Long term retirement medical benefit plan

Who can be covered under this policy?

The following persons can be covered under this policy:

• Employees who are presently in service and would like to contribute to the scheme while in service and provide for their retirement benefit.
  
  
• Those who are likely to retire and are planning for their retired life
  
  
• Those already retired but could not provide for their old age medical requirements as there were no suitable plans available at the time of their retirement from service.

What are the benefits under this retirement plan?

Suitable benefit tables have been worked out with a lifetime limit ranging from Rs.1 lakh upto Rs.10 lakhs.

Higher limits could also be considered to take care of young employees who might join the scheme today and opt for retirement at 60 years. This will take care of the possible increase in cost of medical care.

Can the insured change the selected retirement age?

The retirement age (benefit commencement age) will have to be fixed at the time of joining the scheme. No change of selected retirement age is permitted.

When can a member avail the benefits?

The benefits can be availed from the selected date of retirement age and, thereafter, during the entire life span.

Can a member's spouse be covered?

It can provide joint cover for the employee and his spouse.

What is the premium under this plan?

Premium tables have been worked out for entry age starting at 18 years and also for selecting a suitable retirement age from 50 years to 60 years.

How should the payment be made?

The payment may be made as

• One time payment or
  
• Annual instalment payment

The actual premium for annual instalment as well as one time payment are to be calculated after taking into account the group discount according to the size of group.

The premium table worked out will be valid for all insured persons joining during the next five years and they will remain the same throughout their lives. Thereafter, every five years fresh premium tables will be worked out and supplied to all these insured persons who join the schedule during the respective period.

Are pre-existing ailments/diseases covered?

Yes, they are covered. This policy is also subjected to other usual exclusions.

What is the waiting period?

The waiting period for commencement of benefit after payment of full premium is four years. However, a provision has been made for the reducing the waiting period, with appropriate loading of premium.

Can a member withdraw from the plan?

An employee who has paid the premium but has not availed of the benefit or if benefit has not commenced, can withdraw from the plan voluntarily or due to death.

Is there any provision for refund?

A Table of Refund factor has been drawn up. These factors have been worked out after taking into account the interest portion. The refund in case of voluntary withdrawal will be 75% of the refund payable in case of death.

Is the benefit under this plan available world wide?

This benefit can be availed for treatment in India only.