Usually health insurance and traditional life insurance policy don’t cover all the additional expenses related to injury or illness at the time of hospitalization. Hence, the need for daily cash insurance policy arises to cover extra expenses like conveyance, lodging, food. Oriental Happy Cash-Nishchint Rahein is one such policy designed to provide extra cushion to the insured/family hat are generally not covered under an ordinary health insurance plan.
What is Oriental Happy Cash-Nishchint Rahein?
Oriental Happy Cash-Nishchint Rahein is designed to give extra protection in case insured/ family gets hospitalized for the disease/ailment contracted and injuries sustained during the period of policy. It provides the policyholders with the daily cash and convalescence benefit which acts as a cushion in those times. Oriental Happy Cash provides two options of Daily cash benefit period to the policy seeker, one is for 30 days and other one is for 60 days. It is the maximum number of days for which the insurance company will be payable.
Eligibility Criteria
| Particulars | Details |
| Entry Age | Adult: 18-65 (can be extended up to 75 years if they hold a retail health policy of oriental)
Child: 3 Months
|
| Sum Assured | Rs 500, Rs 1000, Rs 2000 and Rs 3000 |
Features Of Oriental Happy Cash-Nishchint Rahein
- This policy provides daily cash benefit depending up on the period (30/60 days) chosen by the insured at the time of inception of the policy. In case, the hospitalization term exceeds daily cash benefit period (30 or 60 days), lump sum amount will be payable under convalescence benefit
- Daily cash benefit will increase by 25% for females without paying any additional premium
- This policy have a free look period where the insured is allowed a period of 15 days to review the terms and conditions and return the same if not acceptable
- It also provides 3 options of deductible-no deductible, 1 day and 2 days deductible
What this policy covers?
- Daily cash benefit in case the insured is hospitalized
- Ayurvedic/Homeopathic/Unani hospitalization treatment is covered if taken in a government hospital
- Convalescence benefit
Documents required for claim process
To claim, following are the documents which should be submitted to the company/TPA within 15 days of discharge from the hospital/nursing home:
- Hospital discharge report
- Duly filed claim form
- Original test reports pertaining to the illness
- Medical history of the patient
Claim Settlement
As soon as the insured is admitted in the hospital, details like Policy Number, ID Card No., Name of insured person in respect of whom claim is made, Nature of disease / injury, name of the hospital, etc. should be given to the insurance company /TPA within 48 hours of admission but before discharge unless waived in writing. In case of post hospitalization, supporting claim papers and documents given above should also be submitted within 7 days.
Cases where you can’t claim Oriental Happy Cash-Nishchint Rahein
The insurance company is not liable to pay if the insured is hospitalized in connection with or in respect of:
- Pre-existing diseases
- Disease contracted by the insured person during the first 30 days from the issued date of policy
- Injury or disease directly or indirectly caused by war, nuclear weapons or material
- Surgery for correction of eye sight
- Any dental treatment which is corrective and cosmetic in nature
- Any treatment arising from or traceable to pregnancy
- Massages, shirodhara and steam bathing and like treatment under Ayurvedic treatment
How long does it take to pay out a claim?
After getting the required documents from the insured or claimant, the insurance company will take 30 days to settle claims. In case of any delay in the payment, company will be liable to pay interest which is 2% above the bank rate.
Renewal Process of Oriental Happy Cash-Nishchint Rahein
Renewal of Oriental Happy Cash-Nishchint Rahein is not automatic and thus, the premium should be paid to the insurance company before the due date. In case of delay in renewing the policy, a grace period of 30 days is allowed
Advantages of buying Oriental Happy Cash-Nishchint Rahein
- If two or more than 2 members are covered under the policy, the insured will be eligible to get family discount of 5% and 7.5%, respectively on premium
- There is 25% extra daily cash benefit for females at no additional premium
- The insured will get family discount by covering two or more members under this policy
- If the policyholder doesn’t opt for TPA, S/he will be eligible for 5.5% discount
- No medical tests are required to buy this policy
Important Aspects (Critical things you shouldn’t ignore)
- Daily cash benefit is limited to the period selected by the insured
- Pre-existing diseases will be covered after 48 months provided the policy has been in force for that period
- This plan doesn’t provide worldwide coverage; so, all medical treatment should be taken in India only for the purpose of this insurance
| Features | |
| Claim Type (In-House or TPA) | Both |
| Pre-Hospitalization | NA |
| Network Hospital Count | 1800+ |
| Post-Hospitalization | NA |
| Room Eligibility | NA |
| Share Claim Payments | 0,1,2 days deductible |
| Restoration of Cover | NA |
| No Claim Bonus | NA |
| Ambulance Charges | NA |
| Worldwide Coverage | Only limited to India |
| Maternity Cover | NA |
| Hospitalization at Home | NA |
| Day Care Treatment | NA |
| Non-Allopathic Treatment Coverage | Covered |
| Emergency Ambulance | NA |
| Health Check-up
|
NA |
FAQ’S
Q1- What do we mean by daily cash benefit?
Oriental Happy Cash provides daily cash benefit. It means the per (complete 24 hours of hospitalization) day benefit amount selected by the insured at the time of inception of the policy.
Q-2- Is it important to buy health insurance policy prior to buying this plan?
No, anyone can avail this policy even if they don’t have a health insurance policy. One should know that it is not a substitute of health insurance but a supplement or cushion which ensures additional expenses incurred during hospitalisation are covered.
Q3- What is the process of cancellation of this policy?
The insured may at any time cancel this policy by giving 30 days’ notice period to the insurance company. In such event, the company will process refund of premium at short period rate only provided no claim has occurred during the policy period.
| Period on Risk | Rate of premium to be charged |
| Upto 1 month | ¼ of the annual rate |
| Upto 3 months | ½ of the annual rate |
| Upto 6 months | ¾ of the annual rate |
| Exceeding 6 months
|
Full annual rate |
Q4- Is this policy portable?
Yes, the policyholder anytime may switch from one insurer to another insurer. In case, the insured desires to port their policy, S/he can only do it during renewal not in mid-term and request for the same has to be made 45 days before the renewal date.