IndiaFirst Life forays into health insurance

August 3rd, 2011 - 6:35 pm ICT by IANS  

New Delhi, Aug 3 (IANS) IndiaFirst Life Insurance, a joint venture between Bank of Baroda and Andhra Bank and Britain-based Legal and General said Wednesday it was foraying into health insurance by launching a cashless policy valid in 4,956 hospitals.

The IndiaFirst money back health Insurance plan is a long term plan for 5 or 10 years and offers dual tax benefit of Section 80C and 80D, under the current tax laws, the company said.

“It offers a comprehensive health cover for the entire family along with the investment flexibility to grow wealth by investing in different funds under a single plan,” said P. Nandagopal, managing director and chief executive, IndiaFirst Life Insurance.

The premium paid will be invested in various funds as per the customer’s choice to get optimum returns. The money accumulates in the policy account and is paid at the end of the tenure of the scheme.

The policy holder can also use this amount anytime to cover hospital expenses that are beyond the insurance limits or not payable under this policy, said the company.

The plan offers cashless treatment cover for 195 day care procedures, reimbursement of medical expenses for 30 days pre- and 60 days post hospitalisation, and cover for the entire family (spouse, two children and two dependent parents) under one plan.

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