Health insurance is an insurance product that provides cover for medical and surgical expenses of an insured person, in case of a medical emergency. However, you are required to pay a premium to avail health insurance policy.

You should purchase health insurance so that you don’t lose your lifelong savings while paying for medical bills in a critical situation

Your health insurance will either pay your hospital bills directly if opted for the cashless facility or it will reimburse any payment made by you towards medical expenses incurred due to an illness or injury.

While the eligibility age for health insurance policies differs, the general eligibility age for adults ranges between 18 years up to 65 years. The eligibility age for children lies between 90 days up to 18 years

Yes! You can gain coverage for self, spouse, children, dependent parents, and multiple other relationships such as parents-in-law, siblings, and others if your plan allows.

You can buy Individual Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan, Personal Accident Insurance Plan.

In general, the health insurance premium is paid on a yearly basis. But, you can pay your premium in installments (monthly, quarterly or half-yearly basis) as well.

Health insurance benefits differ from policy to policy. However, basic health insurance benefits include cover for an inpatient hospitalization, pre & post hospitalization, daycare procedures, emergency ambulance expenses, organ donor expenses, domiciliary hospitalization, OPD expenses, and more.

You can buy Individual Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan, Personal Accident Insurance Plan.

In general, the health insurance premium is paid on a yearly basis. But, you can pay your premium in installments (monthly, quarterly or half-yearly basis) as well.

Health insurance benefits differ from policy to policy. However, basic health insurance benefits include cover for an inpatient hospitalization, pre & post hospitalization, daycare procedures, emergency ambulance expenses, organ donor expenses, domiciliary hospitalization, OPD expenses, and more.

Critical illness policies provide coverage for life-threatening illnesses such as Cancer, Stroke, Heart Attack, Kidney Failure, and others. If buying a critical illness plan, you can expect wide cover for critical illnesses (number of illnesses covered depends on plan), lump-sum amount payment on diagnosis, tax benefits, and more.

Yes! Buying health insurance will earn you the eligibility to claim tax benefits under Section 80D of the Income Tax Act, 1961.

If you already have an insurance policy but want to extend your cover, you can do so at the time of policy renewal.

If you have already been diagnosed with a medical condition, it will be considered a pre-existing disease. In this case, you may have to wait for a specific period (waiting period) until allowed coverage. Based on your insurer, you may be required to pay a higher premium or face policy denial.

If you want to buy health insurance, you need to submit the documents like aadhaar card, voter ID, driving license, and pre-medical check-up report (in some cases). The documents are required for age proof, identity proof, address proof, and medical check-up

If willing to cancel your health insurance policy after its purchase, you can do so within 15 days of receiving the policy documents. You will receive a refund only if you did not make any claims in the policy during that year

Yes, buying health insurance in the early years of life comes with many benefits. Upon doing so, you may gain a lower premium amount, no waiting period, better options, accumulate bonus, lower rejection rates, and others.

Before making a health insurance policy purchase, it is advisable for you to consider your medical needs, the type of plan you want to invest in, features of the plan, sum insured options, network hospital list, exclusions, premium, and customer reviews.

No, there is no limit to the number of claims in a year. However, it should be ensured from your end that your policy sum insured amount does not get exceeded.

You will have to wait for a period of 30 days (waiting period) before your policy starts covering you. If you have a health insurance policy for accident cover, there will be no waiting period. Furthermore, in the case of a pre-existing disease or specific diseases, you will have to serve the waiting period (depending on the plan) before enjoying the coverage.

In case of missed health insurance renewal due date, your insurance company will give you a grace period of 15-30 days. If you again miss making the premium payment during the grace period, you may be denied coverage, denied policy renewal, lose out on no claim bonus, or asked to serve with waiting periods from the start.

In case of missed health insurance renewal due date, your insurance company will give you a grace period of 15-30 days. If you again miss making the premium payment during the grace period, you may be denied coverage, denied policy renewal, lose out on no claim bonus, or asked to serve with waiting periods from the start.

Usually, health insurance companies do not cover maternity and related expenses. But a few including Apollo Munich (now HDFC Ergo Health), Max Bupa have some particular plans which offer maternity cover after specified waiting periods. The waiting periods generally vary from 2-4 years.

Some health insurance companies offer a renewal discount of 5% of the renewal premium if there are no claims made during the policy year. It can be accumulated upto 50%. Under some health insurance plans like National Varistha, the insured can either avail cumulative bonus or renewal discount.

