Universal Sompo Hospital Cash Insurance Policy

• The policy provides a daily cash allowance for each day of hospitalization.

• No pre-entrance medical check-ups are required till 55 years of age. If the insured is above 55 years of age, medical check-ups are required 50% of the cost of which are reimbursed by the company on successful issuance of the policy.

• Three types of coverages are extended by the plan which includes Hospital Confinement Benefit, Intensive Care Benefit and Convalescence Benefit.

• The Sum Assured can be enhanced on renewals.

• The policy offers attractive premium discounts.

The following chart shows the sample premium rates payable by the proposer for different combinations of age, coverage option and benefit period selected.

The table below gives a quick tabular reference to the above chart:

• A daily benefit is paid when the insured is hospitalized. There are six options and the daily amount payable depends on the option as selected by the proposer. The options and their corresponding benefit structure is as follows:

A proposer can choose a period of 15, 30, 45, 60, 90 or 180 days of hospitalization for the hospital confinement benefit under any option selected.

If the insured is admitted into the ICU of a hospital, double the benefit would be payable for each day of ICU confinement. The amount of benefit would be double of the hospital confinement benefit as per the option selected by the proposer.

If the hospitalization of the insured exceeds 21 days, an additional benefit called the Convalescence Benefit would be paid. This benefit would be equal to Rs.10, 000 and would not be paid if the period of hospital confinement benefit selected is 30, 45, 60, 90 or 180 days.

The plan offers three types of rebates or discounts which are as follows:

• Family Discount – If family members (spouse, children and dependent parents) are covered under the plan, a discount of 5% in the annual premium is allowed.
• Long term policy discount – If the policy is taken for 2 or 3 years, a discount of 10% and 15% is allowed in the premium rate. The premium computation for this discount would be twice and thrice of the annual premium payable, respectively.
• Group Discount – If the policy is issued as a group insurance policy, there is a discount offered by the company.

If the proposer wants to port his existing health insurance plan taken from another company to this plan, he can do so. Such portability should be requested at least 45 days before the expiry of the previous policy which is being ported.

A cooling off period or a free look period of 15 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.

• The company can cancel the policy on grounds of fraud, misrepresentation or non-disclosure. In this case premiums paid are not refunded. The proposer can also cancel the policy if he wants and in this case premiums would be refunded after deducting the coverage cost for the period for which the policy was in force and other expenses. The proportion of premium refunded in a cancelled policy is as follows: