Oriental Bank Mediclaim Policy
The Oriental Bank Mediclaim policy is meant exclusively for account holders/employees in the Oriental Bank. This is a family floater health insurance plan that provides health cover to a family of 4 under a single premium. The sum insured can be used on any member of the family who is , and also includes benefits such as hospital cash, ambulance charges etc.
Key Features and Benefits
- Family floater plan covering policyholder, his/her spouse, and two dependent children.
- No pre-policy medical check-up for all categories of applicants.
- Cashless hospitalization across network hospitals.
- 5 options for sum insured available between Rs.1 lac and Rs.5 lacs, in multiples of Rs.1 lac.
- Uniform premium amount for all categories of applicants.
- Premiums starting from as low as Rs.1,749 and up to Rs.6,830.
- Any and all pre-existing diseases covered after 3 years of uninterrupted premium payment towards the policy.
- Nursing, room, and boarding expenses covered up to 1% of sum insured on day-to-day basis.
- ICU expenses covered at 2% of total sum insured per day.
- Pre-hospitalization cover for 30 days before hospitalization, and post hospitalization coverage for 60 days.
Eligibility
- Applicant must be an account-holder in OBC.
- Up to 2 dependent children apart from spouse can be included in the plan.
- Children should be between 3 months and 26 years old.
- Policyholder should not be above 79 years of age.
Tax Benefits
Tax benefits are available under Section 80D of the Indian Income Tax Act, 1961. Premium payments up to Rs.25,000 in an year can be claimed as tax deductions for individuals. For senior citizens, this figure stands at Rs.30,000.
Exclusions
- Pre-existing diseases covered after 3 years of continuous coverage through the policy.
- Health complications such as AIDS, obesity, dental treatment, eye surgery, circumcision, pregnancy, HTLD-III, complications from adventure sports, general hospital visits etc. are not covered.
- Some treatments such as cataract, piles, hernia, diabetes, hypertension, joint replacements etc. covered after 1-3 years of policy coverage.
Renewal
- Renewal is allowed after a policy year is completed.
- 30 days' grace period for opting for renewal.
- Renewal applications can be rejected at the sole discretion of the insurer.
GST rate of 18% applicable for all financial services effective July 1, 2017.
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