L&T Insurance launches Super Top-Up health insurance scheme

The new scheme offers comprehensive coverage, which includes pre- and post-hospitalization expenses and day care procedures

February 19, 2014 4:18 IST | India Infoline News Service
L&T Insurance Ltd., on Tuesday launched a top-up health insurance scheme, my:health Medisure Super Top Up, which provides for an option of buying top-up health insurance cover ranging between Rs. 3 lakh and Rs. 20 lakh, over your existing policy.
The new scheme offers comprehensive coverage, which includes pre- and post-hospitalization expenses and day care procedures, without any sub limits for spouse, two dependent children and also parents and in-laws. The scheme is positioned at individuals and families seeking to protect themselves from the ever-increasing payouts on hospitalization. Existing medical insurance cover is generally found insufficient in meeting the enhanced payouts.
The Super Top Up policy is ideal for people working with corporate sector who already have health policy cover and also individuals holding independent health insurance policy. Young people who do not have an underlying policy can pick up this insurance cover as it is very affordable along with Parents who can insure their children from the age of 91 days to the age of 23 years.
Further, the premium for a Rs 25 lakh policy (Rs 20 lakh cover, 5 lakh deductible) for a customer is highly affordable - Rs. 2472 for an individual who is less than 35 yrs of age, Rs. 2719 for an individual in the age group between 36-45 yrs and Rs 4079 for an individual in the age group between 45-60 yrs.
In the unfortunate case of a claim, the first part (the ‘Deductible’) is charged out of existing health insurance policies or savings, and the amount over and above the deductible can be charged to the top-up policy.
For instance, an individual buying a my:health Medisure Super Top Up policy for ` 8 lakh, with a deductible of Rs. 2 lakh, will have to bear the first ` 2 lakh  of the claim amount from the existing mediclaim policy and the balance Rs. 6 lakh can be charged to this Top Up policy. The insured has the flexibility of making the claim in one instance or through multiple instances during the year. As compared to a Top Up policy wherein a single claim alone needs to be above the deductible amount, in this case multiple claims during the policy period can be clubbed to cross the deductible amount and trigger the claim.
Commenting on the new policy, Mr. Joydeep Roy, CEO & Wholetime Director, L&T Insurance,said, “ With a general upward trend in the cost of health care, it is imperative that higher cover is required at all levels of life expectancy. To fulfill this felt need, L&T Insurance has launched Super Top Up to cater to the requirements of a large majority of people who have health cover. This product would also aim at much wider penetration as well as address the issue of under-insurance in the country. Super Top Up Product enjoys the convenience & assurance from the house of L&T Insurance. With premium remaining constant above 60 years, the increasing number of people who retire too would find the product very customer-friendly.”
The policy offers tax benefits under section 80D of the Income Tax Act. The Insured is guaranteed renewal of the policy for life, subject to normal terms and conditions. The policy can be renewed annually or for a period of two years throughout the lifetime of the policyholder. This policy too comes with a service guarantee of response within 6 hours for a cashless request.
Additional Benefits:
1. Free-Look Period- This gives you an option of cancelling the Policy within 15 days from the date of receipt of Policy documents, if you are not satisfied with the coverage and terms of the Policy. The company will refund the premium paid after adjusting the amounts spent on stamp duty charges, Medical examination (wherever applicable) and proportionate premium (If Policy has already commenced).  Refund will not be applicable if you have made a claim against the Policy during that period.
2. Tax benefit under Section 80D- This Policy offers tax benefits under Section 80D.
3. Two Year Policy Period- You can take the Policy for a continuous period of two years and get a 5% discount on the total premium amount of 2 years.
4. Guaranteed Renewal for Life- You can renew your Policy throughout your lifetime, provided your application for renewal and the renewal premium are received in full before the due date or within a maximum of 30 days from such date. Please note that no claims will be payable during this gap period of 30 days.
5. Individual and Floater Sum Insured Options- This Policy gives you an option of covering your spouse and 2 dependent children. Your parents and parents in-law can also be covered in the same Policy if it is on an Individual Sum Insured basis and in a separate Policy on floater Sum Insured basis
6. No Claims Experience Loading on Renewal- Even if you make a claim during the Policy year, the company do not increase the premium to be paid at the time of renewal due to  claims in the Policy
7. No medical tests up to the age of 55
8. Constant Premium after 60 years
9. Service Guarantee
o In case of a Cashless Claim- The policy assures response within 6 hours for a cashless facility request, provided your intimation is received during working hours from 9 am to 9 pm on Monday to Saturday. In case, fail to meet this assurance; the company will pay a fixed compensation/penalty of Rs 1000. If your intimation is received after working hours on a working day, or any time during a holiday, the company assures a response within 8 hours.
o In case of a Reimbursement Claim - The Company assure a response within 6 working days from the date of receipt of the complete set of documents

FREE Benefits Worth 5,000



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