The cost of hospitalisation for those living in smaller cities and towns may not be as high when compared to those staying in larger cities and metros. IFFCO Tokio General Insurance has announced the launch of its new health insurance policy – Swasthya Raksha Bima – for people living in smaller towns and non-metro cities. The policy offers comprehensive protection for an individual and his family for meeting hospitalisation expenses. The policy covers family members consisting of individual, spouse and financially dependent children on a floater basis. The various sum insured options available in the plan are from Rs 1 lakh to Rs 5 lakh.
For a family consisting of 2 adults and 2 children with a sum insured of Rs1 lakh, the basic premium is Rs 2,590 per year which is approximately Rs 216 per month. For a sum insured of Rs 5 lakh, the premium will be Rs 6,125 per year which is approx. Rs 510 per month.
Having a health cover helps at the time of meeting hospital costs. By paying a fraction of the sum insured as premium, the policyholder is able to fund the hospital cost through the health insurance policy. In the absence of a health cover, one may have to borrow funds from friends, relatives or take a loan. Swasthya Raksha Bima is a comprehensive health insurance plan to protect you and your family from financial worries related to your health.
Ms Anamika Roy Rashtrawar, Wholetime Director, IFFCO Tokio General Insurance Company said during the launch, “Our goal is to provide health insurance to all sections of society. Keeping in view, the specific needs of smaller towns and non-metros, we have launched Swasthya Raksha Bima, a simple health insurance product that has low premium rates.”
Considering the average claim size in smaller towns and non-metro cities is much lower, IFFCO Tokio has designed the product for such customers so that they do not have to pay a higher premium as the cost of healthcare in their town is low. Ms Pallavi Roy, Head – Products, IFFCO Tokio General Insurance Company said, “In rural India, claims are mostly for infectious ailments which is one of the reasons for the cost of hospitalisation is much lower in smaller cities. We, therefore, decided to pass on the benefit to customers.”
Before buying health insurance it is important to know the various inclusions and exclusions in the policy. There are waiting periods for certain ailments hence it is equally important to keep renewing the policy without any break. Finally, disclosing all material information regarding health and family history will keep the claim settlement process smooth over the long term.