Cumulative bonus is an increase in the sum insured by a specific percentage for every year a claim is not made, up to a certain limit. It is offered by insurers on indemnity based health insurance plans and only when the policy is renewed without a break.

All the hospitalization expenses incurred by the donor in organ donation except the cost of the organ during an organ transplant are included under donor expenses.

The pre-existing disease is an ailment, injury, or disease that the insured individual is already affected by when purchasing a health insurance policy. Conditions like depression, anxiety, sleep apnea, diabetes, etc. are considered as pre-existing diseases in health insurance.

Yes

Companies ,organizations,banks, associations trusts can buy GMC for their employees, account holders,credit card holders etc. There should be employer-employee or an informal group.

20 persons which can include family members

A group health plan is an employee welfare benefit plan established or maintained by an employer or by an employee organization (such as a union), or both, that provides medical care for participants or their dependents directly or through insurance, reimbursement, or otherwise.

Usually, the premium is paid by the employer, as a welfare measure for its employees. Low-Cost Affair: To avail the benefits of a group health insurance policy, one just has to be an employee/member of the organization

The minimum number of employees or members of the group should be 20 to be eligible to buy a group insurance policy. However, you can include dependent family members of the employees to achieve the minimum number of persons of 20.

The main purpose of issuing group health insurance plan is to retain their employees in the office and also it helps for company growth and development. Generally, most of the companies issued group health insurance plan to establish and provide protection to the employees sustained in the business organization.

In most states, small-group health insurance is medical insurance purchased by businesses with 50 or fewer full-time equivalent employees, to provide health coverage for the employees and their families.

Small group premiums are set by the insurance company, and once set, premiums are non-negotiable and can't be discounted. By contrast, premiums for large group health plans are negotiated between the employer, the employer's broker or benefit consultant, and the insurance company.

Group health insurance is a type of medical insurance that covers your employees as well as their families against unforeseen healthcare expenses. ... As compared to an individual health insurance plan, the premium of a Group Mediclaim Policy is much lower and more affordable.

Group health insurance is a type of medical insurance that covers your employees as well as their families against unforeseen healthcare expenses. ... As compared to an individual health insurance plan, the premium of a Group Mediclaim Policy is much lower and more affordable.

All the employees who are more than 18 years old and below 70 years and are employed with a company are eligible to get cover for Group Health Insurance policy.

A group insurance scheme helps employees work harder, perform better, and be more productive. Policyholders can utilize provisions in the Income Tax Act of 1961 to avail of tax exemptions and deductions on the premiums paid for group life insurance plans and other group insurance plans.

Usually, the premium is paid by the employer, as a welfare measure for its employees. Low-Cost Affair: To avail the benefits of a group health insurance policy, one just has to be an employee/member of the organization.

The Scheme is deemed to have come into effect from the 1st day of November 1993 as per the above gazette Notification.

It is applicable to all the confirmed employees of General Insurance Corporation of India and Other Four Public Sector General Insurance Companies Viz, Oriental Insurance Company, New India Assurance Company, United India Insurance Company and National Insurance Company, who have completed minimum ten years of Qualifying service on date of retirement on Superannuation and have opted for the Scheme. It is also applicable to employees who have retired on after 1st Day of January 1986 with certain parameters.

On attaining the age of Superannuation (on completion of 60 years of age) which can be continued up to the last day of the month and such other conditions of service notified by the Govt from time to time, on Availing voluntary retirement on completion of not less than 20 twenty years of qualifying service, on the unfortunate event of invalidation while in service subjected certain conditions & also applicable to the families of Pension opted employees/retired employees.

This is a Pension Scheme namely General Insurance (Employees) Pension Scheme 1995, notified by the Department of Economic Affairs (Insurance Division), Ministry of Finance, Govt. Of India for the Employees of Public Sector General Insurance Companies Including General Insurance Corporation of India vide gazette of India SO 585(F) dated 28th June 1995.

What is the different classification of Pension? A) Service Pension This the Pension Granted to an employee on his Retirement on Superannuation/VRS/SVRS/invalidation during the Period of Employment.

It is the Reckonable Service Rendered by an Employee which is eligible to be counted for Pension under the Scheme.

An Employee retiring on reaching the maximum age of retirement as notified in the Scheme is called Superannuation Retirement. However, the Employee can continue in service till the last day of the month in which he completes Maximum age (Maximum age is 60 years at present).

