NASSCOM tied up with Oriental Insurance to provide health cover to the people who are working in IT Sector. Let us look at it’s features. I expressed my views also on each feature.
1) Insurance cover is upto Rs.3,00,000-Looks bit low
2) It covers Self, Spouse and Children (Only 2 children and upto 21yrs of age)-Good that children maximum coverage age is 21 yrs.
3) Plan varies according to size of the employee company have- Need to have uniformity instead of based on strength of company.
4) Cost of insurance will not be borne by Employee- Bumper offer to employees 🙂
5) But if they want higher risk cover or want to include other family members like parents and in-laws then they need to pay the additional premium-In-laws inclusion is a best feature.
6) Depending on the plan from 3 to 7 members can be covered under this plan-I think it is enough.
7) Major plus point of this plan is, it covers pre-existing diseases, maternity (upto Rs.50,000) and new borns (from day one) too which is very difficult to find in the existing Insurance plans currently offered in market-Looks nice about pre-existing diseases, maternity and new borns.
8) Presently over 200 companies committed to join this plan-Need more penetration. Let us wait and watch.
9) Coverage will be from date of inception or DOJ.
10) In this plan their is no waiting period-Best option, usually waiting period will be condition for insurance plans available in market.
11) Parents covered upto 80yrs of age-Enough, but need to add life time is best. Because Indian Life Expectancy ratio is raising.
12) Co-pay of 10% on parent claims. No co-pay for employee, spouse and kids-Wow !!!
13) Terrorism is covered-Once again best option of the plan.
14) Flexibility to cover spouse midterm in case of marriage and for parents/in-laws too-Special in terms of including in-laws.
15) Medimanage is the TPA for this plan. Let us see how they will perform.
These are the few points available as of now about the Techie Health Plan. In plain it looks attractive. But let us look how industry too will respond to it 🙂