Very soon the medical care at overseas hospitals would be under the purview of health insurance policies by private as well as state owned insurers. There are talks of a premium heath care policy which will provide cover of about Rs.50 lakh to high worth individual or NRIs. The details of the product are being worked on to be filed with the Insurance Regulatory and Development Authority (IRDA) for their approval before the launch.
New India Assurance would offer the choice of the hospital for treatment to the policyholder in India or overseas. However, the policy document will include the suggested list of network of hospitals.
Even private insurers like Apollo Munich Insurance Company and Iffko Tokio have confirmed of such health care plans being in the pipeline.
In fact Apollo Munich has already received the IRDA’s approval for the product which would include 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.
Iffko Tokio’s product detail is still being worked out and then it will be filed with IRDA.
What it means for you:
- Free to choose any medical facility across the globe (irrespective of a geographical location) according to his or her convenience.
- Insurance companies will not insist on customers exploring the domestic option first.
- Option of both cashless and reimbursement-based facility.
What it means for the insurers:
- Extensive market research shows that this is a profitable product due to very high premium.
- There is sufficient demand in the market for this kind of product for its success.
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Tags: HEALTH INSRANCE PLANS, HEALTH INSURANCE FOR HIGH NETWORTH INDIVIDUALS, MEDICAL INSURANCE OVERSEAS, MEDICAL TREATMENT ABROAD, Mediclaim