Medical Saver
Do you have health insurance to cover your medical emergencies?
As we lead our busy lives, the danger of unexpected sickness is never too far away. Fortunately, there is health insurance to meet these sudden health emergencies, ensuring that undue strain is not placed on your finances if you need to receive sudden or long term expensive medical care.
You can rest assured that you and your family stays protected, and your expense needs are met, through an appropriate medical cover.
However, what happens to your health insurance after you reach retirement, especially after the age of 70?
Most health covers cease after your active age and will not be affordable to obtain as we grow older. However, as we age, our medical needs only become greater! So, why should your medical cover stop when you grow older?
That’s where Ceylinco Life steps in with “Medical Saver”, the very first health insurance plan that will cover your medical needs today and tomorrow, even beyond policy maturity. The Medical Saver plan has three main features:
- reimbursing your current medical expenses
- offering protection for life throughout the policy term and also,
- helping you to build a strong medical fund to cater to your future medical expenses after the policy maturity, acting as a backup health insurance cover for medical needs during your retirement.
Key Features of the Plan
- Ability to develop a strong Medical Fund for future medical and nursing care
As the cost of living rises, mounting medical expenses will always be a continuous concern. With Medical Saver, you can save a Basic Premium, starting at just a minimum of Rs. 5,000 a month, to build a Backup Medical Fund for long term medical and nursing care, after the policy maturity. All you have to do is to contribute monthly, quarterly, bi-annually or annually for the agreed premium paying period, and watch your fund grow. You can even top-up the Medical Saver fund whenever you receive extra cash in order to accelerate the growth of the fund during the policy term.
Let’s look at an example to better understand the maturity benefit of Medical Saver plan.
- Policyholder’s Age :45 years
- Policy Term :20 years
- Premium Paying Mode :Monthly
In this table, we can see the maturity benefit at the end of 20 years for different fund contributions assuming there were no fund withdrawals during the policy term.
| Monthly Contribution to the Medical Fund (Rs.) | Total Fund Contribution for 20 years (Rs.) | Illustrated Return at the end of 20 years * (Rs.) | ||
| 4% | 8% | 12% | ||
| 15,000 | 3,600,000 | 6,304,952 | 9,564,753 | 14,879,721 |
| 35,000 | 8,400,000 | 14,452,716 | 21,945,957 | 34,171,378 |
| 75,000 | 18,000,000 | 30,748,245 | 46,708,364 | 72,754,692 |
Above is only an example based on assumed dividend rates of 4% p.a, 8% p.a. and 12% p.a., after all management charges and assuming all premiums are paid on the respective due dates. Further, above assumed Dividend Rates are not guaranteed and subject to fluctuations of the prevailing market conditions,
and the actual maturity benefit paid by the Company will depend on the actual Dividend Rates declared. The illustrated values above will change based on the premium payment mode selected. (i.e. half yearly, quarterly or monthly)
2.Unique Maturity Settlement Options (Lifeline / Monthly Payouts)
The maturity benefit of your Medical Saver fund can be obtained as a lump sum all at once. But if you wish to maintain a backup medical fund for an extended period after the maturity, targeting your retirement, you can choose from two payout options.
The first is the “Lifeline” payout method, where, instead of obtaining maturity value, you can choose to keep the Medical Fund growing for up to another 20 years from maturity – and withdraw from the fund for emergencies whenever it is required.
The other is the “Monthly Payout” method, where you can opt for monthly payouts for an agreed period, if you wish to receive a monthly allowance for your future medical expenses after the maturity. Ceylinco Life will keep adding dividends to your fund during this extended period, and you can watch the medical fund grow even after the policy maturity.
3.Life and Supplementary Benefits for Enhanced Protection
Although Medical Saver is a health cover, it is primarily a life insurance cover, and you will automatically be eligible for a Life Cover for an affordable premium. In the event of your untimely demise during the policy term, your beneficiaries will receive the agreed life cover, along with the available balance of the Medical Fund at the time of demise. Further, Medical Saver plan also allows you to choose a wide range of supplementary benefit riders at your discretion to multiply your protection benefit in addition to your basic life cover.
4.Global Hospitalisation Cover for Medical / Surgical Expenses Reimbursement (Health Support Plus Benefit)
The core feature of the Medical Saver plan is that it will offer an international reimbursement cover for medical and surgical expenses. This benefit is called “Health Support Plus Rider Benefit”.
Health Support Plus rider benefit ensures that you are financially supported if you or your spouse, children or your parents need hospitalization due to a sickness or an accident during the policy term. You can choose a suitable reimbursement sum assured package out of 14 packages available along with many more value additions.
6.Medical Fund Partial Withdrawals at an emergency
An active policy that has up to date premium payments and has completed two years, will be eligible to withdraw up to 20% of the medical fund during a given policy year to cover the medical-related costs, twice a year and at a minimum of Rs. 25,000/- for a one withdrawal.
But in the event of Critical Illness or Major Surgery, you could be eligible to withdraw up to 95% of your medical fund balance, upon proof being provided.
- Medical Fund Boosters
There are added gains to be reaped if you pay your Medical Saver premiums regularly and on time. We at Ceylinco Life will go the extra mile by crediting one annual premium to the medical fund and basic life cover once in every four years in order to boost the development of Medical Fund. All you have to do is to ensure all premiums are paid on due dates or revived within 365 days from due dates, and make sure that there were no withdrawals in the most recent four-year period.
It’s now time to start thinking of your future medical needs, because health is your future wealth. If you’re between 18 and 65 years of age, you can opt for a policy of between 5- 40 years and start building a medical fund today while enjoying all other health and life protection benefits offered by Medical Saver.
Give yourself and your family the gift of health and protection through Ceylinco Life’s unique and highly beneficial “Medical Saver”.
For more details on how Medical Saver can work for you, call us on 011-2461461 or contact your Ceylinco Life Insurance Advisor.
