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IFFCO Tokio Introduces New Plan with Low Premium

Updated On Nov 11, 2019

Healthcare expenses for those residing in smaller towns and cities may not be as high as in larger towns and cities or metro cities. IFFCO Tokio General Insurance has introduced a new health insurance product in the market, named Swasthya Raksha Bima to help people staying in small towns and cities.   

This health insurance policy offers comprehensive coverage to the people against hospitalisation expenses, on an individual as well as family floater basis. The plan, if purchased on a family floater basis, can include the proposer, spouse, and children (if financially dependent). Various sum insured options offered under the plan range between Rs. 1 Lakh to Rs. 5 Lakh. 

Swasthya Raksha Bima family floater plan covering 2 adults and 2 dependent children with a sum insured of Rs. 1 Lakh can be purchased at a basic annual premium of Rs. 2,590, i.e. Rs. 216 per month. However, the annual premium increases to Rs. 6,125, i.e. Rs. 510 per month if the plan is purchased for sum insured of Rs. 5 Lakh.  

Everyone needs medical care at some point in life. Being covered under a health insurance policy protects you against these expenses and offer many other important benefits. You might end up borrowing money from friends, relatives, or banks in case you don’t have a health insurance policy. The new product from IFFCO Tokio minimizes your financial worries related to your health.   

The whole time Director of IFFCO Tokio General Insurance Company, Ms. Anamika Roy Rashtrawar shares at the launch, “Our goal is to provide health insurance to all sections of society. Keeping in view, the specific needs of smaller towns and non-metros, we have launched Swasthya Raksha Bima, a simple health insurance product that has low premium rates.” 

Keeping in mind the fact that average claim size is much lower when it comes to small towns or non-metro cities, the general insurer has introduced this product so that the customers are not required to pay high premiums as the healthcare cost is low in small cities. 

The Head of Products in IFFCO Tokio General Insurance Company, Ms. Pallavi Roy shared that, “In rural India, claims are mostly for infectious ailments which is one of the reasons for the cost of hospitalisation is much lower in smaller cities. We, therefore, decided to pass on the benefit to customers.”

Despite all the benefits that the plan provides, you must still analyse the inclusions and exclusions under it to understand if it fits for you or not. Other factors that you may consider are waiting periods, co-payment clause if any, and claim settlement process. Also, talking of the claim settlement process, it can only be smooth in the long run if the policyholders disclose all the material information correctly (for instance, health and family history etc.) to their insurers.  

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