MASHAK RAKSHAK POLICY
No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.
- Brad Henry
- Brad Henry
WHAT IS MASHAK RAKSHAK POLICY ?
A STANDARD INSURANCE POLICY AGAINST MALARIA , DENGUE FEVER AND OTHER VECTOR BORNE DISEASES
05.02.2021 : Insurance Regulatory & Development Authority of India ( IRDAI ) has now come out with proposed standard insurance policy to cover vector borne diseases like Malaria , Dengue etc . The policy is called MASHAK RAKSHAK POLICY . IRDAI is encouraging general health insurance companies to issue the standard policy with common features .
05.02.2021 : Insurance Regulatory & Development Authority of India ( IRDAI ) has now come out with proposed standard insurance policy to cover vector borne diseases like Malaria , Dengue etc . The policy is called MASHAK RAKSHAK POLICY . IRDAI is encouraging general health insurance companies to issue the standard policy with common features .
PREMIUM FOR MASHAK RAKSHAK POLICY
PREMIUMS FOR MASHAK RAKSHAK POLICY WILL BE DECIDED BY THE INDIVIDUAL INSURANCE COMPANIES .
Customers can compare the premiums quoted by various insurance companies before buying a policy . It is expected that customers will be able to get reasonable premium quoted with a healthy competition among insurance companies .
Customers can compare the premiums quoted by various insurance companies before buying a policy . It is expected that customers will be able to get reasonable premium quoted with a healthy competition among insurance companies .
MASHAK RAKSHAK POLICY TO BE ISSUED IN DIGITAL FORMAT ALSO
Insurers are allowed to issue the policy contract of Standard Product in electronic/digital format. The digital form of the policy contract may be forwarded through email or a link shall be provided in the certificate of insurance. However, where policyholder specifically seeks the physical form of the policy contract, the same shall be provided by the Insurer.
FAMILY FLOATER POLICIES WILL BE AVAILABLE
Family consists of the proposer and any one or more of the family members as mentioned below: (i) legally wedded spouse. (ii) Parents and Parents-in-law.
(iii) dependent Children (i.e. natural or legally adopted) between the day 1 of age to 25 years. If the child above 18 years of age is financially independent, he or she shall be ineligible for coverage.
Family consists of the proposer and any one or more of the family members as mentioned below: (i) legally wedded spouse. (ii) Parents and Parents-in-law.
(iii) dependent Children (i.e. natural or legally adopted) between the day 1 of age to 25 years. If the child above 18 years of age is financially independent, he or she shall be ineligible for coverage.
MASHAK RAKSHAK PLAN / POLICY
BASIC FEATURES :
1. Policies issued by all insurance companies will comply with IRDAI Notifications on Mashak Rakshak policy
2. All policies will have same cover terms & conditions and no variants are allowed
3. No policy will have additional / optional cover or add-on
4. Policy will be issued for a period of one year only .
5. Minimum insured amount is Rs 10,000 with a maximum of Rs 2 lakhs
6. Minimum entry age of 18 years with a maximum of 65 years with life long cover
7. Family floater policies to be made available including insured , spouse , parents / parents in law with dependent children aged up to 25 years .
10 . Premiums - one time annual payment .
11. The policy will carry same premium pan India
12. THE POLICY IS PORTABLE WITH ANY OTHER INSURER
13 . Group Insurance can be offered by the insurance companies
TO READ IRDAI CIRCULAR DATED 04.02.2021 , CLICK HERE
1. Policies issued by all insurance companies will comply with IRDAI Notifications on Mashak Rakshak policy
2. All policies will have same cover terms & conditions and no variants are allowed
3. No policy will have additional / optional cover or add-on
4. Policy will be issued for a period of one year only .
5. Minimum insured amount is Rs 10,000 with a maximum of Rs 2 lakhs
6. Minimum entry age of 18 years with a maximum of 65 years with life long cover
7. Family floater policies to be made available including insured , spouse , parents / parents in law with dependent children aged up to 25 years .
10 . Premiums - one time annual payment .
11. The policy will carry same premium pan India
12. THE POLICY IS PORTABLE WITH ANY OTHER INSURER
13 . Group Insurance can be offered by the insurance companies
TO READ IRDAI CIRCULAR DATED 04.02.2021 , CLICK HERE
WHAT THE POLICY WILL COVER ?
