Oriental Health Insurance Family Floater Policy Review

Oriental Health Insurance Family Floater Policy ReviewOriental Health Insurance Family Floater Policy Review


Oriental health insurance family floater policy is a unique health insurance policy that has several positive features. This policy covers medical expenses incurred by the entire family under a single sum assured. This family floater policy comes with low premiums compared to other health insurance plans. What are the key features of Oriental Health Insurance Family Floater Policy? Who is eligible to subscribe to this policy? What are the major exclusions in Oriental Health Insurance Family Floater Policy?

Overview about Oriental Health Insurance Family Floater Policy


This policy is available in two plans gold and silver. Medical expenses incurred due to any illness, accident or injury that requires hospitalization is covered under this policy. Floater term implies the single sum insured for the full family living in India. The family includes spouse, children, parents, parents in laws and one self. This policy is very full filling and is appreciated and accepted by all.

Also Read: Religare Care Freedom Health Insurance offers pre-existing diseases after 2 years – Is this a unique plan?

Key features of Oriental Health Insurance Family Floater Policy


  • Minimum entry age is 3 months and maximum entry age is 70 years.
  • The term of the policy is 1 a year.
  • Minimum Sum assured for gold plan is 6 lakhs. Maximum Sum assured for gold plan is 10 lakhs.
  • Minimum Sum assured for silver plan is 1 lakh. Maximum Sum assured for silver plan is 5 lakhs.
  • Pre medical checkup is not required for persons up to age of 60 years.
  • Anyone can renew policy online by just entering their previous policy number, insured code and policy expiry date.

What are the details of the Gold and Silver Plans?

Plans under Oriental Health Insurance Family Floater Policy

Various other features of Oriental Health Insurance Family Floater Policy


This policy contains various attractive features:

1: Oriental health insurance happy family floater policy covers the hospitalization expenses for the covered diseases or accidents. However, this is dependent on the limits specified in the policy.

2: Personal accident cover is offered as an add on cover under both the covers i.e. gold and silver

3: This policy is available in two plans gold and silver.

4: This policy covers the proposer and his/her family under single sum insured under one policy

5: Sum insured under this policy floats over all the beneficiaries under oriental health insurance happy family floater policy.

6: Silver plan in this policy is subject to 10% co- payment.

7: gold plan offers an inbuilt cover, daily cash allowance and attendant allowance up to specific limits.

8: In addition to this, gold plan covers offers add-on cover of life hardship survival benefit.

9: Discount in premium if TPA services haven’t opted.

10: A person can avail tax benefit under section 80-D of the income tax act in this policy.

11: Ambulance charges are likewise:

  • Rs.1000 or 1% of the sum insured in silver
  • Rs.2000 or 1% of the sum insured in gold

Also Read: Individual Vs Family Floater Health Insurance Plan – Which one should you buy?

Benefits from Oriental Health Insurance Family Floater Policy


The important inclusions in oriental insurance happy family floater policy which are reasonable and necessary expense wise and are payable under the policy for various benefits:

i) Hospitalization benefits:

a) Room, boarding and nursing expenses as provided by the hospital / nursing homes.

1) Silver plans not exceeding 1% of the sum insured per day

2) Gold plan not exceeding 1% of the sum insured per day.

b) ICU expenses as provided by the nursing home or hospital.

1) Silver plans not exceeding 2% of sum insured per day

2) Gold plan not exceeding 2% of sum insured per day.

c) All medical experts’ fees like of doctors, surgeon consultant etc.

d) All medical major expenses like chemotherapy, dialysis, surgery blood oxygen operation etc.

For benefits C and D both silver and gold plan is as per the limits of the sum insured.

e) Ambulance charges in silver plan are Rs.1000 per illness and limit maximum 1% of the sum insured, whichever is less for the entire policy period.

f)  Attendant allowance and daily hospital cash allowance charges in silver plan are nil.

g) Personal accident: available in silver and gold plan

  • In silver upto 5 lakh
  • In gold up to 10 lakh

h) Life's hardships with benefits in gold scheme;

  • Plan A with 15% of the sum insured
  • Plan B with 25% of the sum insured

Benefits will be given only when the person survives hardship for 180 days or 270 days after discharge.

How to buy Oriental Health Insurance Family Floater Policy?


Oriental insurance happy family floater policy has a very easy and friendly buying procedure. The documents and conditions required to buy this health insurance policy are as follows:

1) Fill a form of proposal and self declaration in block letters and duplicate.

2) Attach two stamp size photographs of each insured person on the enrollment form.

3) The proposer has to undergo a health check up through the company’s authorized diagnostic center and has to be aged 45 years or plus.

4) The company will not be at risk until the proposal has been accepted by the company and communication of the acceptance has been given to the proposer in writing on receiving the premium amount in full.

What are the major exclusions in Oriental Health Insurance Family Floater Policy?


There are various exclusions under oriental insurance happy family floater plan which are as follows:

1: Preexisting diseases will be covered after a waiting period of four years of continuous renewal of the policy.

2: Initial waiting period of 30 days within which no claim will be admitted except accidental injuries.

3: Disablement / Death/ injury of the insured from,

      *abuse of intoxicated substance like drugs and alcohol is excluded.

      *directly/indirectly caused by insanity

       *intentional self-injury

       *arising from the insured committing any breach of law with criminal intent, etc.

Also Read: Which are the top health insurance plans in India?

How the premiums are charged in this policy?


Though premium is charged based on sum assured and on age of the persons insured, below is some example of premiums.

If Person aged 35 would take Rs 5 Lakh policy, primary member premium would be Rs 5,200 and his spouse premium would be Rs 1,000 (Approx) and their 2 children aged below 22 would be another Rs 1,800 totaling to Rs 8,000. This is approximate and you can compute online by visiting oriental health insurance website.

Conclusion: Oriental insurance happy family floater policy is one the best health insurance policies. Medical insurance is very important and is required in everyone’s life, and what oriental insurance is offered in terms of medical claim and its benefits is outstanding with both the plans which are gold and silver. With minimum exclusions and maximum inclusions this policy is solely consumer focused and in my opinion is worth taking. After all, we know “Prevention is better than cure…” but smarter steps towards the same are the best way out.

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Suresh
Oriental Health Insurance Family Floater Policy

6 comments

  • SBhattacharya

    Please suggest the best from the following:

    Care from Religare
    Max Bupa Companion
    Apolo Munich Optima
    National Insurance

    I think Max bupa companion is best as family floater since it covers non allopaethic treatment, no co payment, lifelong renewal, no claim bonus etc. what is your view on claim payment history, is it better in public companies?

  • NarasimhaReddy

    Thanks Suresh.

  • sunny

    Hi,Is this a cash less policy or the company will pay the claim once we submit the invoices/bills.

    Secondly,is it valid for Nri”‘s living abroad???

    Please reply.

    Regards,

  • NarasimhaReddy

    Hi Srikanth,
    When compare to this Oriental Health Insurance Policy I feel Religare care and IFFCO-TOKIO has better options and Benefits and also the premium is almost the same. Could you please review all the three and suggest the best one.

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