New India Senior Citizen Mediclaim Policy Health Insurance

About the New India Senior Citizen Mediclaim Policy Health Insurance

The New India Assurance Company Ltd is a general insurance company that is based out of Mumbai in the state of Maharashtra. The organization and its products, including the Senior Citizen Mediclaim policy, are owned by the Government of India.

This organization was founded by Sir Dorabji Tata in 1919 and it is one of the largest general insurance companies in India that is owned by the government, post its nationalization. This is calculated on the basis of the gross premium value collected inclusive of the foreign operations carried out by the company.

The New India Assurance Company Limited was nationalized in 1973. It was earlier a subsidiary of the General Insurance Corporation of India (GIC). This changed when GIC became a re-insurance company after the passage of the IRDA Act in 1999. GIC’s four primary subsidiaries became autonomous after that. These subsidiaries were New India Assurance, United India Insurance, National Insurance, and Oriental Insurance.

New India Assurance Company Limited is known for providing Mediclaim for senior citizens. It also has an impressive claim settlement ratio of 92.68%. It provides coverage for the treatment of COVID-19 and has a network of over 1,500 affiliated hospitals. The policies also come with life-long coverage.

    Prepare today for a relaxed and secure future.

    Check out the best health insurance plans here:

    Policy Type

    IndividualFloater

    One of the most popular plans provided by New India Assurance is its Senior Citizen Mediclaim policy. This plan offers coverage for hospitalization charges in cases of treatments, surgeries, or accidental injuries to senior citizens. To avail of this policy, senior citizens must be between the ages of 60 years to 80 years.

    If the renewal of this policy is done without any break, then one can enjoy the coverage of this policy till 90 years of age! It should be noted that customers have to undergo a pre-acceptance health check-up before purchasing this policy. This is done to identify any pre-existing illness that one might be suffering from.

    The cost of the pre-acceptance health check-up is first borne by the customer. But this value is reimbursed after the customer completes four claim-free years with the organization under this policy.

    The benefits that are offered by this policy include Ayurvedic, Homeopathic, and Unani treatment coverage at hospitals and medical facilities recognized by the organization. The cover is also provided for pre-existing medical conditions after a waiting period.

    Beyond this, one can also get in-patient hospitalization cover for costs incurred due to blood transfer, anesthesia administration, room boarding charges, and medications. This policy is specifically designed for senior citizens to protect them during their time of need.

    The plan also covers crucial lucrative benefits like free health check-ups and no claim bonus. Other highlights associated with the New India Assurance Senior Citizens Mediclaim policy are:

    • A 5% cumulative bonus is provided to policyholders for every claim-free year at the time of renewal up to a maximum of 30% bonus
    • If one adds his or her spouse to the policy, then he or she can get a 10% family discount on the premium value
    • Getting a voluntary deductible of Rs.10,000 will also provide access to a 10% rebate on the premium
    • If a senior citizen already has an existing health insurance plan, then he or she can simply migrate to the Senior Citizen Mediclaim plan
    • Health check-ups are provided every four years if there have been no claims made during that time
    • Income tax benefits are also provided for the amount of premium. This is in accordance with the Section 80D of the Income Tax Act at the extant rates specified in the Finance Bill.

    Let’s look at the scope of this policy by referring to the table mentioned below.

    Parameter

    Minimum

    Maximum

    Entry Age for Individual Plan

    60 years

    80 years

    Entry Age for Family Floater Plan

    60 years

    80 years

    Total Number of Members that can be Covered

    1 Adult

    2 Adults

    Total Sum Insured (In INR)

    Rs.1 lakh

    Rs.1.5 lakh

    Family Discount

    Available after the completion of one policy year at the time of renewal

    -

    Pre-Policy Medical Check-Up

    Compulsory over the age of 60 years

    -

    Policy Period

    1 year

    -

    For a better understanding of this policy, we have also prepared a list of important features associated with this policy. This list is given below.

