JIO SHRAVAK AROGYAM- RENEWAL PHASE 1

JIO SA1 Renewal

• More https://licjsfs.wordpress.com
• Salient Features
• Terms & Conditions and Premium Details
• FAQs

• Shravak Arogyam Phase-I (RENEWAL) Mediclaim Scheme
  1. We are happy to announce that the existing ELDERLY MEMBERS covered under the Policy who have already completed 80 years of age, are welcomed to continue the cover in the Renewal also for life time.
  2. FAMILY DEFINITION: 1+5 (Parents or Parents In-Laws can be covered)
  3. PRE-EXISTING DISEASES are covered from Day One
  4. NO MEDICAL CHECK-UP required

  

  1. NEW BORN BABY covered from Day 1 subject to intimation within 20 days (Only Reimbursement cases)
  2. MID-TERM ADDITIONS allowed only for natural additions subject to intimation received within 20 days of marriage or birth (for newly married SPOUSE & new born BABY)
  3. As per INCOMETAX Act deductions under Sec 80D, Proposer will be eligible for exemption. (Exemption for Payment by Cash not applicable)
  4. In case of OVERWHELMING response, as per terms & conditions, the primary member (Proposer) may get DISCOUNT ON PREMIUM & the difference in premium shall be refunded accordingly

  ADDITIONAL CAPPINGS for Renewal on Phase-1 Coverage
  

  PREMIUM details for Phase-1 RENEWAL
  POLICY TYPE	SUM INSURED	PREMIUM For 12 MONTHS	SERVICE TAX @ 14%	AMOUNT PAYBLE
  Individual	Rs.2 Lacs	2,899	406	3,305
  Family Floater	Rs.5 Lacs	14,899	2,086	16,985
  Family Floater	Rs.10 Lacs	24,947	3,493	28,440

  Shravak Arogyam Phase-I (RENEWAL) Group Personal Accident Policy

  1. GPA also offers cover to Proposer in which: Death + Permanent Total Disability +Terrorism is covered.
  2. Sum Insured for Personal Accident policy is Rs.2 Lacs for Individual Policy’s PROPOSERand Rs.5 Lacs and Rs.10 Lacs for Family floater Policy PROPOSER as per Mediclaim Sum Insured

http://www.jio.net.in/jio-sa1-renewal/#

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• JIO SA1 Renewal

  • More
  • Salient Features
  • Terms & Conditions and Premium Details
  • FAQs

  • Shravak Arogyam Phase-I (RENEWAL) Mediclaim Scheme
    1. We are happy to announce that the existing ELDERLY MEMBERS covered under the Policy who have already completed 80 years of age, are welcomed to continue the cover in the Renewal also for life time.
    2. FAMILY DEFINITION: 1+5 (Parents or Parents In-Laws can be covered)
    3. PRE-EXISTING DISEASES are covered from Day One
    4. NO MEDICAL CHECK-UP required

    

    1. NEW BORN BABY covered from Day 1 subject to intimation within 20 days (Only Reimbursement cases)
    2. MID-TERM ADDITIONS allowed only for natural additions subject to intimation received within 20 days of marriage or birth (for newly married SPOUSE & new born BABY)
    3. As per INCOMETAX Act deductions under Sec 80D, Proposer will be eligible for exemption. (Exemption for Payment by Cash not applicable)
    4. In case of OVERWHELMING response, as per terms & conditions, the primary member (Proposer) may get DISCOUNT ON PREMIUM & the difference in premium shall be refunded accordingly

    ADDITIONAL CAPPINGS for Renewal on Phase-1 Coverage
    

    PREMIUM details for Phase-1 RENEWAL
    POLICY TYPE	SUM INSURED	PREMIUM For 12 MONTHS	SERVICE TAX @ 14%	AMOUNT PAYBLE
    Individual	Rs.2 Lacs	2,899	406	3,305
    Family Floater	Rs.5 Lacs	14,899	2,086	16,985
    Family Floater	Rs.10 Lacs	24,947	3,493	28,440

    Shravak Arogyam Phase-I (RENEWAL) Group Personal Accident Policy

    1. GPA also offers cover to Proposer in which: Death + Permanent Total Disability +Terrorism is covered.
    2. Sum Insured for Personal Accident policy is Rs.2 Lacs for Individual Policy’s PROPOSERand Rs.5 Lacs and Rs.10 Lacs for Family floater Policy PROPOSER as per Mediclaim Sum Insured
  • Shravak Arogyam Phase-I (RENEWAL) Mediclaim Scheme
    1. INDIVIDUAL / FAMILY FLOATER Mediclaim for JIO Members only
    2. INDIVIDUAL POLICY with Sum Insured of Rs.2 Lacs available only for member BELOW 40 years
    3. Existing members ABOVE 40 years covered under Individual Policy of Rs.2 Lacs should convert their cover from Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs and they have right to add other family members (Dependents) as per family definition 1 + 5
    4. FAMILY FLOATER MEDICLAIM Sum insured of Rs.5 Lacs or Rs.10 Lacs only
    5. FAMILY DEFINITION: Proposer + Spouse (Husband / Wife) + 2 Dependent children upto 25 years of age + 2 Parents OR In-Laws (Any 1 set of Parents to be covered. Combination not allowed) means Maximum 6 members allowed in one family (1+5)
    6. If proposer has covered his/her family in family floater Policy and apart from the above mentioned family of 6 members, he / she have 3rd or 4th CHILD or any other REMAINING family member below 40 years; he/she can be enrolled as a proposer for another Individual Policy even if his/her age is LESS THAN 18 years
    7. AGE LIMIT- 0-80 years (Entry Age of Proposer Between 18 to 80 Years)
    8. We are happy to announce that the existing ELDERLY MEMBERS covered under the Policy who have already completed 80 years of age, are welcomed to continue the cover in the Renewal also
    9. “ROOM RENT & ICU CHARGES limitation Per Day (Inclusive of Nursing charges) :
    10. If insured is admitted in a higher category, then insured will bear difference of all medical expenses as in final hospital bill in same proportion. All other charges to be settled as per room eligibility except pharmacy/medicine charges

    SUM INSURED	LIMIT per day
    Rs. 200,000 & RS.500,000 (For both policies)	Rs.2,500 for Regular Room Rs.4,000 for ICU Hospitalisation
    Rs. 10,00,000	Rs.3,500 for Regular Room Rs.4,000 for ICU Hospitalisation