Hospitalization Benefit: Lump sum benefit equal to 100% of the Sum Insured (excluding the amount paid under diagnosis cover referred at s.no 13, if any) shall be payable on positive diagnosis of any of the following vector borne disease (s) requiring hospitalization for a minimum continuous period of 72 hours.
i. Dengue fever ii. Malaria iii. Filaria (Lymphatic Filariasis)
iv. Kala-azar v. Chikungunya vi. Japanese Encephalitis vii. Zika Virus
Diagnosis Cover: 2% of the sum insured shall be payable on positive diagnosis (through laboratory examination and confirmed by the medical practitioner) of every covered vector borne disease on the first diagnosis during the Cover Period, subject to policy terms and conditions. The Policyholder is entitled for payments under “diagnosis cover” payment for each disease only once in the policy year.
Hospitalization Benefit: Lump sum benefit equal to 100% of the Sum Insured (excluding the amount paid under diagnosis cover referred at s.no 13, if any) shall be payable on positive diagnosis of any of the following vector borne disease (s) requiring hospitalization for a minimum continuous period of 72 hours.
i. Dengue fever ii. Malaria iii. Filaria (Lymphatic Filariasis)
iv. Kala-azar v. Chikungunya vi. Japanese Encephalitis vii. Zika Virus
Diagnosis Cover: 2% of the sum insured shall be payable on positive diagnosis (through laboratory examination and confirmed by the medical practitioner) of every covered vector borne disease on the first diagnosis during the Cover Period, subject to policy terms and conditions. The Policyholder is entitled for payments under “diagnosis cover” payment for each disease only once in the policy year.
PLAN N PROGRESS compares premiums quoted by various insurance companies on Arogya Sanjeevani plan : CLICK HERE FOR DETAILS
NEW ARTICLE
SECURING HEALTH FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES , CLICK HERE
SECURING HEALTH FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES , CLICK HERE
DO YOU KNOW ?
From a report of Sample Survey Office , it is revealed that 80 percent of Indians , who mainly rely up on private health care , do not have any medical insurance . The government has brought only about 12 % of population under health protection schemes like Rashtriya Swasthya Bima Yojana . In the absence of health insurance , 75 % of Indians use their hard earned savings while 18% have to borrow . In order to escape from financial gloom in the events of medical emergencies , one has to definitely require some form of Health insurance .
KNOW ABOUT TAX ON RETIREMENT BENEFITS , CLICK HERE
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
TAX BENEFIT UNDER SECTION 80D OF INCOME TAX ACT
Deduction allowed on Medicliam Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for others from the financial year 2018-19 . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents if they are senior citizens and Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .
TAX BENEFIT UNDER SECTION 80D OF INCOME TAX ACT
Deduction allowed on Medicliam Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for others from the financial year 2018-19 . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents if they are senior citizens and Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .
ADVANTAGES / DISADVANTAGES WITH THE AROGYA SANJEEVANI PLAN :
1. PORTABILITY : If the services of any particular insurance company is not satisfactory , one can easily migrate any other insurance as all the terms & conditions are same
2. PRICE COMPARISON : We can easily compare the premiums demanded by various insurance companies . Further the price has to be competitive issued by them to survive in the market and hence premium will become quite attractive . Further if any other product issued by the insuror , a benchmark will be created in the form of AT Plan .
3. For other products also , it is expected that prices will become optimum , as otherwise customers will migrate to the standard plan
4. AT Plan just covers the basic minimum with a maximum cover of Rs 5.00 lakhs . Further no add-on is permitted . In the present costs of medical treatment , the cover may not be sufficient . Hence public will be forced to buy another health policy .
5.Entry age is restricted to 65 years . Hence many senior citizens will not be able to take up the plan
1. PORTABILITY : If the services of any particular insurance company is not satisfactory , one can easily migrate any other insurance as all the terms & conditions are same
2. PRICE COMPARISON : We can easily compare the premiums demanded by various insurance companies . Further the price has to be competitive issued by them to survive in the market and hence premium will become quite attractive . Further if any other product issued by the insuror , a benchmark will be created in the form of AT Plan .
3. For other products also , it is expected that prices will become optimum , as otherwise customers will migrate to the standard plan
4. AT Plan just covers the basic minimum with a maximum cover of Rs 5.00 lakhs . Further no add-on is permitted . In the present costs of medical treatment , the cover may not be sufficient . Hence public will be forced to buy another health policy .
5.Entry age is restricted to 65 years . Hence many senior citizens will not be able to take up the plan
ISSUERS OF HEALTH COVERS
Mediclaim policies are issued by specialized Health / Medical Insurance companies , Life Insurers as well as General Insurers . To get the list and visit their websites , Click Here
Mediclaim policies are issued by specialized Health / Medical Insurance companies , Life Insurers as well as General Insurers . To get the list and visit their websites , Click Here
ARTICLES ON
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
