Skip to main content

Apollo Munich Maxima Health Plan Review

Introduction


Does your health insurance policy cover treatment costs for things like sore throat, cracked lips, running nose, wisdom tooth, broken finger, itchy eyes etc????? Chances are not. Most of the policies issued by Health Insurance Companies do not cover the treatment costs for these small-small illness for which we consult a doctor or visit the Out Patient Department (OPD) of a hospital. Most of the policies issued by Health Insurance Companies cover treatment cost for major illness wherein a patient gets hospitalised. How about a Health Policy, which apart from major hospitalisation instances, also takes cares of treatment costs of small illness, visits to a doctor for consultation, pharmacy expenses, annual health check-up, dental treatment, spectacles etc????? Would you be interested in knowing more about this Health Policy ……. then read on ……….

Features of Apollo Munich Maxima
Apollo Munich Maxima is a health insurance policy that covers major hospitalisation events along with OPD expenses for small-small treatments.

  • 3 Variants: The policy comes in 3 variants. The policy can be taken by

      i. One Adult (Individual) or
      ii. Two Adults (Family Floater) or
      iii. Two Adults and Two Children (Family Floater)

  • The policy comes with a cover of Rs 3,00,000 (sum insured) for an individual for in-patient hospitalisation, pre and post hospitalisation and 140 day care procedures. If 2 adults or 2 adults and 2 children have taken the policy then the cover of Rs 3,00,000 becomes a floater for them.

 

  • Additional Critical Illness Cover: An individual can also opt for additional critical illness cover of Rs 3,00,000 against 8 specified critical illnesses if required. This is optional and comes with additional premium payment depending on the age of the insured. In case of a floater policy additional critical illness cover can be availed on an individual basis.

 

  • Doctor Consultations: The policy offers 4/6/8 doctor consultations for the individual and the covered family members, based on the plan opted for and the number of family members covered.

 

 

  • Maximum entry age is 75 Years
  • Life Long Renewal: The individual can renew the policy year after year during his / her entire lifetime. There is no maximum age for maturity of the policy.
  • No Claim Bonus: For every claim free year for in-patient treatment, the company offers 10% cumulative bonus on the in-patient sum insured. However the additional sum insured is limited to 50% of the in-patient sum insured.
  • Income Tax Benefit: Under Section 80D of the Income Tax Act, the individual can avail deduction from taxable income for the premium paid for the policy. The deduction is upto Rs 15000 for individuals below 65 Years of age and upto Rs 20,000 for Senior Citizens.
  • Maternity Expenses: Maternity Expenses are covered but there is a waiting period of 4 Years.

What all does Maxima Cover?
Apart from treatment costs for regular hospitalisation, there are a whole host of other things which Maxima health policy covers. Some of these are:

  • Pharmacy Expenses: Your pharmacy bills are covered
  • Diagnostics: Cost of diagnostic tests taken by you or anyone covered in your family are paid
  • Specialist Services: Dental treatment, Spectacles and Contact Lenses are covered upto a certain limit.
  • Health Check-up: The company provides an annual health check-up facility. A person above 45 years of age can avail this benefit from the second year.
  • Pre-existing illnesses under OPD Benefits: Medicines or Doctor's consultation for any pre-existing illnesses are covered without any waiting period.

All the above benefits are available on a cashless basis in the Apollo Munich network and on reimbursement basis outside the network.

Policy Premium:

  • If the policy with sum insured of Rs 3,00,000 is taken for 2 adults aged between 18 Years and 45 Years the premium comes to Rs 21,105 (inclusive of taxes).
  • On this the individual can save net income tax of Rs 4635 under Section 80D of the Income Tax Act.
    Rs 15000 premium * 0.309 (30% tax rate) = Rs 4635
  • The individual also gets OPD Entitlement Certificates worth Rs 14,900 which he can use for things like Doctor Consultation, Diagnostic Tests, Pharmacy, Annual Health Check-up, Dental Treatment, Spectacles, Contact Lenses etc.
  • So effectively the cover of Rs 3,00,000 comes only for Rs 1570.

Rs 21,105 (Premium) – Rs 4635 (Net Tax Savings) – Rs 14,900 (OPD Entitlement Certificates) = Rs 1,570 (Net Effective Premium)

Things to Remember

  • During the first 30 days the policy covers only medical expenses arising out of accidental emergency conditions
  • Cataract and some other specific diseases are covered after two consecutive years
  • Pre-existing illnesses will be covered from the 4th year onwards
  • HIV AIDS and related diseases are not covered. Non-allopathic treatments and cosmetic treatments are not covered.
  • For other finer details about the policy please refer the company website or get in touch with the company personnel.

 
About Apollo Munich Health Insurance
Apollo Munich Health Insurance Company Limited is a joint venture between the Apollo Hospital Group and Munich Health. Apollo Hospitals has 50 Hospitals, 8000 Doctors, 1068 Pharmacies spread over India. Munich Health has 5000 Experts across 26 locations worldwide and Customers spread across 100 Countries. For its Health Insurance venture Apollo Munich has tied up with 4500 Network Hospitals across 800 cities for offering cashless treatment facility for its customers.

For more details please read the policy wordings available on the company website on what is covered and what is not covered.

The company Toll Free Number is 1800-103-0555.

Note: Readers please note that all the above information has been sourced from the company website. So please make sure you refer the company website or company contact person before deciding on whether to take the policy or not.

 

Popular posts from this blog

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...

Merger of Tata Indo-Global Infrastructure Fund with Tata Equity Opportunities Fund

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Merger of Tata Indo-Global Infrastructure Fund with Tata Equity Opportunities Fund Tata Mutual Fund has decided to merge Tata Indo-Global Infrastructure Fund with Tata Equity Opportunities Fund, with effect from January 16, 2015.   Investors of Tata Indo-Global Infrastructure Fund can redeem/ switch out units from December 13, 2014 to January 12, 2015 without paying any exit load. For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300 Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund A...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now