*There is no Sum Assured but daily hospital cash.
List of Apollo Munich health Insurance Policies:
The Apollo Munich Health Insurance company Ltd proposes a wide range of health insurance plans. Below is the list:
Apollo Munich Optima Health Restore Insurance Plan
Apollo Munich Easy Health Premium Plan
Apollo Munich Optima Vital Insurance Plan
Apollo Munich Optima Senior Insurance Plan
Apollo Munich Optima Plus Insurance Plan
Apollo Munich Optima Cash Insurance Plan
Apollo Munich Easy Health Exclusive Insurance Plan
Apollo Munich Optima Super Insurance Plan
Apollo Munich Dengue Care Plan
Let us take a look at each of the plans in detail:
Apollo Munich Optima HeThe insured will get the total Fund Value on Maturity
Maturity Proceeds can be availed in equal instalments post maturity over a period of 5 years through the Settlement Option
On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value or 105% of premiums paid is payable to the nominee if age attained was less than 60 years
If age attained was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value or 105% of premiums paid is payable
An additional Accidental Death Benefit equal to the SA is payable if the policyholder meets with accidental death under Extra Life Option
Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Grace Period: 15 days grace period is allowed for payment of premiums in monthly mode and 30 days in other modes after which the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Partial withdrawals are allowed every year with a minimum value of Rs.10,000
Switches are allowed every year for switching between funds
Future premiums can be redirected to a new fund via the Premium Redirection option
Additional Features or Riders
The PPT can be converted to limited pay option after first 5 or 10 years premiums has been paid depending on the policy term
The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.
In case of Accidental Death Benefit, death after 90 days of accident or accidental death due to intentional self-inflicted injury, alcohol abuse, war, aviation, acts of criminal nature, or due to participating in hazardous activities is excluded.
Policyholder has to fill up an `Application form/ proposal form with accurate medical history and submit KYC documents.