    1. PRE-EXISTING DISEASES are covered from Day One
    2. NO MEDICAL CHECK-UP required
    3. DAY CARE PROCEDURES Covered as per Insurance company norms
    4. All Internal congenital Diseases are covered
    5. TERRORISM Covered from Day One
    6. 30 Days Pre Hospitalisation & 60 Days Post Hospitalisation expenses covered
    7. Maternity Benefit covered with limit of Rs.30,000 for NORMAL Delivery and Rs.35,000 for CAESARIAN Delivery
    8. NEW BORN BABY covered from Day 1 subject to intimation within 20 days (Only Reimbursement cases)
    9. Hospitalization expenses for ORGAN TRANSPLANT (excluding cost of organ) : The Insurance Company will pay expenses incurred on the donor and the insured recipient up to the sum insured of the insured recipient
    10. DENTAL TREATMENT covered if due to accident only and requiring 24 hours Hospitalisation
    11. MID-TERM ADDITIONS allowed only for natural additions subject to intimation received within 20 days of marriage or birth (for newly married SPOUSE & new born BABY)
    12. Any person can’t be covered more than once under whole group in JIO Policy. If declared more than once, benefit would be payable under one Sum Insured only
    13. CLAIM INTIMATION for all reimbursement claims have to be intimated within 7 days of ADMISSION, failure to intimate will lead to rejection of the claim        
    14. CLAIM SUBMISSION of documents for reimbursement claims have to be submitted within 45 days of date of DISCHARGE from the hospital
    15. As per INCOME TAX Act deductions under Sec 80D, Proposer will be eligible for exemption. (Exemption for Payment by Cash not applicable)
    16. In case of OVERWHELMING response, as per terms & conditions, the primary member (Proposer) may get DISCOUNT ON PREMIUM & the difference in premium shall be refunded accordingly

    ADDITIONAL Benefits over Phase-1 Coverage
    

    ADDITIONAL CAPPINGS for Renewal on Phase-1 Coverage

    

    PREMIUM details for Phase-1 RENEWAL
    POLICY TYPE	SUM INSURED	PREMIUM For 12 MONTHS	SERVICE TAX @ 14%	AMOUNT PAYBLE
    Individual	Rs.2 Lacs	2,899	406	3,305
    Family Floater	Rs.5 Lacs	14,899	2,086	16,985
    Family Floater	Rs.10 Lacs	24,947	3,493	28,440

    * PLEASE NOTE below mentioned points before making premium payment

    1. Existing members ABOVE 40 YEARS covered under Individual Policy of Rs.2 Lacs SHOULD convert their cover from Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs and they have right to add their family members (Dependents)
    2. However Existing members BELOW 40 YEARS covered under Individual Policy of Rs.2 Lacs CAN ALSO convert their coverfrom Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs and they have right to add their family members (Dependents)
    3. Members, who are converting policy from Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs, should pay premium within the specified time frame. And addition of data for family members can be enrolled through ONLINE link, which we will send you soon after the receiving the Amount towards Family floater
    4. Premium of separate Policies should be transferred through separate RTGS Transaction
    5. As premium will be transferred first to JIO by members individually and then JIO have to pay premium to insurance company as one consolidated payment, there is a time gap for reconciliation and procedure. So we request you to pay the premium at the earliest to start coverage on time
    6. Premium can be PAID only via RTGS / NEFT transfer,
    7. In case of OVERWHELMING response, as per terms & conditions, the primary member (Proposer) may get DISCOUNT ON PREMIUM & the difference in premium shall be refunded accordingly

    Steps for Renewal Enrolment

    1. SMS will be sent to the member mentioning the website link for detailed Policy terms and conditions applicable in Renewal
    2.  JAC Card is NOT compulsory as of now for Renewal
    3. Premium can be PAID only via RTGS / NEFT transfer. For receiving Banking and RTGS / NEFT Details, member should give missed call on a 08898070056 number
    4. After the Payment of Premium by RTGS / NEFT, member should inform JIO by sending SMS in below mentioned format on  09773889972 number

    RENEWAL JIO SA ID————– UTR NO——————-
    (JIO SA ID is mentioned on bottom of your Phase-1 Mediclaim Policy TPA Card)
    (UTR No. is your payment transaction unique id, which you will receive after payment from your Bank)
    FOR EXAMPLE if the JIO SA ID is 123456 and UTR No. is X123456789101112 then the SMS format should be RENEWAL JIO SA ID 123456 UTR NO. X123456789101112

    1. Once we receive above SMS of payment, we will proceed ahead. After receiving confirmation from Bank, you will receive SMS from JIO for Payment confirmation.
    2. Your detail which were mentioned in previous policy will be enrolled in renewal Policy
    3. To ensure continuity in coverage from 31st Oct, 2015, your SMS with premium payment details should reach us before midnight of 28th Oct, 2015
    4. You can also renew the Policy after 28th Oct, 2015 till 30th Nov, 2015, however who will pay the amount after 28th Oct, 2015, they will not be covered for one month from 31st Oct, 2015 till 30th Nov, 2015

    OR RTGS/NEFT Details are as below

    Name of Account:	Jain Intl Org Ac ShravakArogyam
    Bank:	Axis Bank Ltd	A/C No.:	914010034304012
    IFSC:	UTIB0001152	Branch:	Pedder Road, Mumbai-400026
    MICR:	400211077	A/C Type:	Saving

    GENERAL EXCLUSIONS IN MEDICLAIM POLICY
    We strive to provide you maximum cover and benefits; however, we would like you to know some of the major exclusions under the policy.

    1. External Congenital diseases not covered
    2. Any dental treatment unless arising due to an accident
    3. Naturopathy treatment not covered.
    4. HIV, AIDS and related medical conditions not covered
    5. External medical equipment used as post hospitalization care not covered
    6. Cost of contact lens, spectacles, hearing aid, cochlear implants not covered
    7. General debility, use of drugs or alcohol, intentional self-injury, sterility, venereal disease not covered.
    8. Treatment for infertility etc. not covered
    9. Hospitalization treatment for less than 24 hrs. Other than specified treatment not covered
    10. Lasik Surgery, Septoplasty, Infertility & Related Ailments inclusive of Male sterility; Treatment on trial/experimental basis; Admin/Registration/Service/Miscellaneous Charges; Expenses on fitting of Prosthesis; Any device/instrument/machine contributing/replacing the function of an organ; Holter Monitoring are outside the scope of the Policy
    11. Other exclusion as per the Standard Policy

    Group Personal Accident (GPA) policy is also attached with this policy, applicable for Proposer only

    • ACCIDENTAL DEATH
    • PERMANENT TOTAL DISABLEMENT
    • TERRORISM COVERED
    • WORLDWIDE COVER
    • COVER APPLICABLE for 24/7

    Sum Insured for Personal Accident policy is Rs.2 Lacs for Individual Policy’s Proposer and Rs.5 Lacs and Rs.10 lacs for Family floater Policy Proposeras per Mediclaim Policy Sum Insured

    GENERAL EXCLUSIONS IN PERSONAL ACCIDENT POLICY

    1. Suicide / Intentional self‐injury
    2. Death due to Pregnancy/child birth etc.
    3. Accident while under influence of alcohol/drugs
    4. Sexually Transmitted Infections
    5. Participation in a criminal act
    6. Participation in a hazardous sport
    7. War, civil war, similar situations etc
    8. http://www.jio.net.in/jio-sa1-renewal/Other exclusion as per the Standard Policy