    • Day-Care Treatments: There are some treatment methods that do not require hospitalization of 24 hours or more. Those types of treatments are also covered in this policy.
    • No Claim Bonus (NCB): In the case of every claim-free year, the policyholder can get a no-claim bonus of 5%. This discount can be up to a maximum of 30%.
    • Organ Donor Cover: If the policyholder has opted for organ donor cover, then the hospitalization expenses, excluding the cost of the organ, will be covered under this policy. This coverage will be up to the total sum insured amount.
    • Pre-Hospitalization Benefit: All medical expenses incurred up to a maximum of 30 days before being admitted to the hospital are covered and compensated by the insurance provider. This value is calculated up to a maximum of 5% of the total hospital bill.
    • Post-Hospitalization Benefit: The New India Senior Citizen Mediclaim policy will also cover all medical expenses incurred 60 days after being discharged from the hospital. This will be calculated up to a maximum of 10% of the hospital bill.
    • Health Check-Up Cover: The insured is entitled to a health check-up every four years if no claims have been made during that time. This amount can be reimbursed up to a maximum of 1% of the average sum insured in the policy.
    • Non-Allopathic Treatment Expense Cover: If you wish to seek alternative medicines like Homeopathy, Unani, or Ayurveda, then you can do so with this policy. These alternative treatments are covered up to a maximum of 25% of the sum insured value.

    Note: The benefits of this claim will only be honored if the individual seeks these treatments at an institution or hospital recognized by the government. The recognition can also be from a governing body of the government.

    • Emergency Ambulance Charge Cover: A maximum of Rs.1,000 is provided for ambulance cover benefit.
    • Free Look Period Feature: If for any reason, a policyholder decides not to carry forward with the policy, then he or she can place a return and refund request for the same. This request should be placed within ten days of receiving the receipt of the policy document, subject to certain conditions.
    • Room Rent Benefit: In this plan, policyholders can claim for room rent, boarding, and nursing expenses up to a maximum of 1% of the total sum insured value per day. ICU charges up to a maximum of 2% of the sum insured per day are available. It should be noted that the overall limit should not exceed more than 25% of the total sum insured.
    • Co-Payment Feature: The insurer has to bear a co-payment of 10% for every admissible claim.
    • Sub-Limit Feature: There are some sub-limits that are applicable to this policy. These sub-limits are:
      • An overall limit of 25% of the sum insured is stipulated for charges related to surgeon’s fees, anesthetist’s fees, medical practitioner’s fees, consultant’s fees, specialist’s fees, and nursing expenses
      • An overall limit of 50% of the sum insured value is placed for expenses related to blood, oxygen, OT charges, surgical appliances, anesthesia, drugs, medicines, dialysis, diagnostic material, medicinal drugs, chemotherapy, cost of a pacemaker, radiotherapy, artificial limbs, radiotherapy, cost of implants, and cost of stents
    • Cooling-off Period: A cooling off period of 30 days is applicable for all claims made in this policy. The only exceptions to this rule are charges that are incurred due to accidental injuries.
    • Specific Illnesses Waiting Period: There are some diseases and treatments that can only be availed of after waiting for 18 months or 24 months. These treatments or illnesses are Gallbladder issues, bile duct issues, cataracts, myomectomy for fibroids, and hysterectomy.
    • Pre-Existing Illnesses Cover: A waiting period of 48 months is applicable for making any claims related to pre-existing medical conditions. This waiting period is calculated from the policy start date.

    As mentioned before, there are some add-on features associated with the Senior Citizen Mediclaim policy that you can get to enhance the coverage. We will be looking at these add-on covers now.

    • Waiver of Waiting Period for Hypertension: After paying an additional premium, policyholders can waive off the usual waiting period for getting coverage for hypertension treatment. This is valid from the date of inception of the policy.
    • Waiver of Waiting Period for Diabetes Mellitus: Policyholders can waive off the usual waiting period and get coverage for treatment of diabetes mellitus from the date of issuance of the policy. This add-on feature is available at an additional cost to the premium paid.

    Let’s look at the eligibility criteria for enrolling in the New India Senior Citizen Mediclaim policy.

    Parameter

    Minimum

    Maximum

    Entry Age

    60 years

    80 years

    Total Sum Insured

    Rs.1 lakh

    Rs.1.5 lakh

    Total Policy Term

    1 year

    -

    Family Members that can be Covered in the Same Policy

    1 (Self)

    2 (Self and Spouse)

    Calculation of Premium

    This value is calculated on the basis of the age of the policyholder and the sum insured option chosen at the time of purchase

    This value is calculated on the basis of the age of the policyholder and the sum insured option chosen at the time of purchase

    You should also be familiar with the fact that if you want to purchase this policy, then you need the following documents.

