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

Mutual Fund Review: Taurus Tax Shield

    Taurus Tax Shield has seen a turnaround in performance since 2007, but still remains a volatile offering… The fund has seen a turnaround in its performance since 2007 and has delivered impressively during market rallies since then. The portfolio is also more diversified. It contained its downfall to an average level in 2008 but is still one of the most volatile offerings in this category. Bold investors can look at this fund.   Strategy The fund manager invests across the market capitalisation and sectors. The selection of stocks is made on the basis of long-term business prospects and value creation. Fund Insight Launched in March 1996, the fund was a laggard with just two annual outperformances. Concentrated stock bets and high exposure to mid and small caps led to it being hit harder during market downturns. The number of stocks in the portfolio never exceeded 20 and it was not rare to see the top 5 holdings account for around 60 per cent of the portfolio. After b...

Use Mutual Fund SWPs for getting fixed payments

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   Investors time withdrawals optimally to save on tax The systematic withdrawal plan, or SWP, could be called the lesser known cousin of the much talked about and publicised systematic investment plan (SIP). There's yet another cousin — the Systematic Transfer Plan ( STP ). In SIP, you invest a fixed sum of money at regular intervals (monthly/ quarterly) to buy some units of a mutual fund scheme. In SWP, as the name suggests, you do the opposite: You redeem some mutual fund units from your portfolio to get a fixed sum of money at regular intervals (monthly/quarterly/half year/yearly). In SIP, you get a higher numbers of units when the markets are down, and lesser in a buoyant market. In SWP, going by the product logic, you redeem higher number of units when the markets are do...

AXIS Long Term Equity Fund - The Best Tax Saver Fund for 2016

  AXIS Long Term Equity Fund - Invest Online   History:   The open ended mutual fund was launched on December 21 in the year 2009. It is benchmarked against BSE 200 and managed by the fund manager JINESH GOPANI. Initially the scheme was called as Axis tax saver fund but later it was renamed as Axis long term equity fund with effect from September 2, 2011. Nature of investment: As far as asset allocation is concerned, 97.52% of the stocks are equity and 0.02% is debt based. The primary focus of the fund is to invest in diversified equity stocks that have higher growth potential. Total asset size of the fund is in the tune of 4,996 CRORE as of June 30, 2015. Performance: The performance of the fund for one year, 3 years and 5 years are 23.6%, 29.9% and 19.1 respectively which are far greater than 6.4%, 14% and 5.6% benchmark figures. It has also preformed fairly well against SBI magnum Tax Gain (G) and HDFC tax saver (G). The growth comparison is enumerated below;                        ...

Health insurance guide - Part I

Insurance, by definition, is morbid. What if I die suddenly? What if my home caught fire? What if I had to undergo expensive medical treatment? What if something that I thought happened only to others befell me? Insurers, who work with large samples, calculate the probability of such an event and, hence, the possibility of them having to pay out a sum of money to mitigate, to the extent possible, the effects of that disaster. However, the possibility of you undergoing some kind of expensive medical treatment during your lifetime is far more likely than you dying suddenly or your house burning down. Given that costs at private healthcare facilities, where you are most likely to land up, is high, and, doubling every four years 10 months or so, the rest of your money life could easily go out of whack if you had to incur such expenses. Just 12 per cent of India's population is covered with some sort of health insurance. Pared to the bone, for a comparatively small price, health insu...

IDFC Classic Equity Fund

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   IDFC Classic Equity Fund IDFC Classic Equity is a large-cap equity fund which currently has assets under management worth Rs. 158.52 crore. It was launched in August 2005. The fund is benchmarked against the BSE-200 Index. Performance YTD 1-Year 3-Year 5-Year Since Inception IDFC Classic Equity 0.93 26.61 6.30 1.01 11.65 BSE 200 1.52 17.31 6.00 1.99 12.98 All figures in % as on January 31, 2013; Returns above one-year in CAGR terms ...
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