Hyderabad: Andhra Bank will offer health insurance facility to its credit card holders in alliance with United India Insurance Company. The facility, AB Arogyadaan, is intended at taking care of the medical bills consequent to hospitalisation, including accident trauma care.
This is a group mediclaim policy that covers a family of four for any hospitalisation expenses against payment of a nominal single premium equivalent to one person's Mediclaim cost.
AL Nageswara Rao, general manager, Andhra Bank, said that the new product is distinctly superior to the various hospitalisation insurance schemes sold by companies under Mediclaim.
"The scheme has become immensely popular, which is evident from the fact that 35,000 families have opted for it within two months of its launch," he informed the cardholders through a letter.
The premium remains uniform irrespective of the age of the members. The age limit for first time coverage is fixed at 65 years and renewals can be made till the card holder reaches 80 years.
Nageswara Rao said that pre-existing diseases were also covered from the fourth year onwards, subject to 'no claims' due to the disease for the first three consecutive years. AB Arogyadaan is being made exclusively available to the Andhra Bank accountholders and credit cardholders and family members at special rates.
All the policyholders would be given an option of choosing whether they want third party administrators (TPAs) to be involved. They have to specify the name of the TPAs, if required, in the proposal form itself. The insurance company has empanelled five TPAs under the scheme, who will receive photo identity cards as soon as the policy is issued.