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  JIO SA1 Renewal

  • More
  • Salient Features
  • Terms & Conditions and Premium Details
  • FAQshttps://licjsfs.wordpress.com

  • Shravak Arogyam Phase-I (RENEWAL) Mediclaim Scheme
    1. We are happy to announce that the existing ELDERLY MEMBERS covered under the Policy who have already completed 80 years of age, are welcomed to continue the cover in the Renewal also for life time.
    2. FAMILY DEFINITION: 1+5 (Parents or Parents In-Laws can be covered)
    3. PRE-EXISTING DISEASES are covered from Day One
    4. NO MEDICAL CHECK-UP required

    

    1. NEW BORN BABY covered from Day 1 subject to intimation within 20 days (Only Reimbursement cases)
    2. MID-TERM ADDITIONS allowed only for natural additions subject to intimation received within 20 days of marriage or birth (for newly married SPOUSE & new born BABY)
    3. As per INCOMETAX Act deductions under Sec 80D, Proposer will be eligible for exemption. (Exemption for Payment by Cash not applicable)
    4. In case of OVERWHELMING response, as per terms & conditions, the primary member (Proposer) may get DISCOUNT ON PREMIUM & the difference in premium shall be refunded accordingly

    ADDITIONAL CAPPINGS for Renewal on Phase-1 Coverage
    

    PREMIUM details for Phase-1 RENEWAL
    POLICY TYPE	SUM INSURED	PREMIUM For 12 MONTHS	SERVICE TAX @ 14%	AMOUNT PAYBLE
    Individual	Rs.2 Lacs	2,899	406	3,305
    Family Floater	Rs.5 Lacs	14,899	2,086	16,985
    Family Floater	Rs.10 Lacs	24,947	3,493	28,440

    Shravak Arogyam Phase-I (RENEWAL) Group Personal Accident Policy

    1. GPA also offers cover to Proposer in which: Death + Permanent Total Disability +Terrorism is covered.
    2. Sum Insured for Personal Accident policy is Rs.2 Lacs for Individual Policy’s PROPOSERand Rs.5 Lacs and Rs.10 Lacs for Family floater Policy PROPOSER as per Mediclaim Sum Insured
  • Shravak Arogyam Phase-I (RENEWAL) Mediclaim Scheme
    1. INDIVIDUAL / FAMILY FLOATER Mediclaim for JIO Members only
    2. INDIVIDUAL POLICY with Sum Insured of Rs.2 Lacs available only for member BELOW 40 years
    3. Existing members ABOVE 40 years covered under Individual Policy of Rs.2 Lacs should convert their cover from Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs and they have right to add other family members (Dependents) as per family definition 1 + 5
    4. FAMILY FLOATER MEDICLAIM Sum insured of Rs.5 Lacs or Rs.10 Lacs only
    5. FAMILY DEFINITION: Proposer + Spouse (Husband / Wife) + 2 Dependent children upto 25 years of age + 2 Parents OR In-Laws (Any 1 set of Parents to be covered. Combination not allowed) means Maximum 6 members allowed in one family (1+5)
    6. If proposer has covered his/her family in family floater Policy and apart from the above mentioned family of 6 members, he / she have 3rd or 4th CHILD or any other REMAINING family member below 40 years; he/she can be enrolled as a proposer for another Individual Policy even if his/her age is LESS THAN 18 years
    7. AGE LIMIT- 0-80 years (Entry Age of Proposer Between 18 to 80 Years)
    8. We are happy to announce that the existing ELDERLY MEMBERS covered under the Policy who have already completed 80 years of age, are welcomed to continue the cover in the Renewal also
    9. “ROOM RENT & ICU CHARGES limitation Per Day (Inclusive of Nursing charges) :
    10. If insured is admitted in a higher category, then insured will bear difference of all medical expenses as in final hospital bill in same proportion. All other charges to be settled as per room eligibility except pharmacy/medicine charges

    SUM INSURED	LIMIT per day
    Rs. 200,000 & RS.500,000 (For both policies)	Rs.2,500 for Regular Room Rs.4,000 for ICU Hospitalisation
    Rs. 10,00,000	Rs.3,500 for Regular Room Rs.4,000 for ICU Hospitalisation

    1. PRE-EXISTING DISEASES are covered from Day One
    2. NO MEDICAL CHECK-UP required
    3. DAY CARE PROCEDURES Covered as per Insurance company norms
    4. All Internal congenital Diseases are covered
    5. TERRORISM Covered from Day One
    6. 30 Days Pre Hospitalisation & 60 Days Post Hospitalisation expenses covered
    7. Maternity Benefit covered with limit of Rs.30,000 for NORMAL Delivery and Rs.35,000 for CAESARIAN Delivery
    8. NEW BORN BABY covered from Day 1 subject to intimation within 20 days (Only Reimbursement cases)
    9. Hospitalization expenses for ORGAN TRANSPLANT (excluding cost of organ) : The Insurance Company will pay expenses incurred on the donor and the insured recipient up to the sum insured of the insured recipient
    10. DENTAL TREATMENT covered if due to accident only and requiring 24 hours Hospitalisation
    11. MID-TERM ADDITIONS allowed only for natural additions subject to intimation received within 20 days of marriage or birth (for newly married SPOUSE & new born BABY)
    12. Any person can’t be covered more than once under whole group in JIO Policy. If declared more than once, benefit would be payable under one Sum Insured only
    13. CLAIM INTIMATION for all reimbursement claims have to be intimated within 7 days of ADMISSION, failure to intimate will lead to rejection of the claim        
    14. CLAIM SUBMISSION of documents for reimbursement claims have to be submitted within 45 days of date of DISCHARGE from the hospital
    15. As per INCOME TAX Act deductions under Sec 80D, Proposer will be eligible for exemption. (Exemption for Payment by Cash not applicable)
    16. In case of OVERWHELMING response, as per terms & conditions, the primary member (Proposer) may get DISCOUNT ON PREMIUM & the difference in premium shall be refunded accordingly

    ADDITIONAL Benefits over Phase-1 Coverage
    

    ADDITIONAL CAPPINGS for Renewal on Phase-1 Coverage

    

    PREMIUM details for Phase-1 RENEWAL
    POLICY TYPE	SUM INSURED	PREMIUM For 12 MONTHS	SERVICE TAX @ 14%	AMOUNT PAYBLE
    Individual	Rs.2 Lacs	2,899	406	3,305
    Family Floater	Rs.5 Lacs	14,899	2,086	16,985
    Family Floater	Rs.10 Lacs	24,947	3,493	28,440

