careful while purchasing mediclaim coverage strategy offered by your bank

 

Banks gives group insurance cover for its staff and customers having account number in the same bank by paying a nominal amount premium. Not only lower premium, but such group health insurance policies also offers some extra benefits to its customers like maternity cover, lower or no waiting period etc.

But wait, inspect the terms and conditions carefully before you buy such health policy or group mediclaim policy from bank.

This is because, the group health insurance coverage have the below demerits over personal health insurance cover:

1. Not a permanent cover : You may avail the benefits of such a group insurance cover as long as you are a customer of the bank. If you change your bank, you will lose the cover. Even if the bank ends contract with the insurer, you will lose your cover.

2. No claim bonus not available :  for every claim-free year, there will be no such benefits for group cover. 

3.  No life-long renewal :The greatest demerit of the group health cover provided by the banks is that almost all such covers may be renewed up to a certain age, say 80 years. So, during the old age, when you would need the medical care most, you may be left out in the cold with no health insurance cover.