    • Proof of age
    • Proof of address
    • A recent photograph

    In case of making a claim for the New India Senior Citizen Mediclaim policy, the following documents will be required.

    • A duly filled claim form by the policyholder
    • Treatment reports
    • Certificates provided by the doctor
    • Bank details in which one wishes to receive the claim amount
    • Discharge summary
    • Prescriptions
    • Bills
    • Advance receipts
    • Final receipts
    • Diagnostic test reports, including X-ray, scans, ECG, and other films

    If other documents are required to make a claim, then the policyholder will also have to provide those documents.

    A few key inclusions that are applicable to this policy are:

    • Ambulance charge benefit of up to Rs.1,000
    • Pre-hospitalization charges for up to 30 days before being admitted to the hospital
    • AYUSH treatment feature limited to 25% of the total sum insured
    • Post-hospitalization expenses for up to 60 days after being discharged from the hospital
    • Organ donor expenses incurred during organ transplantation

    The benefits or factors that are excluded from this policy are:

    • Domiciliary hospitalization benefit
    • Global treatments taken
    • Inoculation charges
    • Vaccination charges
    • Dental treatments that arise from any other condition than an accident
    • Naturopathy treatments
    • No liabilities are covered in cases where the signs and symptoms were first observed during the first 30 days of the policy period
    • Any medical charges due to attempted suicide
    • Medical costs incurred due to use of alcohol or drugs
    • Treatment of AIDS
    • Charges related to childbirth, pregnancy, abortion, or miscarriage
    • Expenses related to in vitro fertilization and infertility
    • Charges incurred due to hospitalization because of war, riot, nuclear weapons, or strike

    If you are a senior citizen who is looking for good medical coverage, then the Senior Citizen Mediclaim policy by New India Assurance is one of the best options out there. The policy is designed by keeping the health risks that one might suffer due to declining age and well-being.

    The benefits provided in this policy include hospitalization cover due to surgery, accidental injury, or treatments. The policy covers between the ages of 60 years and 80 years. One can enjoy coverage till 90 years of age if the policy is renewed without any break.

    The premium value in this policy is calculated on the basis of the age of the policyholder, sum insured selected, and presence of any pre-existing diseases. You can also see some customer reviews below to see how this policy can be beneficial for you.

    • Amazing Customer Support, says Mirza Baig (5 stars / 5 stars): I don’t have a lot of knowledge when it comes to a health insurance policy. This is why I needed a lot of support and handholding when I was in the market to buy a policy for my parents. Thankfully, the customer support department at New India Assurance has been amazing. They were there whenever I had any doubt or issue. Keep up the good work!
    • 100% Satisfaction, says Amit Raj Makked (5 stars / 5 stars): I’m not very fluent with technology but I needed a health insurance policy for me and my wife. The senior citizen Mediclaim policy is a very good plan that I have purchased. I’m 100% satisfied with the benefits that are provided in this policy and I will be renewing it for sure when the time comes.
    • Comprehensive Coverage, says Avinash Singh (5 stars / 5 stars): The New India Senior Citizen Mediclaim policy is without a doubt an amazing policy with comprehensive coverage. I really like the benefits that I have received with this policy and I like the fact that I have this policy with a nominal premium amount.

    New India Senior Citizen Mediclaim Policy Health Insurance FAQs

    I want to purchase the New India Assurance Senior Citizen Mediclaim policy. Am I eligible for it?

    If you are a citizen of India between the age of 60 years and 80 years, then you are eligible to purchase the Senior Citizen Mediclaim policy.

    Can I get any discount when purchasing the Senior Citizen Mediclaim policy by New India Assurance?

    Yes, a discount of 10% is provided for voluntarily giving an excess of Rs.10,000. A family discount of 10% is also provided if both self and spouse are covered in the policy.

    Does this plan provide coverage for genetic disorders?

    No, the plan does not provide any coverage for genetic disorders.

    What are the sum insured options available under the New India Senior Citizen Mediclaim policy?

    The policy can be purchased in two sum insured variants of:
    Rs.1 lakh
    Rs.1.5 lakh

    Click to rate this!
    [Total: 0 Average: 0]