IndiaFirst Money Back Health Insurance Plan is the latest addition to the product portfolio of IndiaFirst Life Insurance Company. This new plan is a unit-linked health insurance plan is designed to take into account the investment needs of a customer while providing the benefits of a health insurance plan.
Commenting on the launch, Dr. P. Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance said, "The unique proposition of this plan is that it offers a comprehensive health cover for the entire family along with the investment flexibility to grow wealth by investing in different funds under a single plan. Customers are better off saving for health, long-term health plans are better than short term ones and customers want better service delivery. These are the three key insights on which we have built the IndiaFirst Money Back health Insurance Plan."
Features of IndiaFirst Money Back health Insurance Plan are:
- One policy covers individual and family including spouse, two children and parents
- Cover can be extended to new family members in case of marriage or re-marriage and childbirth or adoption
- Cashless treatment from over 4,500 network hospitals
- Covers hospital admission cost + 195 day care procedures + pre and post hospitalisation costs
- Reimbursement of all other medical expenses not covered in the hospitalization benefit, by creating a fund
- Option to receive maturity fund value as a lump sum amount or spread over a period of time
- Double tax benefits under section 80C & 80D of the Income Tax Act, 1961
IndiaFirst Money Back health Insurance Plan is a long term plan and the minimum policy term for single pay is 5 years, whereas the maximum policy term is 10 years for regular pay.
Read our expert review of IndiaFirst Money Back health Insurance Plan
The other features of this unit-linked health plan are choice of 6 fund options, two free switches allowed in a year, partial withdrawals after 5 years.
Most customers hesitate before buying a health insurance plan early on, as they don’t get returns on it. IndiaFirst Money Back Health Insurance Plan proposes to invest a part of the premium into various funds as per the policyholder’s choice. The returns get accumulated in the policyholders account and can also be used to cover various hospitalisation expenses that are not payable under this policy or are beyond the insurance limits.