Kolkata, India (PressExposure) April 24, 2014 -- Larsen and Toubro Limited Insurance recently launched their new 'My Health Medisure Super Top Up' of up to Rs 25 lakh, which can be bought by those even without an underlying insurance policy. This plan has gained approval from the Insurance Regulatory and Development Authority (IRDA). Until now, only high-value top-up covers could usually be purchased by those who already had a basic health cover.
A top-up plan acts as a supplementary cover. For example, even if an individual is covered up to Rs 3 lakh under individual or company's group insurance plan, he can buy a top-up plan where the claim amount exceeding Rs 3 lakh is paid. "There has been an upward trend in the cost of health care; hence it is necessary that higher cover should be present at all levels of life expectancy. The Super Top-Up plan ensures that you health remains covered perfectly", mentions Rahul Agarwal, Founder Director of Ideal Insurance Brokers Pvt. Ltd.
The premium remains constant above 60 years and there are an increasing number of people who retire every year. They would find the product very customer-friendly. The new scheme offers comprehensive coverage, which includes pre and post-hospitalization expenses and day care procedures, without any sub limits for spouse, two dependent children and also parents and in-laws. Young people who do not have an underlying policy can choose this insurance cover as it is very affordable along with parents who can insure their children from the age of 91 days to the age of 23 years.
It is targeted for individuals and families seeking to protect themselves from the ever-increasing payouts on hospitalization. The Super Top Up policy is ideal for people working with corporate sector who already have health policy cover and also individuals holding independent health insurance policy.
The insured individual has the flexibility of making the claim in one instance or through multiple instances during the year. The pricing is such that higher the deductible, the lower the premium, although the range of sum insured actually rises with a higher deductible. Thus a (Rs 2-10 lakh) cover is more expensive than (Rs 3-12 lakh) cover and a (Rs 5-20 lakh) cover is the cheapest at Rs 810 per year for a 30-year-old.
The policy also offers tax benefits. L&T General Insurance Company is a wholly-owned subsidiary of Larsen and Toubro Limited. Ideal Insurance Brokers Pvt. Ltd. is a premium Insurance Broking companies, approved by IRDA.