At any time after an employee has completed not less than twenty years of qualifying service, he/she may, by giving notice in advance of not less than ninety days, in writing to the appointing authority his desire to retire from service. The notice of voluntary retirement given as above shall require acceptance by the appointing authority, provided that where the appointing authority does not refuse to grant the permission for retirement before the expiry of the period specified in the said notice, the retirement shall become deemed to be effective from the date of expiry of the said period.

Invalidation pension may be granted to an employee who: – (a) has rendered minimum ten years of service; and (b) retires from the service on account of any bodily or mental infirmity which permanently incapacitates him for the service. An employee applying for an invalid pension shall submit a medical certificate of incapacity from a medical officer approved by the Competent Authority.

This is a Onetime Special Retirement Scheme Notified outside the orbit of GIEPS1995 by the Department of Financial Services, Ministry of Finance to General Insurance Employees in 2003(Dev staff) & in 2004(Admin staff). It was an attractive scheme notified having more benefits compared to retirement under the scheme with the sole aim of reduction in staff strength.

The Benefit of Wage revision due at the time of SVRS & Notional credit of 5 years as applicable under GIEPS1995 were explicitly excluded in the Notification for SVRS.

An employee who is dismissed or removed or compulsorily retired or terminated from service shall forfeit his pension, Provided that the authority competent to dismiss or remove or compulsorily retire or terminate him from service may, if such dismissal, removal, compulsory retirement or termination is on or after the 1st day of November, 1993 and the case is deserving a special consideration, may sanction a compassionate allowance not exceeding two-thirds of pension which would have been admissible to him on the basis of qualifying service rendered up to the date of his dismissal, removal, compulsory retirement or termination. The compassionate allowance sanctioned under the proviso shall not be less than the amount of minimum pension payable under the scheme as applicable to him at the time of his dismissal, removal, compulsory retirement, or termination.

The Qualifying Service Required to earn Full Pension is 33 Years including Notional credit if any.

The Notional Credit is an addition to Qualifying service & allowed to Certain Employees on their retirement which will enable them to draw more Pension than their Actual qualifying service.it is Applicable only to Employees retiring Before Superannuation & on VRS after a qualifying Service of not less than 20 years. The Principle of its Application is that such addition of five years shall not take him to beyond the age of 60 years or beyond the total service of 33years.The retiring employees will get this addition to qualifying service less than or Equal to five years as per their above criterion. However, this is not Applicable to Employees opted for SVRS (As per Clause of SVRS Scheme).

An employee shall be eligible to add to his service qualifying for superannuation pension (but not for any other class of pension) the actual period not exceeding one-fourth of the length of his service or the actual period by which his age at the time of recruitment exceeded twenty-eight years, or a period of five years, whichever is less, if the service or post to which the employee is appointed is one – (a) for which post-graduate research, or specialist qualification or experience in scientific, technological, or professional fields, is essential; and (b) to which candidates of more than twenty-eight years of age are normally recruited, and (c) for which the candidate was given age relaxation over and above the maximum age limit fixed by the Company on account of his possessing higher qualification or experience: Provided that this concession shall not be admissible to an employee unless his actual qualifying service at the time he quits the service in a Company, as the case may be, is not less than ten years: Provided further that this concession shall be admissible only if the recruitment procedure in respect of the said service or post contains a specific provision that the service or post is one which carries the benefit of this paragraph.

A Minimum Qualifying Service of 10 years is needed to earn Pension on Superannuation & a Minimum 20 Years of Qualifying Service is required to earn Pension on VRS under the above scheme.

Yes, there is Provision in our Scheme to sanction Pension to Pension Opted FTS employee Retiring with less than 10 years of QS Provided reckonable Portion of his service in PTS Cadre with respect to hours of duty takes up the deficiency to bring his/her QS to 10 years.

