PNB Oriental Royal Mediclaim Policy

This health insurance policy is meant exclusively for PNB customers, i.e. only for account holders in the Punjab National Bank (PNB). Essentially a family floater scheme, the PNB-Oriental Royal Mediclaim Policy offers as well as standard premium amounts for all customers under 80 years of age. Benefits such as hospital cash, health check-up costs etc. are also included under this policy.

Key Features and Benefits:

  • Family floater scheme where up to 4 family members can be covered under a single policy.
  • Policyholder, spouse and two dependent children can be included under a single premium.
  • Sum assured available from Rs.1 lakh to Rs.5 lakhs.
  • Medical examination not required at any stage of application or renewal.
  • Cashless hospitalization, health check, ambulance charges etc. are covered under the policy.
  • Attractive premium amounts with greater transparency in rates owing to uniform premium rates for all applicants under the age of 80.
  • Standard premium rates are – Rs.1,749 for Rs.1 lakh sum insured, Rs.3,320 for Rs.2 lakhs sum insured, Rs.4620 for Rs.3 lakhs sum insured, Rs.5,780 for Rs.4 lakhs sum insured, and Rs.6,830 for Rs.5 lakhs sum insured.
  • Nursing, boarding and room expenses up to 1% of total sum insured per day of hospitalization.
  • ICU expenses up to 2% of sum insured on a daily basis. Also, consultant, specialist, surgeon, anaesthetist etc. fees are covered.
  • Reimbursement of expenses when hospital not a part of network of PNB.
  • Pre-hospitalization cover up to 30 days before getting admitted, and post-hospitalization cover for 60 days.

Tax Benefits:

Tax benefits are applicable under Section 80D of the IT Act, 1961. Under this section, tax deductions are provided on all health insurance premiums paid in a year, subject to maximum deduction of Rs.25,000 for individuals and Rs.30,000 for senior citizens.


  • Must have an account with PNB.
  • Covered individuals should be above 3 months and less than 80 years old.
  • Coverage for 2 children apart from applicant and his/her spouse.
  • Female child can be covered under this policy till her marriage.
  • Male child can be covered up to 26 years of age.


  • Pre-existing diseases not covered up to 3 years since policy inception.
  • Treatments for health complication such as aesthetic dental treatment, circumcision, eye surgery, AIDS, HTLD-III, pregnancy, obesity, non-treatment hospital visits, accident from adventure sports, massages etc. are not covered.
  • Treatments such as hernia, polycystic ovarian diseases, non-infective arthritis, cataract, piles, sinusitis, hypertension, diabetes, joint replacements etc. are covered after a specific amount of time has passed since policy inception (1-2 years depending on ailment).

Policy Renewal:

  • Renewal can be done at the end of policy tenure, within 30 days of expiry of the policy.
  • Renewal may be rejected at the company’s discretion.

Other Plans from Oriental Health Insurance:

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GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

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