Future Hospital Cash Insurance: Coverage, Claim & Renewal

Published: 03-04-2019 05:32:44 AM

Getting sick or hurt is never intended by anyone, and can never be predicted by divine forces. So, whenever anyone in the family is hospitalized, the patient and the accompanying family members are often covered in a cloud of anxiety, confusion, and fear. While this fear is primarily about the condition of the patient, medical costs also add to it considerably.  In such cases, a cover for hospital expenses can bring some rest to the trouble mind that’s crucial in such events. Future Hospital Cash Insurance plan is designed for this only.

What is Future Hospital Cash Insurance Plan?

A perfect health plan that comes with a lifelong renewal option, Future Hospital Cash Insurance has an added advantage of incidental expenses coverage that doesn’t come with a normal health plan. As the name suggests, this plan provides cash benefit to accommodate medical expenses so as to help save your savings. Read further to know the plan inside out.

Eligibility Criteria

Particulars	Details
For children	6 months  –  25 years
Minimum age allowed for adults	18 years – 65 years
Renewal	Lifelong
Tenure	1 year

Future Hospital Cash Insurance Covers

Following points indicate all one can benefit from this health plan:

• Hospital admission: for more than 24 hours
• ICU Benefit outside the city of residence: 3 times
• ICU Benefit within the city of residence: 2 times
• Hospital cash benefit: for a maximum of 30/60/90/120 days ( continuous completed period of 24 hours)
• Additional convalescence benefit: for hospitalization beyond 10 consecutive days; payable once every hospitalization

Claim Process

• The online portal of Future General provides an online form for making a claim
• You are required to fill patient details, hospital details, as well as details regarding the claim
• The documents you are required to present during claim are:
  • Claim form
  • Copy of the policy document
  • Discharge certificate/card from hospital (photocopy)
  • Final hospital bill with receipt (photocopy)
• Future Generali has a team for settling claims, which can process claims within 14 days of making the claim
• If you require constant updates regarding the status of your claim, you can mention your contact number while making the claim

Cases where you can’t make a claim

Every well-informed consumer should check out the list of exclusions before buying into the policy. The items and conditions excluded as per the terms of the policy are:

• Pre-existing conditions are not covered under the policy until 4 consecutive policy tenures (48 months) are complete
• General debility, self-inflicted harm, sexually transmitted diseases, etc.
• Non-allopathic treatment
• Any form of treatment for hospitalization for mental illness
• Hospitalization for procedures such as plastic surgery and cosmetic treatments, as well as alternative or unproven procedures
• Hospitalization done within 30 days of the policy initiation
• Obesity treatment related hospitalization
• Hospitalization pertaining to fertility treatments like IVF
• Hospitalization for medical examination procedures
• Hospitalization incurred through participated adventurous activities such as paragliding, scuba diving, bungee jumping, or rock climbing, etc.

How long does it take to pay out a claim?

Future Generali has an in-house claim settlement team which aims to resolve claim applications within the period of 14 days starting from the time complete document set is received

Renewal Process

To renew Future Hospital Cash Insurance plan, one doesn’t need to run miles but a mere clicks here and there and your work is done. Since this is a yearly plan providing lifelong renewal, one can keep reaping benefits if make renewals in time.

One can either choose the offline option where a physical visit is all that is required along with documents like policy documents, ID Proofs, etc.

Or if you are in hurry, go for the online option and visit the official website of Future Generali where you can easily locate the Renew tab. In a few simple steps requiring you to provide policy number, mobile number, etc. your policy shall be renewed after paying the renewal amount.

There is a grace period of 30 days, in case one is not able to get the policy renewed within the term of policy. This period starts right after the expiration date of policy.

Future Generali Network Hospitals

There are more than 4300 hospitals in the wide network of Future Generali for cashless claims and claim reimbursement.

To locate the network hospitals of Future Generali, you need not dig deep. Just visit the official website of the same and look for ‘Locators’ tab on the top bar. Hover on the tab and a drop down box shall open from where you need to click on ‘Locate Network Hospital’. Select the State and City and a list comprising of the hospital addresses shall open from which you can choose the one closest to you.

Advantages of Buying Future Hospital Cash Insurance 

• Insured member can claim remuneration for each day that he/she was hospitalized according to the plan policy
• This plan offers continuity in tandem with hospital cash policies with the same benefit amount.
• Unless the insured member is above 55 years of age, pre-acceptance medical tests will not be required for this plan
• The premium payments for this plan are exempt from your income tax payment according to the Income Tax Act, Section 80D
• There are several policy options including for individuals and family basis which covers you and your spouse, along with 2 independent children up to the age of 25
• Convalescence bonus of Rs.5000 is available for longer hospitalizations (for more than 10 days)
• Under the Free-Look benefit, you can return the policy documents within 15 days if you are not satisfied with the policy terms

Important Aspects

• Make sure to choose a sum insured that will be enough to cover you and your family in case of hospitalization
• To avail Plan C and Plan D type of this policy, your monthly income should be Rs.50,000 and Rs.75,000, respectively. For Plan A and B, no such criterion is set

FAQs

Q1. If I have an accidental insurance, what unique benefits does a Hospicash policy offer?

Other than the benefits offered by a standard policy, a Hospicash policy provides the benefits of miscellaneous out of pocket procedures such as food & convenience for patient and accompanying member.

Q2. How much amount is available every day under the policy?

You are liable to receive an amount up to  Rs.3,000 per day under the plan, and extra in case of ICU hospitalization.

Q3. How many days of hospitalization are covered under the policy?

It depends on the type of plan that you choose. However, the range of days available under the plan are between 30 to 180 days.

Q4. Can I opt for Hospicash plan as a family floater plan?

Yes, you can share the benefits of the plan with your spouse, as well as 2 dependent children. However, hospitalization benefit will be available to one member.

Q5. Would original bills of the hospital or any expenses required for claiming?

No, being a benefit policy, bills are not required. However, the original documents required at the time of claim will be returned after checking.

Q6. Can I receive tax benefits under this scheme?

Yes, you are liable to receive income tax benefits for premium payments according to Section 80D of the Income Tax Act.

Q7. Do I get any recovery benefits under this plan?

Yes, you are liable to receive an amount of Rs.5, 000 as recovery benefit under the circumstance that your hospitalization lasts for more than 10 days.