Meant for Diners Club and Citibank cardmembers, the schemes on offer are Good Health Mediclaim and Personal Accident Insurance Policy. Your benefit: 45 per cent savings on the premium. Covering hospitalisation cost in case of major illnesses, injuries or loss of life, the cardmembers can avail the scheme for family members as well.

According to Citibank, there are several benefits in opting for these schemes. For example, there's no medical check up required to buy these policies. Also, you can skip the usual procedure of submitting documents. Then, there's an income-tax rebate under Section 80 D of the IT Act. And ontop of everything, the policy is delivered to you at your home or office.

Available for anybody from age 5 to 70, the insurance plan has a wide range from which you can choose from. To give you an example of how much it's going to cost you after the discount, here's a quick reckoner for Good Health Mediclaim.

In the age band of 5 to 45 years, if you've opted for a cover of Rs 85,000, you'll pay an annual premium of Rs 519 as a Citibank cardholder along with a transaction fee of Rs 150, instead of Rs 961 in the ordinary course. Also for a cover of Rs 1.10 lakh, you pay Rs 666 plus Rs 150 as a cardholder, instead of Rs 1,234 as a regular customer. The plan covers hospitalisation and IC expenses, doctor's fees, drugs, blood, oxygen etc., up to the amount specified.

In the age band of 46-55 years, for a policy of Rs 85,000, you as a cardholder pay an annual premium of Rs 714 along with a transaction fee of Rs 150, instead of Rs 1,323 in the ordinary course. And for a policy of Rs 1.10 lakh, your annualpremium will be Rs 919 along with a transaction cost of Rs 150, instead of Rs 1,701 ordinarily. Quite some saving.

For those cardholders wanting to know what there is for them in the Good Health Personal Accident Insurance benefits, since they are already protected by an accident insurance policy by virtue of being a cardholder, hear on. According to a Citi spokesperson, this scheme is for extra protection - not only for loss of life in accidents, but permanent disablement also, by opting for Plan 1-4 at a premium as low as 16 paise per day (for a coverage of every Rs 1,00,000).

And, in case you already have a Mediclaim Policy for a particular sum and you want to enhance the cover, you can do that too. But the increased benefits are not applicable for those illnesses/diseases/disabilities suffered during the previous policy periods. The claim for the said illnesses/diseases/disabilities, if admitted, shall be processed as per the previous year's policy limits only.

On the whole, a good deal for thecardholders. Even if it means grabbing more business for the two players - Citibank and New India Assurance - cardholders won't complain. But, do watch out for the hidden costs and beware of play of words.