    * PLEASE NOTE below mentioned points before making premium payment

    1. Existing members ABOVE 40 YEARS covered under Individual Policy of Rs.2 Lacs SHOULD convert their cover from Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs and they have right to add their family members (Dependents)
    2. However Existing members BELOW 40 YEARS covered under Individual Policy of Rs.2 Lacs CAN ALSO convert their coverfrom Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs and they have right to add their family members (Dependents)
    3. Members, who are converting policy from Rs.2 Lacs to Rs.5 Lacs or Rs.10 Lacs, should pay premium within the specified time frame. And addition of data for family members can be enrolled through ONLINE link, which we will send you soon after the receiving the Amount towards Family floater
    4. Premium of separate Policies should be transferred through separate RTGS Transaction
    5. As premium will be transferred first to JIO by members individually and then JIO have to pay premium to insurance company as one consolidated payment, there is a time gap for reconciliation and procedure. So we request you to pay the premium at the earliest to start coverage on time
    6. Premium can be PAID only via RTGS / NEFT transfer,
    7. In case of OVERWHELMING response, as per terms & conditions, the primary member (Proposer) may get DISCOUNT ON PREMIUM & the difference in premium shall be refunded accordingly

    Steps for Renewal Enrolment

    1. SMS will be sent to the member mentioning the website link for detailed Policy terms and conditions applicable in Renewal
    2.  JAC Card is NOT compulsory as of now for Renewal
    3. Premium can be PAID only via RTGS / NEFT transfer. For receiving Banking and RTGS / NEFT Details, member should give missed call on a 08898070056 number
    4. After the Payment of Premium by RTGS / NEFT, member should inform JIO by sending SMS in below mentioned format on  09773889972 number

    RENEWAL JIO SA ID————– UTR NO——————-
    (JIO SA ID is mentioned on bottom of your Phase-1 Mediclaim Policy TPA Card)
    (UTR No. is your payment transaction unique id, which you will receive after payment from your Bank)
    FOR EXAMPLE if the JIO SA ID is 123456 and UTR No. is X123456789101112 then the SMS format should be RENEWAL JIO SA ID 123456 UTR NO. X123456789101112

    1. Once we receive above SMS of payment, we will proceed ahead. After receiving confirmation from Bank, you will receive SMS from JIO for Payment confirmation.
    2. Your detail which were mentioned in previous policy will be enrolled in renewal Policy
    3. To ensure continuity in coverage from 31st Oct, 2015, your SMS with premium payment details should reach us before midnight of 28th Oct, 2015
    4. You can also renew the Policy after 28th Oct, 2015 till 30th Nov, 2015, however who will pay the amount after 28th Oct, 2015, they will not be covered for one month from 31st Oct, 2015 till 30th Nov, 2015

    OR RTGS/NEFT Details are as below

    Name of Account:	Jain Intl Org Ac ShravakArogyam
    Bank:	Axis Bank Ltd	A/C No.:	914010034304012
    IFSC:	UTIB0001152	Branch:	Pedder Road, Mumbai-400026
    MICR:	400211077	A/C Type:	Saving

    GENERAL EXCLUSIONS IN MEDICLAIM POLICY
    We strive to provide you maximum cover and benefits; however, we would like you to know some of the major exclusions under the policy.

    1. External Congenital diseases not covered
    2. Any dental treatment unless arising due to an accident
    3. Naturopathy treatment not covered.
    4. HIV, AIDS and related medical conditions not covered
    5. External medical equipment used as post hospitalization care not covered
    6. Cost of contact lens, spectacles, hearing aid, cochlear implants not covered
    7. General debility, use of drugs or alcohol, intentional self-injury, sterility, venereal disease not covered.
    8. Treatment for infertility etc. not covered
    9. Hospitalization treatment for less than 24 hrs. Other than specified treatment not covered
    10. Lasik Surgery, Septoplasty, Infertility & Related Ailments inclusive of Male sterility; Treatment on trial/experimental basis; Admin/Registration/Service/Miscellaneous Charges; Expenses on fitting of Prosthesis; Any device/instrument/machine contributing/replacing the function of an organ; Holter Monitoring are outside the scope of the Policy
    11. Other exclusion as per the Standard Policy

    Group Personal Accident (GPA) policy is also attached with this policy, applicable for Proposer only

    • ACCIDENTAL DEATH
    • PERMANENT TOTAL DISABLEMENT
    • TERRORISM COVERED
    • WORLDWIDE COVER
    • COVER APPLICABLE for 24/7

    Sum Insured for Personal Accident policy is Rs.2 Lacs for Individual Policy’s Proposer and Rs.5 Lacs and Rs.10 lacs for Family floater Policy Proposeras per Mediclaim Policy Sum Insured

    GENERAL EXCLUSIONS IN PERSONAL ACCIDENT POLICY

    1. Suicide / Intentional self‐injury
    2. Death due to Pregnancy/child birth etc.
    3. Accident while under influence of alcohol/drugs
    4. Sexually Transmitted Infections
    5. Participation in a criminal act
    6. Participation in a hazardous sport
    7. War, civil war, similar situations etc
    8. Other exclusion as per the Standard Policy

  • 1. About JIO?

    JIO is a vibrant organization for total unity of Jains, to serve all living beings & bring all round progress. JIO intends to be the global organization of visionaries who believe in principles and philosophy of Jainism, to bring global harmony, peace & prosperity for total happiness of every living being and to strive for a world free of violence, poverty & disease.JIO is committed to build a corporate environment and social infrastructure for overall growth, development and well-being of family by improving health, wealth, knowledge and spirituality.
    Also, Provide fair & optimum opportunities for supporting social relationships amongst Jains of all professions.
    Initiate to create global awareness about Jain philosophy, culture, values and the noble principles which benefits humanity, environment and takes care of all living beings.

    2. About Shravak Arogyam Phase-1 (Renewal) Individual Insurance Scheme?

    The 1st phase started by individual policy of 2 lacs each, & various members of the Family had bought individual policies; they can now have the benefit of protecting their entire family under a single floater cover of 5 lacs/ 10 lacs. However If proposer has covered his/her family in family floater Policy and apart from family of 6 members who are already covered under family floater Policy,if  he / she have any additional CHILD or any other REMAINING family member below 40 years; They can be enrolled as a proposer for another Individual Policy even if there age is LESS THAN 18 years. Proposer has Personal Accident coverof Rs.2 Lacs.

     3. About Shravak Arogyam Family Floater Scheme?

    This is an insurance scheme where a family can renew an insurance plan for Rs.5 Lac & 10 Lac against Mediclaim for Self + Spouse + 2 Dependent Children up to 25 years of Age and Parents or parents in-laws this policy includes personal accident cover for a sum of Rs.5 Lac and Rs. 10 Lac respectively for Proposer
    4. If I don’t have JIO JAC Id, can I renew?
    Yes,  JAC cardas of now is NOT compulsory for renewal, for renewal you have to mention JIO SA Id only which is mentioned in your PHASE I Policy TPA Card.

    5. Why Premium Rates raised in Phase –I (Renewal)than Phase-I?

    More than 2,12,000 lives were part of this Phase 1 and more than 20,000 lives were benefited by claiming under the policy. The policy operated at approximate claims of 105 crs against premium collected of 30 crs.

    The objective of this policy was to ensure all Jains get covered by medical insurance, which would not be available for individuals in the open market at any cost and when we come together as a community it helps us provide benefits to all our brothers & sisters who really need the required protection.

