There are many elaborate health insurance policies in the market, offering coverage to many policyholders for years. The health insurance plan of Bank of Baroda is one such comprehensive policy that satiates the needs of customers to the brim. Bank of Baroda Health Insurance policy has made its way to many investors.
The Baroda health insurance policy covers both the policyholder and the family. Premium rates on each type of health insurance will be different which would also depend on the policy. This health insurance policy is a life saver considering that it helps you reduce the load on your pockets during medical inflation even during accidental emergencies. Here are some crucial factors that you should know about the Bank of Baroda Health Insurance policy.
Introduction to Bank of Baroda Health Insurance Policy
The Bank of Baroda health insurance policy is a medical insurance plan available only for the account holders of Bank of Baroda. The bank has joined the corporate agency with leading health insurance companies namely Max Bupa Health Insurance Co LTD & Star Health and Allied Insurance Co Ltd. This health insurance policy provided by Bank of Baroda takes care of the medical expenses of an individual during illness, treatments and accidents. This insurance policy takes care of all expenses up to the amount insured by the policyholder.
What Expenses Does the Policy Cover?
The Bank of Baroda health insurance policy has a long list of expenses that are covered. The complete medical bill of an individual is covered with the help of the policy. Here are the expenses covered by the health insurance policy.
- Pre & post hospitalization expenses.
- Hospital room charges and intensive care unit charges billed by the hospital.
- Nursing charges during the hospitalization period.
- Charges billed for surgeons, anesthetists, specialists, consultants, medical practitioners, etc. by the hospital.
- Charges incurred for blood, oxygen, Anesthesia, surgical appliances, operation theater charges, medicines, diagnosis, tests, radiotherapy, X-ray, Chemotherapy, and similar expenses.
- Ambulance charge is up to Rs 1000 in a single policy period.
- Health check-up costs @ 1% of the sum assured after 3 continuous claim-free years.
Benefits of Bank of Baroda Health Insurance Policy
The health insurance policy that is provided by the Bank of Baroda has many benefits which are designed just for the policyholder.
- The payable premium amount is less compared to other policies.
- This policy allows a cover for a family of four (spouse and two children) under a single payable premium without no extra
- A single member or all the members of the family can opt for hospitalization services during the ongoing policy period. The only condition here is that the total amount should not exceed the sum assured of the policy.
- The premium paid for the policy makes the policyholder eligible for tax benefits under Section 80D of the Income Tax Act, 1961.
- The premium paid by the policyholder is eligible under the deductions mentioned in Section 80 D of the Income Tax Act, 1961.
Features of Bank of Baroda Health Insurance Policy
The features of Bank of Baroda health insurance policy make the process of understanding and buying the policy easier. These features of the health insurance policy are what differentiates it from all the other policies in the market. Here are some of the features of the Bank of Baroda Health Insurance Policy.
- The initialization of the health insurance policy doesn’t require any medical checkup.
- The policy covers any pre-existing medical conditions after three consistent claim-free policy years.
- The coverage options are available in eight slabs ranging from Rs 50,000 to Rs 5,00,000 for a family of four(3+1).
- Bank of Baroda account holder or the primary member of the family is covered till the age of 80, if he/she gets insured before the age of 65.
- The insured individual receives a cashless hospitalization service throughout selected hospitals across the country. The complete process is trouble-free from the time of admission to the time of discharge.
The payable premium can be monthly or semi-annual depending on the bank policies. The premium policies mentioned in the table mentioned below gives you a general idea regarding the payable premium amount.
|Insured Sum (Rs.)||Premium for up to 65 years||Premium for above 65 years|
What Are the Exclusions in the Policy?
Following shall not be covered under this health policy:
- Any pre-existing disease or illness before three consistent claim-free years.
- The hospitalization charges incurring before the expiry of 30 days from the commencement of the policy. An exception will be made if the policy holder suffers an injury due to some accident.
- Any cosmetic surgery, weight reduction procedure, eye lenses or hearing aid purchase, dental treatments,etc.
- Any pregnancy or related treatment.
- Medications and treatments that fall under the category of naturopathy.
The Bank of Baroda Health Insurance policy is especially designed for the customers of Bank of Baroda to shield them and their family members from medical costs. The health insurance is not only a necessity now, but it has also become a protective financial cover for you and your family.
Q1. Is there a minimum hospitalization time?
Ans. Yes, there is a minimum hospitalization time of 24 hours to avail the benefits of the policy.
Q2. Are accidental expenses covered in this health insurance?
Ans. Yes, the accidental expenses are covered in this health insurance.
Q3. How many coverage options are available in this policy?
Ans. There are eight slabs available in this policy ranging from Rs 50,000 to Rs 5,00,000.
Q4. Can my parents be included in this cover?
Ans. No, only a family of four (Spouse and two children) can be included in the policy.
Q5. Can my friend sign–up for this medical insurance?
Ans. If an individual has a bank account in Bank of Baroda,they can sign up for the Bank of Baroda Health Insurance.
Q6. I don’t have an account with Bank of Baroda. Can I still buy this policy?
Ans. No, you can’t. Unfortunately this health insurance policy is available only to the customers of Bank of Baroda. You need to have an account in the bank itself to reap benefits of this health policy.