IFFCO-Tokio Individual Medishield Policy – Coverage, Claim & Renewal

Updated: 08-09-2023 06:54:13 AM

Whenever the question of financial security arises, we all resort to life insurance plans and pitch our tents there only. While investing in ULIPs and other insurance plans make perfect sense, leaving that big stone of health insurance, like IFFCO-Tokio Individual Medishield Policy, unturned is not a good idea. Health is just as important and thanks to the rising medical costs, if this aspect is left untouched, medical expenses carry the caliber to dismantle our budget to a whole new level.

What is IFFCO-Tokio Individual Medishield Policy

This policy is an efficient way to ensure your financial backbone stays the same in case of any medical unrest. This policy provides the applicant with the option to extend the cover for critical illnesses like cancer, heart surgery, major organ transplantations, etc.

Eligibility Criteria

• People falling in the age group of 3 months to 60 years of age are eligible to get enrolled in IFFCO-Tokio Individual Medishield Policy
• He/she should be a resident of India
• Children of 3-5 years old can be insured only if both the parents are insured in the policy concurrently
• Dependent child should not be over the age of 23 years and should be unmarried

What all IFFCO-Tokio Individual Medishield Policy covers?

• Any expenses related to nursing before and after hospitalization
• You can avail a daily allowance of 0.1% of the coverage amount. This amount is capped at Rs.250 for each day
• Health checkup expenses are covered after 4 claim-free years
• Any emergency ambulance related charges are covered with a capping of either Rs.1500 or 0.1% of the coverage amount
• Ayurvedic treatment and hospitalization, including the expenses incurred before and hospitalization
• Any expenses related to organ transplant procedures

Claim Process

If you are hospitalized at a non-network hospital, you are required to fill a claim form, cash memos, medical test reports, and other bills along to make a claim.

If you are admitted at a network hospital, you can avail the facility of making cashless claims, wherein you don’t need to fill any forms or make any out-of-pocket expenses.

Cases where you can’t make a claim

• Pre-existing disease for a period of 3 continuous years of coverage (from the start of the policy)
• Expenditure done on spectacles, contact lenses or hearing aids
• Dental treatment, unless it requires hospitalization
• General debility, congenital diseases/defects, sterility
• Pregnancy related issues
• Out-patient or in-house treatment
• Expenses incurred on external medical equipment
• Due to participation in dangerous sports/activities
• Expenses for treatment of or related to HIV/AIDS
• Claims related to war, terrorism and nuclear risks
• Expenses arising due to treatment of obesity, hormone replacement therapy or sex change procedure

Renewal Process

IFFCO-Tokio Individual Medishield Policy comes with the option of renewal. This can be done online or offline, as per the convenience of the policyholder. Renewal process needs to be initiated either before the expiration of the policy or within 30 days provided after the expiry date called as the grace period.

 

Advantages of buying IFFCO-Tokio Individual Medishield Policy

• No need for pre-assessment medical screening until the age of 55
• Income tax benefit for premium paid on the policy as per Section 80(D) of Income Tax Act, 1961
• Cashless claim facility at more than 4000 hospitals across India
• If you are travelling within India, medical assistance and personal assistance is available without any extra cost
• You can avail services of alternative medicine such as ayurvedic and homeopathic medicine, but the amount will be limited 10 10% of the sum insured
• The premium amount will vary on the basis of sum insured and the age of the individual.
• If more than 1 member of the family is covered under this policy, 5% discount on premium paid is available whereas it’s 10% if more than two members are covered

Important Aspects

Following points must be taken into account when buying IFFCO-Tokio Individual Medishield Policy:

• It must be noted that the premium to be paid shall depend on basic sum insured chosen along with the age of the life insured
• This health policy by IFFCO-Tokio gives you the option to port from any other health insurance policy to this without losing on the accrued benefits
• In case of organ donation, hospitalization expenses of the person donating the organ to the life insured is covered
• Although this is an individual health policy, but there is a provision of family package cover which includes spouse, dependent children along with dependent parents
• If one avails the family package cover, they are entitled to avail discount on the premiums to be paid towards the same
• Although there is no medical screening required for people up to the age of 60 years, for those ageing beyond it have to undergo blood sugar test, urine test and ECG

FAQs

Q1. Can I avail any tax benefits from purchasing health insurance?

Yes, you can obtain income tax benefits on the premium paid according to the Income Tax Act, 1961.

Q2. What is the status of my coverage amount after I file a claim?

For instance, if you file a claim of Rs.2, 00,000 and your total sum insured is INR 7,00,000, then the available coverage will be Rs.5,00,000.