No, the Resigned Pension Opted Employee even with sufficient QS is not Eligible for Pension under the Scheme. ‘Resignation or dismissal or removal or termination or compulsory retirement of an employee from the service of the Corporation or a Company shall entail forfeiture of his entire past service and consequently shall not qualify for pensionary benefits’

Commutation of Pension means payment of lump sum amount in advance in lieu of a portion of pension surrendered voluntarily by the pensioner based on a duration of period in relation to the age. A Retired Employee under the scheme has an option to commute a portion of pension, not exceeding 30% of the Basic Pension, into a lump sum payment. No medical examination is required if the option is exercised within one year of retirement. If the option is exercised after expiry of one year, he/she will have to under-go medical examination by the specified competent authority. Lump sum payable is calculated with reference to the Commutation factor contained in table attached to the scheme. The monthly pension will stand reduced by the portion commuted and the commuted portion will be restored on the expiry of 15 years from the date of receipt of the commuted value of pension. Dearness Relief, however, will continue to be calculated based on the original pension (on the full Basic Pension ignoring the commuted portion). The formula for arriving for commuted value of Pension (CVP) is CVP = 30 % (X) Commutation factor* (X)12 * The commutation factor will be with reference to age next birthday on the date on which commutation becomes absolute as per the table attached to the scheme.

1) Basic Pay at the time of retirement 2) Reckonable Portion of FPA 3) Part of other Reckonable allowances. 4) Qualifying Service.

Assuming that the Factors of Calculation of Pension are: - Qualifying service as 33 years, Average Basic Pay Based on Previous 10 Months Basic Pay + Other Reckonable Components as Rs 42000, date of Superannuation Retirement is 31/10/2011 & Applicable DR on the date of Retirement is 50% Step 1: Average Basic pay based on previous ten months Basic Pay Plus Other Reckonable components Rs.42000.00 Step2: 50% of Average pay as above Rs.21000.00. Step 3: Basic Pension for QS 33 Years (50% of Average pay * 33/33) is Rs.21000.00 Step 4: Date of Commutation: 1st of the next month Say 01.11.2011 Step 5:1/3 Commutation of Pension: at the age next birthday of 61(9.81*(21000/3*12) is 824040 Step6: Basic Pension after Commutation (1/3rd of commutation) is 14000 Step7: DR on Basic Pension of Rs.21000.00 @50%= 10500 Step8: monthly pension=(6 + 7 ) =Rs 24500. *Restoration of Commutation Portion of Basic Pension of Rs 7000 is on 01/11/2026 (After 15 Years).

Dear Sir, there is no mistake in above Calculation. Commutation is Granted for 12 years & restored only after 15 years as Per the clause adopted from CCS Pension & Commutation Rules 1972.

Yes, they are getting Service Pension for less than 20 years QS as per Court Judgement.

This is the Pension Granted to the Souse/dependent of the Employee/Retired Employee.

Enhanced Rate of Family Pension: - A family pensioner will be eligible for enhanced Rate of Family pension in the following cases: (a) In cases where employee dies in harness (while in service) after having rendered a QS of not less than seven years' continuous service, (a) In the event of death of an employee immediately after retirement but before attaining the age of 65 years had he survived.

The enhanced family pension payable to the family of the deceased shall be equal to 50%of the pay last drawn (Not on average of Previous 10 months) or twice the amount of ordinary family pension admissible, whichever is less. In no case the amount of family pension determined under as above shall exceed the Service pension authorised to deceased employee.

Enhanced rate of family Pension shall be payable from the date following the date of death of the employee for a period of seven years or for a period up to the date on which the deceased employee would have attained the age of 65 years had he/she survived, whichever comes earlier.

a) Ordinary rate of Family Pension is Payable to the family Pensioner when the Period of Payment of Enhanced Family Pension ceases. b) When Retired Employee Deceases after attaining the age 65 Years, Ordinary Family Pension is Payable to his spouse/dependent.

Ordinary Family Pension is at present calculated based on the 3 stages of different limitations to Basic Pay fixed between different intervening Pay revisions. The stages are 30%, 20%, 15% Respectively on the dissenting order of basic Pay, in otherwards higher the basic Pay lesser the Percentage.

It is calculated at the same rate at which the ordinary family Pension is calculated with 3 stages of different limitations to Basic Pay fixed between different intervening Pay revisions. The stages are 30%, 20%, 15% Respectively on the dissenting order of basic Pay

The period for which the Ordinary Family pension Payable is. a) In case of widow/widower, up to the demise or re-marriage whichever is earlier. b) In case of son, until he attains age of 25 or until he gets married whichever is earlier. c) In case of unmarried daughter, until she attains age of 25 years or until she gets married whichever is earlier. d) The total income of the children should not exceed Rs. 2550/- per month and for parents wholly dependent on him should not exceed 2550/- provided he has left no widow/widower or child after him. e) However, a son or daughter shall continue to get family pension if he or she suffers from any mental or physical disability irrespective of attaining 25 years of age.

