Bank of India is a well-known and a dependable bank in India. While some of the major financial services offered by the bank are savings accounts, fixed deposits and loans, it also offers insurance plans for its patrons. Certain insurance policies offered by Bank of India include life insurance, motor insurance, marine insurance and travel insurance along with health insurance. Bank of India health insurance plans are provided in association with Star Union Dai-ichi.
Bank of India offered health insurance plans known as “Swasthya Bima Plan” in the past. As of 3rd October 2018, this particular plan has been discontinued and the existing customers have been migrated to the two new health insurance policies that are offered by the bank in partnership with National Insurance Company Limited.
Types of Bank of India Health Insurance
Bank of India has kept its health insurance head quite simple. It provides two types of plans:
- Individual Plan
- Family Floater Plan
For the policies offered under Bank of India Health Insurance plans, an eligibility criterion is mentioned below which you may look for reference:
- Maximum entry age of any family member covered in the policy would be 65 years
- The main policyholder should be 18-65 years old
- National Mediclaim Policy can be availed for a minimum of two members of the family
- Policy covers policyholder, spouse, parents, legitimate or legally adopted children
- National Parivar Mediclaim can be for the main insured and the following family members:
- Legitimate or Legally Adopted Children (3 months to 18 years old; female child up till marriage)
- Brother, if not employed (up to 25 years of age)
- Sister, if not employed (up till marriage)
Documents Required (Application)
To buy health plans by Bank of Baroda, there are certain documents that need to be submitted for smooth processing of your application. These are:
- Age Proof: Any of the following
- Birth Certificate
- PAN Card
- Aadhaar Card
- Voter’s ID
- Driving License
- ID Proof: Any of the following
- PAN Card
- Aadhar Card
- Driving License
- Address Proof: Any of the following
- Telephone Bill
- Electricity Bill
- Ration Card
- Aadhaar Card
- Passport size photographs of the policyholder and nominee(s)
Bank of India Health Insurance Plans
Bank of India offers Health Insurance in the form of two policies:
- National Parivar Mediclaim Policy
The National Parivar Mediclaim Policy is a floater insurance plan thus covering along the family members of the insured. Under this policy, the expenses associated with any treatment that the insured or his/her family members undergo would be covered. The policy includes homeopathy and Ayurvedic as well, along with allopathic treatments. Under this policy, the insured and his/her family members would either be covered or reimbursed for all the hospitalization, treatment and medication related expenses that may incur within the policy period.
What does it cover?
- Medicines, Drugs and Prescribed Vaccines
- Fees of the Medical Practitioner
- Diagnostic tests and procedures
- Accommodation charges in the hospital
- Surgeries and Procedures
- Dental treatment, circumcision and plastic surgery if deemed necessary due to a disease or injury
- Pre-hospitalization and post hospitalization charges
2. National Mediclaim Policy – Individual Policy
The National Mediclaim Policy can be purchased by an individual for any healthcare or medical expenses, such as treatment or inpatient hospitalization that takes place during the policy period. In return, the insured has to ensure regular and timely premium payments. The policy will cover more than 140 days of surgeries and procedures as well as pre-hospitalization and post-hospitalization expenses.
What does it cover?
Apart from the main healthcare and medical expenses, the following facilities are also provided by the National Mediclaim Policy:
- In-Patient Hospitalization Expenses, including boarding, ICU charges and ambulance charges, additional facilities
- Fees of Medical Practitioner
- Day Care Procedures and Facilities
- Pre-Hospitalization and Post Hospitalization
- 20% sum insured for any one illness in case of homeopathy and Ayurvedic treatment
Different Modes of buying Health Insurance Policy
Bank of India Health Insurance plans can be purchased via various means extended by the company. You can choose from online mode, directly from operating offices, from agents, from mobile vans, etc.
Of all the options mentioned above, the easiest, fastest and hassle-free process is completed by online mode.
For cashless claims:
- Inform the TPA 72 hours before hospitalization if it is a planned one
- If it’s an emergency hospitalization, you are required to inform within 24 hours of admission
- Make sure the treatment is taken in one of the network hospitals of Bank of India Health Insurance
- After receiving the cashless request form and related medical information from the policyholder (i.e. you), TPA shall be issuing pre-authorization letter to the hospital after verification
- Verify and sign the papers at the time of discharge and pay for any non-medical bills
- Rest of the bills shall be taken care of as part of your insurance policy
- Inform TPA 72 hours before or within 72 hours of hospitalization if the hospitalization is planned or unplanned, respectively
- Get your treatment done and pay all the bills
- Once done with hospitalization, get started with submission of documents for the claim process to be started
Documents needed to be submitted:
- Duly filled and signed claim form
- Original bills, doctor’s prescription, reports, etc. to support your claim
- Original cash-memo from the hospital
- Medical practitioner’s certificate (who attended you) regarding diagnosis and bill receipts etc.
- Any other document required by company/TPA
Cases where you can’t claim Bank of India Health Insurance
- Pre-existing diseases (any complication arising from pre-existing ailment/disease/injuries will be considered as a part of the pre-existing health condition or disease)
- In case the life insured attempts to commit suicide and get hospitalization
- In case the life insured gets involved with alcohol/drug abuse
- HIV, AIDS, STD
- General debility, congenital external anomaly
- Sterility, infertility, assisted conception
- Dental treatment
- Service charge/ registration fee, etc.
How long does it take to pay out a claim?
Once every document and required form is received by the insurance company, they shall start with the verification process and once done with it, if all remains fine and in favour, your claim payment shall be released within the stipulated time of 30 days.
Renewal Process of Bank of India Health Insurance
With Bank of India health insurance, one can renew their policy throughout their lifetime. Also, with every renewal, they are given the option to increase the sum insured. Although it is advised to renew the policy before expiration, but in case of a break in, there is provision of 30-day grace period. In this time, no coverage shall be awarded.
Advantages of buying Bank of India Health Insurance
Under this policy, the insured also is offered extra good health incentives such as No-Claim Discount (flat 5% on the base premium) and Health Check Ups, if he/she does not file a claim during the policy tenure. Special discounts are also offered to the policyholder for long term association or online application.
Some of the additional good health incentives that are provided under the National Mediclaim policy are Cumulative Bonus, and Health Check Up. While the cumulative bonus includes a discount offered for every claim free policy period which would be paid to the insurer on the next renewal.
Q1. Does Bank of India health insurance cover Ayurvedic and homeopathy treatments?
Yes, both the health insurance policies under Bank of India cover homeopathy as well as Ayurvedic treatments. However, under the National Mediclaim Policy, only 20% of the sum insured is covered.
Q2. What are the facilities covered for in-patient hospitalization?
Apart from the boarding and medication expenses, both the policies also cover additional expenses that may be incurred for ambulance, ICU, Anaesthesia, oxygen, surgical appliances, implants, diagnostic tests, blood, etc.
Q3. Do Bank of India Health insurance plans cover the pre-hospitalization and post-hospitalization expenses?
Yes, both the plans under Bank of India Health Insurance Plans cover the pre-hospitalization and post hospitalization expenses incurred during the policy period.