MASHAK RAKSHAK POLICY
WHAT IS MASHAK RAKSHAK POLICY ?
A STANDARD INSURANCE POLICY AGAINST MALARIA , DENGUE FEVER AND OTHER VECTOR BORNE DISEASES
05.02.2021 : Insurance Regulatory & Development Authority of India ( IRDAI ) has now come out with proposed standard insurance policy to cover vector borne diseases like Malaria , Dengue etc . The policy is called MASHAK RAKSHAK POLICY . IRDAI is encouraging general health insurance companies to issue the standard policy with common features
PREMIUM FOR MASHAK RAKSHAK POLICY :
PREMIUM FOR MASHAK RAKSHAK POLICY IS DECIDED BY THE INDIVIDUAL INSURANCE COMPANIES .
Customers can compare the premiums quoted by various insurance companies before buying a policy . It is expected that customers will be able to get reasonable premium quoted with a healthy competition among insurance companies .
MASHAK RAKSHAK POLICY TO BE ISSUED IN DIGITAL FORMAT ALSO
Insurers are allowed to issue the policy contract of Standard Product in electronic/digital format. The digital form of the policy contract may be forwarded through email or a link shall be provided in the certificate of insurance. However, where policyholder specifically seeks the physical form of the policy contract, the same shall be provided by the Insurer.
FAMILY FLOATER POLICIES WILL BE AVAILABLE
Family consists of the proposer and any one or more of the family members as mentioned below: (i) legally wedded spouse. (ii) Parents and Parents-in-law.(iii) dependent Children (i.e. natural or legally adopted) between the day 1 of age to 25 years. If the child above 18 years of age is financially independent, he or she shall be ineligible for coverage.
MASHAK RAKSHAK PLAN / POLICY :
BASIC FEATURES :
1. Policies issued by all insurance companies will comply with IRDAI Notifications on Mashak Rakshak policy 2. All policies will have same cover terms & conditions and no variants are allowed
3. No policy will have additional / optional cover or add-on 4. Policy will be issued for a period of one year only .
5. Minimum insured amount is Rs 10,000 with a maximum of Rs 2 lakhs 6. Minimum entry age of 18 years with a maximum of 65 years with life long cover
7. Family floater policies to be made available including insured , spouse , parents / parents in law with dependent children aged up to 25 years . 10 . Premiums – one time annual payment .
11. The policy will carry same premium pan India 12. THE POLICY IS PORTABLE WITH ANY OTHER INSURER 13 . Group Insurance can be offered by the insurance companies
WHAT THE POLICY WILL COVER ?
Hospitalization Benefit: Lump sum benefit equal to 100% of the Sum Insured (excluding the amount paid under diagnosis cover referred at s.no 13, if any) shall be payable on positive diagnosis of any of the following vector borne disease (s) requiring hospitalization for a minimum continuous period of 72 hours.
i. Dengue fever ii. Malaria iii. Filaria (Lymphatic Filariasis)
iv. Kala-azar v. Chikungunya vi. Japanese Encephalitis vii. Zika Virus
Diagnosis Cover: 2% of the sum insured shall be payable on positive diagnosis (through laboratory examination and confirmed by the medical practitioner) of every covered vector borne disease on the first diagnosis during the Cover Period, subject to policy terms and conditions. The Policyholder is entitled for payments under “diagnosis cover” payment for each disease only once in the policy year.