After the demise of the employee the family pension will be paid in the following order: a) Widow or widower (if not remarried). b) Children in order of birth. Youngest one will become eligible only if elder ones become ineligible. c) Disabled child will receive family pension for life if nobody else is Eligible.

It will be paid in equal shares in case of twins and to widows in case there is more than one.

In case of demise of both husband and wife who were employees of the Company, the child will get two family pensions subject to ceiling on the total amount of pension Prescribed by the GIEPS1995 in different Periods.

There is a Pension Fund Trust Named & Constituted by the Employer Company Namely ‘New India Assurance (Employees) Pension Fund Trust’. The Trust is having a Board of Trustees &a chairman appointed by the Employer Company. The Minimum number of members required are three & maximum up to Nine including the Chairman. The Fund Consists of Amount transferred to it from the Company contribution to Employees PF & interest thereon lying to the credit of each pension opted employee as on 01/11/1993 & thereafter the Contribution made by the company in respect of each Pension Opted Employees @ 10% Per month on his basic Pay & other allowances which qualify for PF contribution till the last month of retirement. The company is also made liable under the scheme to maintain the solvency of the fund by making additional contribution if necessary.

As and when an Employee retires, an annuity in his account is purchased by the Pension fund Trust for two thirds of his Basic Pension & applicable DR on the full Basic Pension as on date for his entire life under an agreement with LIC to Pay Monthly Pension to the Retired Employee. The LIC then Allot a unique Annuity number to each Annuitant which is shown in our Pension Calculation Sheet issued by the Employer Company. Hence LIC Pays Monthly Pension to the Annuitant retired Employee for life directly into their Bank Account under an annuity arrangement with the Employer Company. Additional annuities are also Purchased as and when additional DR falls due in every six months. This Process is repeated when Restoration of one third of Commuted portion of Pension & family Pension falls due.

a) Unique Alphanumeric Annuity Number Shown in your Pension Calculation Sheet. b) Date of Birth. c) Name of Annuitant

Yes, Future good conduct shall be an implied condition of every grant of pension and its continuance under this scheme.

Yes, the competent authority may by order in writing, withhold or withdraw pension or a part thereof, whether permanently or for a specified period, if the pensioner is convicted of a serious crime or is found guilty of grave misconduct, provided that where a part of pension is withheld or withdrawn, the amount of such pension shall not be reduced below the minimum pension per mensem payable under this scheme. Where a pensioner is convicted of a serious crime by a Court of Law, action shall be taken in the light of the judgment of the court relating to such conviction.

Yes, the Employer Company shall be entitled to recover the dues to the Company on account of housing loans, advances, license fee, other recoveries, and recoveries due to employees' co-operative credit Societies from the commutation value of the pension or the pension or the family pension. In addition the Competent Authority may withhold or withdraw a pension or a part thereof, whether permanently or for a specified period, and order recovery from pension of the whole or part of any pecuniary loss caused to the Employer Company if in any departmental or judicial proceedings the pensioner is found guilty of grave misconduct or negligence during the period of his service, Provided also that no departmental or judicial proceedings, if not initiated while the employee was in service, shall be instituted in respect of a cause of action which arose or in respect of an event which took place more than four years before such institution. Where the competent authority orders recovery of the pecuniary loss from the pension the recovery shall not ordinarily be made at a rate exceeding one-third of pension admissible on the date of retirement of the employee, provided that where a part of pension is withheld or withdrawn, the amount of pension drawn by a pensioner shall not be less than the minimum pension payable under this scheme.

Yes, Very Prudent & Apt question. It is implied from the last Para of our Scheme that our Pension Scheme GIEPS1995 was drafted by using the relevant data from the CCS Pension Rules 1992 amended up to the implementation of 5th Central Pay commission which was in vogue at the time of its drafting in 1995. Henceforth the drafting officials of our Scheme have made a Residual Provision through the last Para (55) of our Scheme by which they authorise the implementing authority with the following expression”

As you know CCS Pension Rules 1972 get amended by the subsequent Central Pay commission’s & Current Central Pay Commission in force is 7th CPC. But again, the last Para (55) of the Scheme has not made the Provision very clear & beyond any ambiguity that whether have to refer Corresponding Provisions contained in the CCS Pension Rule existed as on 1995 (5th CPC) or the Provisions contained in the CCS Pension Rules as in vogue today 7th CPC). Hence, I leave this Subject to wisdom of our Hon’ble Judiciary.