Universal Sompo IOB Health Care Policy

The Universal Sompo IOB Health Care Policy is basically a complete health insurance plan, which covers you, your spouse and your two dependent children. The policy is available for the customers of IOB, keeping a CD or SD account. The policy only offers medical treatments in India. For treatment or healthcare facilities of overseas, this policy would not be applicable. The policy renders hospitalization expenses in case of the following incidents:

  • Sudden illness
  • Any surgery that is required for a certain disease that comes under this policy
  • Accidental injuries

Key Features

Universal Sompo IOB Health Care Policy offers the following features to the insured person:

  • Entire family of the account holder is covered under this Floater policy. Member of family, like spouse and two dependent children are included. At the inception for additional premium, dependent parents of account holder can be insured or covered under this policy.
  • Coverage amount ranges from Rs. 50000 to Rs. 5 lakh.
  • Pre-existing diseases do not come under the coverage of Universal Sompo IOB Health Care Policy. However, there is a provision of including pre-existing disease under the coverage of this policy. If the person continues four claim-free consecutive years, then pre-existing disease will also be covered under this policy. Note: The disease should be from the list of covered diseases by this insurance policy.
  • Ambulance charge of Rs. 1000 is reimbursable per policy period.
  • Health check up cost is offered at 1% rate to the total insured sum, only after completing 3 consecutive years of claim free policy holding.
  • Out of pocket expense of Rs. 1000 is payable per policy period, in case of hospitalization of children below 12 years old.
  • Maternity Benefits and Baby Care Expenses: Under Universal Sompo IOB Health Care Policy , maternity benefits and baby care experiences are covered up to the amount of 5% of the total insured. The benefit is valid only after 9 months from the starting date of policy
  • Treatments in hospitals outside India, in Nepal and Bhutan specifically, will be covered, but the indemnity will come only in Indian currency.
  • Treatment of NRIs in Indian hospitals is allowed and will be covered.
  • Policy holder can get income tax benefit under Section 80D for the premium amount he or she pays.
  • In case of death in hospital, Rs. 1000 funeral expense is reimbursed.

Major Exclusions

Here are some of the major exclusions under Universal Sompo IOB Health Care Policy, the compensation benefit depends upon the nature of injury that takes place due to the accident and the insured capital sum under this policy. So, here are the benefits at a glance:

  • The policy does not cover pre-existing diseases. However, there is a provision of including them, only if the policy holder continues 4 claim free consecutive years.
  • Treatment outside India will not be covered. Only in case of treatment in Nepal and Bhutan will be covered.
  • Standard exclusions that are applicable to the general mediclaim policy will be applied for this policy as well.
  • Domiciliary hospitalization is not covered under this policy.

Frequently Asked Questions

1. Who are considered to be eligible for this policy?

Universal Sompo IOB Health Care Policyis subjected to eligibility for the IOB customers only, having either CD or SD account with the bank.

2. Does the policy offer maternity coverage?

Yes, this claim has maternity coverage in the offering. An amount of 5% of the total insured sum will be reimbursed as maternity coverage.

3. What is the lowest and highest amount of insurance?

Choice of sum insured ranges from 50000 to 5 lakh.

4. Does this policy offer tax benefits?

Under section 80D, the policy holder can get income tax benefits with this policy.