    This Phase-1 Shravak Arogyam MEDICLAIM RENEWAL is really special for you as we have introduced the following ADDITIONAL benefits

    1. Members with 80 years of age and above would get LIFE TIME Continuity
    2. Members would have also an option to cover PARENTS IN LAW
    3. TAX BENEFIT under section 80 D will be available
    4. Additional NEW COVERAGES like Psychiatric Treatment, Nasal Sinus, Cyber Knife Treatments, Stem Cell Transplantation, Cochlear Implant & Domiciliary Hospitalization are COVERED
    5. You can also increase your Sum Insured UPTO 10 Lac

    Also in spite of the 300% + claim ratio KNEE REPLACEMENT & MATERNITY BENEFITS are COVERED from Day 1 so it affected the Premium Rate.

    As the Policy expires on 30th Oct, please do not miss out the opportunity to Renew, as such Insurance Benefits will not be available in the Open Market at any Price.

    6. Can a member above age of 40 years can take individual policy take Rs.2 lac individual policy?

    No. Individuals above the age of 40 would compulsory need to buy a 5 lac/10 lac cover which at no additional cost can be converted to a 5 lac/ 10 lac family floater to protect the entire family.

    7. I am above 60 , Where my children’s are more than 25 years, what should I do to take the coverage.

    Those who have taken individual policy of 2L are most likely above 60 years of age and cannot include their children and grandchildren as in most cases their children would be 25+ and as per our family definition children ( dependent ) should be 25 below. In this case they will become the dependent and their children or daughter in law will become the proposer and grandchildren also will be dependent and will be covered in the floater policy.
    So we shall have to also update this information in all our communications.

    8. What are the differences between Shravak Arogyam Phase–1 Previous Year &Renewal?

    Difference between Shravak Arogyam Phase-1Expiry & Renewalas per below comparison Chart:-

    ADDITIONAL BENEFITS OVER PHASE I RENEWAL

    PHASE 1 Coverage	RENEWAL coverage	PREVIOUS YEAR coverage
    Waiting period for Maternity Benefit	Covered from Day 1 for existing members	First 9 months not covered
    Waiting period for Knee Replacement	Covered from Day 1 for existing members with limit of Rs.1.25 Lacs per knee	First 12 months not covered
    Emergency Ambulance charges	Rs.2,500 Per incidence	Rs.2,000 Per incidence
    Domiciliary Hospitalisation	Covered upto 20% of Sum Insured	Not Covered
    Hospitalisation AYUSH Treatment (AYURVEDIC / HOMEOPATHIC / UNANI)	Rs.10,000 Per claim and Max. upto Rs.20,000 per family per year	Rs.10,000 Per claim
    Hospitalization arising out of PSYCHIATRIC AILMENTS	Covered upto Rs.30,000	Not Covered
    Liability for Nasal Sinus Surgeries	Covered upto Rs.35,000	Not Covered
    Cyberknife treatment	Covered with Co-pay of 50%	Not Covered
    Stem Cell Transplantation	Covered with Co-pay of 50%	Not Covered
    Cochlear Implant treatment	Covered upto 50% of the Sum Insured	Not Covered
    Parents Covered	Covered Parents or Parents in Law	Covered for Parents

    CAPPINGS UNDER THE RENEWAL POLICY

    PHASE 1 Coverage	RENEWAL coverage		PREVIOUS YEAR coverage
    50% Co-payment on Pre-existing CANCER	Co-payment of 50% on claims due to Cancer related treatment only in case of Pre-existing Disease before Previous year Policy start date		Limit not Applicable
    Capping on Dialysis in case of Pre-existing Disease	Rs.35,000 Per Family Per Year		Limit not Applicable
    Limit on claim amount (Capping) for Diseases / Ailments	Cataract (Per eye):	Rs.24,000	Cataract (Per eye): Rs.24,000 No Limit on all other ailments / Diseases
    	Bypass Surgery (CABG):	Rs.250,000
    	Valve Replacement:	Rs.200,000
    	Angioplasty (PTCA):	Rs.175,000
    	Cholecystectomy (Gall bladder removal)	Rs.40,000
    	Hysterectomy (Removal of Uterus):	Rs.40,000
    	Appendectomy (Removal of Appendix):	Rs.40,000
    	Fistula / Hernia :	Rs.30,000
    	Angiography:	Rs.18,000
    	Anaemia:	Rs.50,000
    	Knee Replacement (Per Knee):	Rs.125,000
    	All the above mentioned amount inclusive of implant cost, stent, etc
    10% Co-payment on REMAINING Pre-existing Diseases	10% co-payment applicable on pre-existing ailment excluding above ALL capped ailments (eg. Cancer, Dialysis, Bypass etc)		No Co-payment
    Deduction of Rs.5,000	Deduction of Rs.5,000 for each & every claim above Rs.50,000 excluding above ALL capped and Pre-existing ailments		No Deduction

    7. Where can I renew my policy and can I pay online?

    Steps for Renewal Enrolment is as follows

    • SMS will be sent to the member mentioning the website link for detailed Policy terms and conditions applicable in Renewal
    • Premium can be PAID only via RTGS/NEFT transfer. For receiving Banking and RTGS/NEFT Details, member should give missed call on a 08898070056
    • After the Payment of Premium by RTGS / NEFT, member should inform JIO by sending SMS in below
      mentioned format on 07710006211 number

      (JIO SA ID is mentioned on bottom of your Phase-1 Mediclaim Policy TPA Card)
      (UTR No. is you payment transaction unique id, which you will receive after payment from your Bank)

    For Example if the JIO SA ID is 123456 and UTR NO. is X123456789101112 then the SMS format should be
    RENEWAL JIO SA ID 123456 UTR NO. X123456789101112

    • Once we receive above SMS of payment, we will proceed ahead. After receiving confirmation from Bank, you will receive SMS from JIO for Payment confirmation.
    • Your detail which were mentioned in previous policy will be enrolled in renewal Policy
    • To ensure continuity in coverage from 31st Oct, 2015, your SMS with premium payment details should reach us before midnight of 28-Oct-2015
    • OR RTGS/NEFT Details are as below

    Name of Account:	Jain Intl Org Ac ShravakArogyam
    Bank:	Axis Bank Ltd	A/C No.:	914010034304012
    IFSC:	UTIB0001152	Branch:	Pedder Road,Mumbai-400026
    MICR:	400211077	A/C Type:	Saving

    Jain International organisation,
    103, Midas Tower, 1st floor, BhauDaji Road Ext.,
    Sion West, Mumbai 400022

    8. Is this Applicable on Pan India basis?

    Yes this policy is for Pan India Jain population only.

    9. What if I am or my family member is already suffering from a disease? Can I yet get myself or my family members covered?

    Pre‐Existing Diseases are covered since day 1, except for new member theTotal Knee Replacement is covered only after a year from the date of their enrolment in the policy.

    10. In my family few are having Jain certificate but my parents don’t have any proof? Then what I can do?

    Please get a confirmation from your Sangh / Gyati that you are a Jain.

