Money Back Health Insurance Plan
IndiaFirst Money Back Health Insurance Plan
IndiaFirst Money Back Health Insurance Plan is a comprehensive unit-linked health insurance plan. It covers self, spouse, children as well as parents and has a unique combination of a health insurance plan along with the benefits of a unit-linked plan. Hence it provides the best of both worlds. Basic health insurance policy features like hospitalisation benefits, day care procedure coverage, doctor’s fees, medicines, tests, etc are paid for along with option to choose from 6 investment funds available and tax benefits, as well.
Key Features
The below illustration is for an individual opting for:
Sum Assured = Rs 1,50,000
Policy Term = 10 years
Premium = Regular, Annual
Age = 30 years and 40 years
Investment Fund = 100% in Equity 1
Policy Type= Single Cover of Primary Life Insured Only
Benefits
In case of death of the primary life insured, the Fund Value is paid to the nominee and the policy is terminated for everyone else as well. However, if other members die, then only that member is removed from coverage and the plan continues.
The Fund Value is paid to the primary life insured at the end of the Plan Term.
The premium paid is tax free under section 80D for health care charge and under 80C for the premium paid towards market linked fund. Maturity value is also tax free under section 10(10) D provided the premium in any year during the plan term does not exceed 20% of the sum assured
There are no riders available in this plan.
There are 6 Investment Funds options to choose from:
- Equity 1 Fund
- Balanced 1 Fund
- Debt 1 Fund
- Index Tracker Fund
- Value Fund
- Liquid 1 Fund
Not allowed in this plan
Minimum Switch amount is Rs. 5,000. Two Switches are allowed free of charge in a Policy Month, i.e. 24 switches per year to a maximum amount of the Fund Value.
You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 and the Maximum Partial Withdrawal allowed is upto 25% of Fund Value as on withdrawal request date such that at least minimum balance equal to 110% of your annual premium after the withdrawal.
Variants
- Hospital room accommodation – Hospital and Nursing Home Room Rent is provided by this policy but only upto 1% of the Sum Insured subject to a maximum of Rs 5000 per day
- There is even a limit on the Intensive Care Unit room rent reimbursement of only 2% of Sum Insured, upto a maximum of Rs 10,000 per day
- Fees for doctor, surgeon, anesthetist, medical practitioner, consultant and specialist
- Nursing expenses
- Cost of medicines and drugs, OT charges, blood, oxygen, any investigation done, pathology, radiology, and other diagnostic tests, etc are paid for.
- 195 Listed Day Care Procedures are also covered.
- Cancer treatment including chemotherapy and radiotherapy
- Pre and Post Hospitalisation of 30 days and 60 days are covered.
Eligibility
|
Minimum |
Maximum |
|
|
Sum Assured for Individual (in Rs.) |
1,50,000 |
5,00,000 |
|
Sum Assured for Floater (in Rs.) |
1,50,000 |
10,00,000 |
|
Premium Paying Term (in years) |
Single |
Equal to PT |
|
Policy Term |
5 years for Single Pay Only |
10 years for Regular Pay |
|
Entry Age of Primary Life Insured |
18 years |
60 years |
|
Entry Age of Children |
90 days |
24 years |
|
Entry Age of Spouse and Parents |
18 years |
65 years |
|
Age at Maturity for Self/Spouse/Parents |
- |
75 years |
|
Age at Maturity for Children |
- |
25 years |
|
Payment modes |
Single and Yearly |
|
FAQs
What happen if you stop paying the premium before 5 years ?If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
What happen if you stop paying the premium after 5 years ?If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What happen if you want to surrender the policy ?If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
What happen if you want a loan against your policy ?There is loan available under this plan after completion of 5 policy years.
