FAQ Tag: Hospicash

There is a 1-day deductible per hospitalization.

Mr. Anand opted for Rs.1500 per day & got hospitalised for Dengue fever for 5 days in the second month after taking the policy.	Mr. Anand will receive Rs.1500 X 4 days (5 days – 1-day deductible) = Rs.6000/-
Mr. Anand is again hospitalised for fever the next month for 5 more days.	Mr. Anand will receive Rs.1500 X 4 days (5 days – 1-day deductible) = Rs.6000/- 1 day deductible will be applicable for every hospitalization.

Mediclaim is an indemnity health insurance product which is a reimbursement of expenses while Hospicash is a defined benefit product paying for each day of hospitalization irrespective of the actual bills.

 

Particulars	Details
Cover Type	Individual
Type of Plan	GFB – Group Hospicash
Frequency of payment	Annual in advance
Policy Period	1 Year
Age Group	18 – 60  Years
Daily cash benefit	Rs.1500 per day or Rs.2000 per day
Premium	Rs.885 per year Or Rs.1180 per year respectively
Limit per policy year	30 days
Deductible	1 day per hospitalization
Waiting Period	30 days
1 Year waiting period (Specified illness)	Not Applicable
Pre-existing diseases waiting period	Not Applicable

Health insurance covers majority of medical expenses but there could be other non-payables expenses or incidental expenses such as ambulance expenses, attendant charges etc. that could burn a hole in your pocket. The lump sum paid out from this plan can be used for all such expenses.

All existing customers of PayNearby and the new ones (by registering themselves on our platform) are eligible to get the benefit of the plan.

Hospital cash insurance is a benefit plan where you get a fixed lump sum amount for each day of hospitalization. The amount paid is irrespective of your actual hospital bill. You can use this amount for medicines, diagnostics tests any other expenses which customer may incur.

Yes, there will be a 30 days waiting period except for accidental hospitalization.