    12. Does this scheme have cashless facility?

    Yes cashless facility is available in 3500+ Network of hospitals

    13. When will I be eligible for my maternity claim?

    Covered from day one for existing members , for new member after completion of 9 months from the date of enrolment in JIO – Shravak Arogyam scheme.

    14. Are pre &post natal expenses under Maternity benefits covered?

    Covered for the Hospitalization for more than 24 hours within Maternity Limit but OPD Pre & Post Natal is not covered

    15. I am a Jain but my wife is not a Jain? Can I insure my wife?

    Under the family floater policy you can cover your wife as long as the proposer is Jain and because now she is a part of the Jain family.

    16. If I have only 3 members in my family can I buy a Family Floater Policy?

    Family Floater Policy is available for family size ranging between 2 to 6 members i.e. Proposer + Spouse + 2 Dependent Children up to 25 years of Age + Parents/or Parents or Laws.

    17. Can I upgrade my policy to higher value of phase-I in phase-I ( Renewal )?

    Yes. You can upgrade to higher value in phase-I ( Renewal ).

    18. Can I and my brother / sister cover our parents under our individual family floater schemes?

    Yes you can butany person can’t be covered more than once under whole group in JIO Policy. If declared more than once, benefit would be payable under one Sum Insured only

    19. What shall be the next year premium?

    The next year premium will be decided after the end of the policy tenure.

    20. Can anybody renew the policy after 28th of Oct. after the closing of the last date?

    The enrollment can only be done as per the date scheduled by the JIO

    21. Is there any tax rebate?

    Yes , under section 80 D.

    22. Can I have the policy number?

    All this information shall be available online once the policy start date has been declared.

    23. Do we get no claim bonus if we do not claim in the existing year?

    No as this is a group scheme

    24. If my wife is the proposer can she cover her parents?

    Yes only is she is a Jain by birth.

    25. How different is TPA from Insurance Company?

    Third Party Administrator (TPA) in Health Insurance Sector servicing all insurance companies. Health Insurance policies for individuals are basic products of Insurance Companies on which TPA adds value and facilitates smooth operation through its value‐addition like network of healthcare service providers, medical care standardization, Claims management, Client servicing, expert opinion etc. Thus TPA administers a `healthcare package for its clients with customized healthcare delivery.

    26. Will location of dependent family matter in availing services under TPA?

    No, Location does not affect the operational activities, main member or the dependent member can avail same and equal benefits irrespective of their location. TPA Network of Healthcare Service Providers is across the country. These accredited healthcare providers would assure qualitative healthcare delivery to TPA members.

    27. Will the change in names in between policy period matters?

    Yes, According to the Insurance Company the claim will not be settled (unless prior intimation to Insurance company) if there is any alterations in the name It has to be intimated to your respective Insurance Co. & requisite Endorsement for the change in name needs to be passed by Insurance co. This has to be done first hand and not only if any claim arises.

    28. Should the claim be submitted with the insurance company or with TPA?

    Preferably with the TPA only.

    29. What are the documents required to be submitted to TPA to claim under reimbursement procedure?

    Documents that you need to submit for a hospitalization reimbursement claim are:

    • 1. Original completely filled in Claim form
    • 2. Covering letter stating your complete address, contact numbers and email address (if available), along with Schedule of Expenses
    • 3. Copy of the TPA ID card or current policy copy and previous years policy copies(if any)
    • 4. Original Discharge Card/ Summary
    • 5. Original hospital final bill
    • 6. Original numbered receipts for payments made to the hospital
    • 7. Complete breakup of the hospital bill
    • 8. All bills for investigations done with the respective Doctor
    • 9. All bills for medicines supported by relevant prescriptions
    • 10. Bank Details with Cancel Cheque
    • You are advised to keep Photo Copy of the entire set of claim documents submitted to us.

    30. How to send reimbursement claims to TPA?

    Reimbursement claims can be submitted to us through registered post / courier or can be handed over at any of THE TPA Branch offices.

    31. WHAT ARE “NON‐MEDICAL EXPENSES?

    Your health insurance policy pays for reasonable and necessary medical expenditure. There are several items that do not classify as medical expenses during hospitalization. These items will not be payable and expenditure towards such items will have to be borne by you.

    32. Can I claim medical expenses incurred before and after a surgery?

    You can claim medical expenses incurred 30 days before and 60 days after hospitalization (as specified in your policy), provided they are related to the ailment/treatment for which you were hospitalized. Such expenses are termed as pre and post hospitalization, except for Maternity Claims.

    33. Can I claim my dentist bills?

    No, you cannot

    34. If I have a health insurance policy in Mumbai, can I make a claim if I am transferred to Delhi?

    Yes, your health insurance policy is valid all over the country.

    35. Are all the tests prescribed by the doctor at a hospital reimbursed under the Health Insurance Plan?

    Expenses incurred at a hospital or a nursing home for diagnostic purposes such as X‐rays, blood analysis, ECG, etc. will be reimbursed if they are consistent with or incidental to the diagnosis and treatment of the ailment for which the policy holder has been hospitalized. In any other scenario, these expenses will not be reimbursed.

    36. Will my claims be reimbursed even if I do not get myself treated at a network hospital?

    Yes, claims will be reimbursed even if insured is not treated in network hospital. These claims shall be settled as per TPA Negotiated RATES.

    37. Is there a minimum time limit for stay within the hospital under the health insurance plan?

    Typically, the insured can make a claim if her/his hospitalized stay is for over 24 hours. However, for certain treatments, such as dialysis, chemotherapy, eye surgery, etc, the stay could be less than 24 hours.

    38. What happens when the limit of insurance is exhausted under a Health Insurance Policy?

    If the insurance limit i.e. the sum insured is exhausted in a particular year due to large medical expenses, the insurer is not liable to bear/reimburse the insured for any further expenses.

    39. Who will receive the claim amount if the insured dies at the time of treatment?

    The claim amount is paid to the nominee of the insured. If no nominee has been assigned under the policy, the insurance company will insist upon a succession certificate from a court of law for disbursing the claim amount. Alternatively, the insurers can deposit the claim amount in the court for disbursement to the legal heirs of the deceased.

    40. What is the procedure for availing cashless facility?

    In case of planned hospitalization, insurers require the first prescription with the details of the case history indicating following details:

    1. Provisional diagnosis or reason for getting admitted in hospital
    2. Proposed date of admission
    3. Approximate expenses
    4. Name of the hospital and consultants
    5. Approximate duration of stay at the hospital
    6. Attached doctors prescription with admission note
    7. The above documents need to be delivered to the TPA/insurer at least 72 hours before admission.

    41. If I avail of the cashless facility, will the insurance company pay the entire bill at the hospital?

    No, claim will be paid as per limits mentioned in the policy, claim will be paid and a part of the bill will have to be borne by the insured if it consists of the inadmissible amounts that are listed by the hospital.

