New India launches countrys first global health cover

Mumbai: The largest general insurer New India Assurance today launched the countrys first global mediclaim policy offering USD 0.5-2 million cover for treating six critical illnesses, including cancer, organ transplants and bone marrow, in overseas hospitals.

The state-run publicly traded insurer has tied up with around 100 hospitals globally to offer this service, chairman and managing director G Srivinivasan told reporters here.

He said some of the premier hospitals empanelled for offering the cover include the Kings College Hospital, London; John Hopkins Medical Center in Baltimore and Cedar-Sinai Medical Center in Los Angeles in the US.

Any individual under the 18-75 age bracket with no pre-condition in the any of the six critical illnesses can buy the policy, the premium for which will vary from the number of critical illness covered and the age.

For an 18-year with one cover, the premium will begin at Rs 5,672 with applicable taxes which for all the six illnesses can go up to Rs 12,716. The same for a 75- year-old will be Rs 2,05,696 and Rs 4,95,899 respectively.

Called the New India Global Mediclaim Policy, the scheme will cover hospitalisation expenses incurred by an insured for cancer, neuro-surgery, heart surgery, coronary artery bypass graft, organ transplant and bone marrow transplant in hospitals outside the country, he said.

Further, the cover includes up to USD 3,000 in business class air travel for the insured and the donor in case of live organ/bone marrow transplants and also up to USD 15,000 in case the patient dies abroad while under treatment, he said, but added that at no reimbursement will be allowed.

The critical illness policy has two plans: one that covers hospitalisation in medical centers located in Asian countries which comes with a USD 0.5 million cover, and the second which covers all of the same illnesses for hospitalisation in medical centres world-wide offering up to USD 1 million in fully-cashless treatment.

Also, a person can buy a life-time cover of up to USD 2 million, Srinivasan said, adding the policy has a 90 day waiting period to become valid. However, at no stage a person with pre-condition of any of the six illnesses will be eligible for cover. The policy is available only for Indians who have an existing health cover of Rs 8 lakh and above.