New India Bhavishya Arogya Policy
The New India Bhavishya Arogya plan has been created to enable a person to pay for his or her own medical expenses in old age using money saved up during their working years as old age security. According to this policy, medical expenses incurred over the course of a person’s remaining life after retirement at a given age will be covered up to the sum insured, with a maximum reimbursement for “any one illness/injury.”
Continue reading to know about the policy in detail.
Here are the eligibility criteria for New India Bhavishya Arogya Policy
|Minimum Entry Age||25 Years|
|Maximum Entry Age||55 Years|
Benefits Of New India Bhavishya Arogya Policy
Here are some of the features and benefits offered by the plan:
- Easy Annual Installment: The plan calls for the payment of insurance premiums in convenient annual installments beginning on any chosen date between 25 and 55 years old and concluding when the desired retirement age, which is between 55 and 60 years old, has been reached. The plan also allows for the payment of the entire premium in one installment, although even in that scenario, there must still be a minimum of four years between the age of entry and the retirement age for the insurance.
- Grace Period: The annual installment premium deposit payment will have a grace period of 30 days. An additional premium will be charged at a rate of 1% each month, or a portion thereof, up to a maximum duration of 6 months, including the grace period of 30 days, if payment is delayed after the grace period.
- No Pre-Policy Medical Checkup: There is no requirement for a pre-policy medical examination for purchasing the policy. This allows you to buy the policy without any hassle of undergoing a medical examination.
- Refund Of Premium: In the event of the insured’s untimely death, the plan offers a scale-appropriate reimbursement of the premium already paid. Refunds are permitted in cases of voluntary withdrawals from the plan up to 75% of the amount payable on death.
- Total Benefits: The maximum total payout under the insurance, which is limited to Rs. 20,000 per illness or injury, will be Rs. 50,000 during the insured’s lifetime beginning at the policy retirement age.
- Enhancement Of Benefit: Four years have passed after the start of the policy retirement age, and the insured may enhance the benefit amount by extra units of Rs. 10,000 each at any time. Each of these additional units will require a premium that is 20% of the basic premium that is appropriate for the relevant age at which the additional units are chosen.
- Cumulative Bonus: The sum covered for the following years, subject to the maximum accumulation for 10 such claim-free years in total during the full policy period, will be increased by the cumulative bonus of 5% of the maximum benefit available at the beginning of each year without a claim.
- Income Tax Benefits: Under Section 80-D of the Income Tax Act, premium installments up to Rs. 3,000 per year shall be deductible. This will allow the policyholder to save a great deal of money on premiums, which he/she can use for other useful purposes.
New India Bhavishya Arogya Policy Premium Payment
Let’s check out how much the plan will cost you!
|Premium Table For Rs. 50,000 Sum Insured|
|Entry Age Of The Insured||Retirement Age Selected||Single Premium||Annual Premium|
|25 Years||55 Years||Rs. 446||Rs. 47|
|30 Years||57 Years||Rs. 626||Rs. 68|
|40 Years||59 Years||Rs. 1415||Rs. 169|
|55 Years||60 Years||Rs. 5749||Rs. 1517|
Exclusions Under New India Bhavishya Arogya Policy
In accordance with the terms of the policy, the company shall have no obligation to reimburse the insured for any costs paid in connection with or relating to:
- Disease or injury caused directly or indirectly by, resulting from, or traceable to war.
- Routine eye exams, and the price of eyeglasses and contact lenses.
- Anything other than surgery or dental work that requires hospitalization.
- Convalescence, general debility, “Run-down” condition or rest cure, congenital external defects or anomalies, sterility, venereal disease, intentional self-injury, and use of intoxicating drugs.
- Expenses for vitamins and tonics, unless they are part of a doctor-approved treatment plan for an illness or accident.
- Nuclear weapons either directly or indirectly cause or contribute to injury or disease.
- Naturopathy treatment.
- Costs for diagnostic x-rays for laboratory tests that are performed at a hospital or nursing home.
Frequently Asked Questions
For the remittance of premiums, you can go to the office that issued the coverage.
Yes. By visiting the policy issuing office armed with your original policy document and the receipts for your premium payments, you can cancel the coverage. The concerned office will proceed following the policy’s cancellation provision.
You can contact the policy issuing office for the same.