    42. What are Sub-limits in this policy?

    CAPPINGS UNDER THE RENEWAL POLICY

    PHASE 1 Coverage	RENEWAL coverage		PREVIOUS YEAR coverage
    50% Co-payment on Pre-existing CANCER	Co-payment of 50% on claims due to Cancer related treatment only in case of Pre-existing Disease before Previous year Policy start date		Limit not Applicable
    Capping on Dialysis in case of Pre-existing Disease	Rs.35,000 Per Family Per Year		Limit not Applicable
    Limit on claim amount (Capping) for Diseases / Ailments	Cataract (Per eye):	Rs.24,000	Cataract (Per eye): Rs.24,000 No Limit on all other ailments / Diseases
    	Bypass Surgery (CABG):	Rs.250,000
    	Valve Replacement	Rs.200,000
    	Angioplasty (PTCA):	Rs.175,000
    	Cholecystectomy (Gall bladder removal)	Rs.40,000
    	Hysterectomy (Removal of Uterus)	Rs.40,000
    	Appendisectomy (Removal of Appendix):	Rs.40,000
    	Fistula / Hernia :	Rs.30,000
    	Angiography:	Rs.18,000
    	Anaemia:	Rs.50,000
    	Knee Replacement (Per Knee):	Rs.125,000
    	All the above mentioned amount inclusive of implant cost, stent, etc
    10% Co-payment on REMAINING Pre-existing Diseases	10% co-payment applicable on pre-existing ailment excluding above ALL capped ailments (eg. Cancer, Dialysis, Bypass etc)		No Co-payment
    Deduction of Rs.5,000	Deduction of Rs.5,000 for each & every claim above Rs.50,000 excluding above ALL capped and Pre-existing ailments		No Deduction

    43. What happens in case of an Emergency hospitalization where Cashless facility is not authorized to me?

    The liability for paying the hospital will be on the individual member. However, the insurance company will reimburse the admissible amount on submission of the claim file.

    44. How a hospital is defined with regards to the health insurance policies?

    Any institution established for indoor care and treatment of sickness and/or injuries, which is duly registered and supervised actively by a registered medical practitioner.
    OR
    Any establishment that satisfies the following criteria can qualify as a hospital:

    • 1. with at least 15 patient beds
    • 2. With a fully equipped operation theatre of its own if surgical procedures need to be carried out
    • 3. Employing fully qualified nursing staff around the clock
    • 4. Having fully qualified doctors in charge around the clock Note: For Class “C” towns, the number of beds relaxed to ten.

    45. What is meant by hospitalization?

    An instance where the insured individual is hospitalized for a minimum period of 24 hours can be termed as hospitalization. Specific treatments like dialysis, chemotherapy, radiotherapy, laser eye surgery, dental surgery, etc. when the patient is discharged on the same day are also considered hospitalization.

    46. Is maternity benefit available under an individual Health Insurance Plan?

    Maternity benefit will be available from day one except for new members 9 month waiting period Normal Rs 30000 and Rs 35000 In case of C-sec.

    47. What is my room rent eligibility under both the schemes?

    Room Rent restriction to Rs. 2500/‐ or below per day for Normal &Rs. 4000/‐ or below for ICU / ICCU and in case of Floater 10 Lacs it is Rs. 3500/‐ or below per day for Normal &Rs. 4000/‐ or below for ICU / ICCU and all other charges to be settled as per room rent eligibility

    48. Can I get interest till the policy is not issued?

    No

    49. What are the age limit restrictions under both the policies?

    Entry Age Limit restrictions are 0‐80 years under both the schemes. We are happy to announce that the existing ELDERLY MEMBERS covered under the Policy who have already completed 80 years of age, are welcomed to continue the cover in the Renewal also

    50. Can one prepare a Jain Certificate?

    The Jain certification has to be from Gyati / Samaj / Sang only.

    51. What is covered under Personal accident Cover?

    Only Death & Permanent Total Disability is covered under personal accident cover.

    52. What claim documents do I need under a Personal Accident Claim?

    CLAIM DOCUMENTS REQUIRED FOR PERSONAL ACCIDENT CLAIM – ALL DOCUMENTS HAVE TO BE DULY ATTESTED / CERTIFIED / NOTARIZED

    a. Compete Filled Claim Form
    b. Photocopy Of ID Proof
    c. Death Certificate or Permanent Total Disability certified from Government Hospital / Government Board
    d. Post Mortem Report
    e. Police FIR Copy
    f. Driving license (if self driving)
    g. Police Panchnama Copy
    h. Panchayat Certificate wherever applicable
    i. Income Proof
    j. Bank Account Details of Nominee

  ———–

Shravak Arogyam phase I- JIO – Renewal Bank Details

Dear Sir / Madam

JIO Phase-1 Policy is being Renewed & PAYMENT can only be made by RTGS / NEFT.

For Payment details give MISS CALL on 08898070056

Name of Account : Jain International Organisation A/c Shravak Arogyam *

Bank : Axis Bank Ltd * A/C No. : 914010034304012 *

IFSC UTIB0001152 MICR : 400211077 * A/C Type : Current

Branch : Pedder Road,Mumbai-400026 *

After Payment,

send SMS on 09773889972 In below format

RENEWAL JIO SA ID JIO4OHS3966 UTR NO. _______________ .

For Policy Details visit

http://msg.mn/renewal1 or www.jio.net.in

Regards,

Team JIO

Please note: JAC Card is not compulsory as of now for renewal.

With Regards

Simultaneously  you can also visit

https://licjsfs.wordpress.com/2015/10/24/shravak-arogyam-phase-i-jio/

Jaynish Shah

09324 365 226

Shravak Arogyam phase I- JIO – Renewal procedure & Bank Details

Dear Sir / Madam

JIO Phase-1 Policy is being Renewed & PAYMENT can only be made by RTGS / NEFT.

For Payment details give MISS CALL on 08898070056

Name of Account : Jain International Organisation A/c Shravak Arogyam *

Bank : Axis Bank Ltd * A/C No. : 914010034304012 *

IFSC UTIB0001152 MICR : 400211077 * A/C Type : Current

Branch : Pedder Road,Mumbai-400026 *

After Payment,

send SMS on 09773889972 In below format

RENEWAL JIO SA ID JIO4OHS3966 UTR NO. _______________ .

For Policy Details visit

http://msg.mn/renewal1 or www.jio.net.in

Regards,

Team JIO

Please note: JAC Card is not compulsory as of now for renewal.

With Regards

Simultaneously  you can also visit

https://licjsfs.wordpress.com/2015/10/24/shravak-arogyam-phase-i-jio/

Jaynish Shah

09324 365 226

AEGON Religar…

 

AEGON Religare: Kum Insurance Dene Ki Bimari?
May 24, 2012 05:18 PM |
Raj Pradhan

AEGON Religare has been cautioning the masses against ending up with a low insurance cover. But then why does it insist on selling you a lower insurance cover at a higher premium?

