Medical Insurance / Group Mediclaim for IEEE India Members

This insurance is available at attractive rates and timely actions are needed to avail of this benefit. The period for enrolment for this year ends on 30 June 16. For those interested, it is advisable to join before the 20th of May 2016 to have your policy term begin from 01 Jun 16.

Besides the key benefits mentioned in the website, we wish to illustrate the salient features, criteria and benefits to help you take an informed decision.

Website:https://www.ieee.org/membership_services/membership/discounts/group_insurance.html

1.      A member must have RENEWED his/her IEEE membership in the current year to be eligible to buy the Medical Insurance policy for that year. So a person who enrols for half-year membership now will be eligible to purchase this insurance when they renew membership for the next year in December’16.

 

2.      The term of the policy is from Jan – Dec of each year. A policy taken this year will expire on 31Dec16. The premium rate will be adjusted pro-rata depending on the date of commencement. A policy purchased up to the 20th of the month will get issued from the 1st of the following month. Hence one has to renew membership before the 20th of Dec in order to renew the insurance from 1st Jan of the following year. Note that the cut-off date for enrolment for the current year is 30th June 2016.

 

3.      All IEEE members in the age group 18 to 85, at the time of entry, are eligible to buy the insurance with coverage options for 2,3,5,7 and 10 lakh rupees. You may purchase the policy from the insurance registration portal to enroll. The link is shared herewithhttps://www.ieee.org/membership_services/membership/discounts/secure/india_insurane.html. You need your IEEE account credentials to enrol for insurance. Payment is accepted with Internet Banking, Credit and Debit cards.

 

4.      The premium is only dependent on the number of members enrolled and not on the age. The premium rates for 1 year are given in the attachment. Once enrolled, there is no age limit as long as the member continues his/her IEEE membership and renews the Insurance policy.

 

KEY BENEFIT: In this policy, parental claims are allowed up to 50% of the family floater sum insured or 2 Lakh rupees, whichever is higher. A co-pay of 10% would be applicable for the parents’ claim exceeding 2 Lakh rupees. For individual policies, not many companies have policies for Senior Citizens above 65 years of age and the premium is higher with lower coverage caps and higher co-pay percentages.

 

5.      Pre-existing disorders are covered from Day 1 with no waiting period.

KEY BENEFIT: Other companies typically prescribe a waiting period for commencement (30 – 60 days) as well as pre-existing disorders (2 – 4 years).

6.      All payments up to the 20th of the Month will be considered for issue of policy from the 1st of the subsequent month. This gap of 10 days is required due to the manual verification process that is currently in vogue between IEEE and National Insurance Company.

 

7.      A member can take insurance for 7 members including self, spouse, 3 children and parents OR parents-in-law under a SINGLE POLICY.

KEY BENEFIT: Most companies do not permit more than 2 children or parents-in-law to be insured. Further senior citizens require separate policies that tend to be expensive. Further, those who are covered by their organizations can take the insurance for their parents /parents-in-law /third child, as applicable and depending on the existing cover available.

The current rate of Premium is very attractive. Looked at another way, the savings could possibly compensate for the IEEE membership fees, even with society membership added.

8.      A student member (18 years +) can take a policy for his or her parents.

KEY BENEFIT: Those who do not have Medical Insurance cover can also get it through their children who are IEEE members. This facility CAN be highlighted by all Branch Counselors.

Please read the policy terms and conditions carefully before you go ahead.

The terms and conditions of the policy is attached. For more information or clarifications, you may contact Mediassist, the Third-Party Administrator for National Insurance, on the toll-free no. 1 800 425 7678 or write to ieee@mediassistindia.com

The Policy Document & Special Terms Conditions can be downloaded from here.  Premium Table can be accessed here.  These premiums is for Year 2016 (Valid till December 2016).

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