seek Irda’s approval for it.
Companies are looking at providing the option of both cashless and reimbursement-based facility. “Both the options will be given,” said Mr Ramadoss.
Insurers opine that the product, being launched after enough market research, will remain a profitable proposition for them as the premium will be very high.
They point out that “risk adequate pricing” will ensure the success and profitability of the product. “Mediclaims can be a profitable products if they are priced properly,” said Mr Ramadoss.
WILL THERE BE ANY AGE RESTRICTION TO ENTER INTO THIS POLICY. IN FACT SR. CITIZENS NEED MORE MEDICAL ASSISTANCE AND THEREFORE IT IS SUGGESTED THAT THEIR INTEREST MUST BE KEPT IN MIND, PARTICULARLY AT LEAST FOR THOSE WHO ARE ALREADY HOLDING SOME MEDICLAIM POLICY OF AN INSURANCE COMPANY FOR MANY YEARS 10 YEARS AND ABOVE