Pay-as-you-go concept is catching up. People prefer paying for just what they need and not for the entire bundle. Many companies are coming up with micro products at highly affordable prices to target some specific demands that are often overlooked in a comprehensive product.
Insurance sector is buzzing with new innovation to cater to such micro demands.
IFFCO Tokio General Insurance has launched a new health insurance plan- MOS-BITE Protector Policy. It is a benefit plan, which pays you a lumpsum amount on diagnosis of vector-borne diseases at an affordable premium.
Vector-borne diseases are caused by viruses, bacteria and parasites that mosquitoes transmit. According to the World Health Organisation, Malaria causes more than 400,000 deaths every year globally. Similarly, major vector-borne diseases account for around 17 per cent of all infectious diseases.
Pallavi Roy, Head - Products, IFFCO Tokio General Insurance Company said, "There has been an increase in the number of claims relating to vector-borne diseases. With the rise in medical inflation, the treatment costs for these diseases have also gone up. Hence we have launched the product to provide financial support to our customers."
What the policy offers
The insurance plan pays you the sum insured in case the policyholder gets hospitalised for a continuous period of 48 hours due to any of the following seven diseases - Dengue fever, Malaria, Lymphatic Filariasis, Kala-azar, Chikungunya, Japanese Encephalitis, Zika Virus.
The insurance policy is available to an adult between 18 and 65 years of age without any medical tests. For a child, the cover is available from an entry age of 91 days to the maximum age of 23 years. The sum insured options are available up to Rs 1 lakh in multiples of Rs 5,000.
For an individual health plan with sum assured of Rs 5,000, the annual premium is Rs 44. The maximum sum assured under this plan is Rs 1 lakh for which you will have to pay a premium of Rs 876. The premium remains the same irrespective of the age of the person who is being insured. The policy is also available for the long-term period of two years and three years.
You can buy this policy for your family members with each having a separate insurance cover. The insurer is offering a discount of 5 per cent on policy premium if three or more people are covered in a single policy. For this you can include any of the family members - spouse, children, brothers, sisters, parents or parents-in-law.
Should you go for this plan?
Many comprehensive health plans also offer cover against these diseases. So, if you have such a comprehensive plan, you may not need this policy.
In case you do not have a comprehensive health policy that offers coverage against vector-borne diseases and you live in a disease-prone area, you may consider buying this plan that is quite affordable.
However, you must remember that while a comprehensive plan offers coverage when there is a hospitalisation of 24 hours, MOS BITE Protect Policy requires you to stay hospitalised for 48 hours before you make the claim.
The cost of treatment may go up significantly for such diseases when you have prolonged hospitalisation. This plan can work as a cushion against larger cash outflow.
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