Top Features of Individual Medishield Policy
Individual Medishield Policy is a smart way to financially safeguard you from out of pocket expenses on medical treatment for diseases and accidents. The policy provides medical cover for illnesses with an option to extend the cover for critical illnesses like heart surgery, kidney failure, cerebral stroke cancer, major organ transplantation, etc. as the treatment costs are very high for such illnesses.
The Individual Medishield Policy gives you cash-free hospitalization in hospitals across India. So, in case of an unfortunate event where you or your family members meet with an accident or an illness resulting in hospitalization, financial expenses resulting from it are well-taken care of.
Here are some of the reasons why you should choose IFFCO Tokio Individual Medishield Policy:
The health insurance policy provides ten options for the sum insured. The options range from ₹50,000 to ₹5,00,000. If the insured desires for a cover beyond the maximum limit available under the policy i.e. ₹5,00,000, he/she can opt for multiple policies to meet his/her requirement.
The insured shall be eligible for a cumulative bonus of 5% for every claim-free year at the time of health insurance policy renewal. The cumulative bonus shall be limited to a maximum of 50% of the basic sum insured. In an event of a claim being made, the existing cumulative bonus will not be entirely withdrawn but shall get reduced by 10% at the time of next renewal. In the case of Family Package Policy, the cumulative bonus shall be calculated separately for each insured person.
Individual Medishield Policy provides coverage for Ayurvedic and Homeopathic hospitalization treatments. But the sum insured is capped at 10% of the basic sum insured limits.
The premium on the health insurance policy shall depend on the basic sum insured opted for and the age of the insured person.
Under the Individual Medishield Policy, critical illness extension can be availed by paying 30% extra on the basic premium. The critical illness extension shall double the sum insured for 10 listed major diseases, including cataract, hernia, sinusitis, and cholecystectomy, among others.
For those availing Family Package cover, there is a provision of discount on premium @ 5% if two persons are to be covered and 10% if more than two persons are to be covered under the policy.
Individual Medishield Policy has a special provision for automatic reinstatement of sum insured in case of a claim made under the policy, to the extent of the claim amount paid. This shall be applicable except for some specified chronic diseases. The reinstatement premium shall be computed on a short period basis from the date of hospitalization till the expiry of the policy.