HDFC Life Health Assure Plan – Review
HDFC Life Health Assure Plan
Last week, HDFC Life has announced a new health plan, HDFC Life Health Assure Plan. HDFC Health Assure Plan is available in two options, Gold plan and Silver Plan. Customer can get reimbursement of expenses incurred at hospital during hospitalization. This plan is available for individual and family floater options. In this article we would discuss about HDFC Life Health Assure Plan, its features and benefits.
Features of HDFC Life Health Assure Plan
- Plan available for 3 years and can be renewed up to the age of 70
- Fixed premium guarantee up to 3 years even if you have any claim.
- Sum insured would be doubled (without any additional charges) in case there are no claims in 2 years period.
- Guaranteed life time renewals if the policy continues and premiums are paid on time
- You can avail 4500+ hospitals for cashless hospitalization facility.
- Choice of paying single premium or annual premium
- Choice of purchasing this policy online
Benefits of HDFC Life Health Assure Plan
1) In-Patient hospitalization benefit
If an insured is hospitalized beyond 24 hours, all expenses are reimbursed. It includes actual expenses incurred on room rent (max of 1% of sum insured and 2% for ICU hospitalization per day), nursing charges, anaesthetist’s charges, investigation charges and cancer treatment charges like Chemotherapy and Radio therapy. These would be reimbursed provided these charges are part of the hospital bill.
2) Day-Care Benefit
Actual medical expenses incurred for day care procedures where at least 2 hours of hospitalization is done based on certain conditions.
3) Pre-Hospitalization and Post-Hospitalization benefit
Actual expenses incurred up to 30 days prior to hospitalization and 60 days after hospitalization to the maximum of 10% of sum insured is paid under this benefit. This benefit is paid only if the in-patient benefit or day-care benefit is paid.
4) Emergency Ambulance Benefit
Actual expenses up to Rs 2,000 per policy per year would be reimbursed towards emergency ambulance benefit. However this benefit is payable only if the patient is admitted in ICU or emergency ward.
5) Donor Expenses Benefit
Actual expenses incurred during procedure of donation of an organ are reimbursed under this benefit, provided the insured is the recipient. No payment would be done for the cost of an organ.
6) Hospitalization cash benefit (Available under Gold plan only)
Fixed amount per day beyond 24 hours for complete duration of stay would be paid under this benefit. The amount of benefit is 0.1% of sum insured. Rs 3 lakhs sum insured would get Rs 300 per day and Rs 10 lakhs sum insured would get Rs 1,000 per day as cash benefit under this.
7) Wellness benefit (Available under Gold plan only)
For gold plan members, health check-up vouchers are provided for 0.1% of the sum insured from second policy year. As an example, if an individual who insured for Rs 500,000 would get Rs 500 worth of health check-up vouchers which can be used within 1 year.
8) Maternity Benefit (Available under Gold Plan, family floater cover only)
Gold plan members opting for family floater health policy would be eligible for this benefit. Actual expenses incurred due to pregnancy or complication thereof, to the maximum of 3% of sum insured is paid towards this benefit. Pre-hospitalization and post-hospitalization expenses will NOT be paid.
9) Death Benefit
There is no death benefit payable under this policy. However expenses incurred in hospitalization would be reimbursed as per policy terms.
10) Tax benefit
Health insurance plan premium can be claimed as deduction under section 80D of income tax act. The maximum amount is Rs 35,000 in a year.
- Adults: Min is 18 years and max is 70 years of age.
- Dependent children: Min is 90 days and max is 70 years.
Single premium can be paid for 3 years period or premium can be paid annually.
There is a waiting period of 30 days to cover the health insurance from the policy commencement date.
2 Years waiting period
- One of the draw-back in this HDFC Life Health Assure Plan is that some of the benefits can be availed only after 2 years waiting period. These are expenses incurred for
3 years waiting period for Pre-existing diseases
Second draw-back in this HDFC Life Health Assure Plan is that Pre-existing diseases are covered only after 3 years of policy commencement date.
Brochure: Detailed brochure of HDFC Life Health Assure Plan can be downloaded at this link: http://www.hdfclife.com/sites/HSFCSL/Resources/Products/Downloads/HealthAssurePolicy%20T&C-final_BS&T.pdf
Conclusion: There are several health insurance policies and all are not unique. Though HDFC Life Health Assure Plan has added some of the benefits like cash benefit, wellness benefit etc. one may not attract towards them. Like any other health policy, this health plan too has put riders about waiting periods for pre-existing diseases for 2 and 3 years. For me, this health policy is like any other health insurance policy with a few added benefits.
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HDFC Life Health Assure Plan