Pradip Kumar Paul, age 43, with an annual income of Rs5,10,024 made an online purchase of Rs50 lakh sum assured (SA) of AEGON Religare iTerm for policy term of 25 years, with a premium of Rs10,449 on April 5, 2012. After the medical test on 14th April, the customer was told that “The requested cover is not justified based on the income evidence supported” and they offered SA of Rs 30 lakh at premium of Rs9,876. Religare was actually asking Mr Paul to take a lower cover! Why is that ironic? Because AEGON Religare, of course, has had a long-running campaign trying to ‘educate’ the general public on the need to take sufficient insurance cover. The advertisement shows Bollywood star Irrfan Khan highlighting the fact that the Indian masses tend to take less life insurance cover than what they need. According to the ad, not taking sufficient life cover is a disease in itself or ‘Kum Insurance lene ki bimari’ or KILB. So why was Mr Paul offered kum insurance?

The reason was simple. AEGON Religare was keen to offer 40% lower insurance at almost same premium. It seems the insurer itself is suffering from a disease: KIDB (Kum Insurance dene ki bimari, the disease of giving less life cover).

Stumped by the fact that an insurance company that has been pushing you to buy a higher cover is asking him to take a lower one, Mr Paul asked a lot of hard questions about what is the salary level required for getting Rs50 lakh SA. AEGON Religare, then made a counter offer 28 April 2012 of Rs40 lakh SA at premium of whopping Rs12,494, which is Rs2,000 (or 20%) more than the premium for Rs50 lakh SA. How did Insurance Regulatory and Development Authority (IRDA) approve such a product feature?

Again, Mr Paul protested against the absurd offering and talked with the insurer over the phone. On 14 May 2012, he received email stating that Rs50 lakh SA can be offered only if he cancels an existing ICICI Pru Life term plan of Rs10 lakh SA expiring on July 2012. He argued that there is no point in cancelling before the date even though he will not renew the ICICI Life policy. AEGON Religare stated that they cannot hold the proposal till that time and hence either the customer pays additional premium for Rs40 SA or cancel his ICICI Pru Life policy to get refund after deduction of medical tests and other charges. Either way the customer is at loss. A classic approach from an insurer: either my way or highway.

The question is whether Mr Paul who earns Rs5.10 lakh per annum is entitled to Rs50 lakh SA from AEGON Religare and Rs10 lakh SA from ICICI Pru Life. The answer is an emphatically ‘YyeEsS’. Financial planners talk about life insurance cover being of minimum 10-12 times the annual income. That means at least a total cover of Rs60 lakh. AEGON Religare seems to have their own way of deciding how much life cover the person should be entitled. The ad of course says that you should contact AEGON Religare to find out what is your ‘right’ insurance amount. Now we know the reason behind it. ‘Right’ insurance from AEGON Religare does not have to be the right insurance. Check its response – “AEGON Religare Life Insurance is not strict about offering a life cover. Depending on the eligibility of a customer, we offer the correct life cover that is 10 times the annual income in this case”.

According to Aviva Life, “For a typical 35 year old with an annual income of Rs5 lakhs, he can opt for a Sum Assured up to Rs 1.1 cr (22 times of the annual income)”.

HDFC Life says, “For a Rs5 lacs salary income , a person can have ATLEAST 10 times coverage (Rs50 lakhs). However, the actual coverage will depend on his/her age and underwriting and previous coverage level”.

ARLI restricting the customer to maximum of 10 times annual salary is poor cover offering.

Mr Paul had declared his existing ICICI Pru Life term plan of Rs10 lakh SA while trying to buy the new plan. Why did AEGON Religare not stop the customer from buying a Rs50 lakh policy? Why was he made to go through medical tests and then bargaining of how much insurance cover he really needed? This leads to a crucial issue. Are the rates from online term insurance bait for customers? Is it less for selling and more for publicity? Many times the customer premium is hiked after medical test without giving the report. Companies have innovative ways of trapping the customer.

The most amazing aspect of the whole thing is, of course, pricing. The premium for Rs40 lakh SA is higher by 20% than the premium of Rs50 lakh SA! This cannot be justified by anyone, including IRDA. It beats the basic logic of risk pricing. According to AEGON Religare, “One needs to understand that an increased cover of insurance would make it difficult for the life assured to pay the life insurance premium. To mitigate that risk it is important to go for the correct amount of life cover”. Did anyone tell them at AEGON Religare that its Rs40 lakh SA is 20% more expensive than Rs50 lakh SA in this case? They seemed to have missed the point.

Why pension products may not help you plan your retirement well

Why pension products may not help you plan your retirement well

Many of us engage in an economic activity to make a living. And with competition around we often work hard and try to give the best within our means to our family in times where inflation monster haunts us. But while we do all it takes to keep our family happy, prudent financial planning can bring in solace in our endeavour to give best to our children and even save for the golden years of retirement. Mind you, many misconceive ad-hoc investing with prudent financial planning and often think they are on the right path to meet life goals. But let’s apprise you that investing along with planning is rather a serious activity and often boring, as against the excitement depicted by the market intermediaries (i.e. agent / brokers / distributors / relationship managers), glamorous business channels and friends.

Today, while all of us want to have a cosy retirement life ahead the onus of indeed making it cosy ahead (during the golden years) is on us as investors. There are host of investment avenues available to plan for retirement, but it is imperative that your investment portfolio intended to achieve you goal of retirement, to have the right mix of asset classes and investment options therein. Annuity in the form of pension which takes care of our cash flows during retirement is something very much desire; but it imperative to plan for the same wisely and not get lured to inappropriate products, merely getting carried away by the exuberance created by the market.

We have often seen investors getting hooked on pension plans offered by insurance companies, in their objective of planning for their golden years. It is noteworthy that earlier, until the new guidelines on pension products issued by Insurance Regulatory and Development Authority (IRDA) came into effect, guaranteed returns were not offered to policyholders. But now by the virtue of new guidelines from IRDA, a number of life insurance companies are planning to launch pension products that will now offer capital guarantee – where you as the insured will at least get back the total premium paid.

Life Insurance Corporation, HDFC Life Insurance, Birla Sun Life Insurance and ICICI Prudential Life Insurance have already launched pension products while few others including Bajaj Allianz Life Insurance and Aegon Religare Life Insurance are mulling options.

But should you invest in these pension products?
Well we are of the view that, in the process of planning for your retirement it imperative to undertake a holistic exercise considering your:

• age;
• income:
• expenses;
• risk appetite
• existing assets;
• existing liabilities;
• intermediate goals (which you are catering to viz. children’s education and their marriage) and
• nearness to goals

Taking into account the aforementioned along with the inflation factor (which haunts most of us and has eroding effect on our savings) would help you plan for your retirement prudently by having in place the right asset mix in your portfolio and investment avenues therein. But you need to act early, and not procrastinate executing the plan – as that may not help make your retirement life cosy. Moreover you got to refrain from digging into your retirement corpus, unless you absolutely need to (where your contingency funds are drained out).

The pension products from insurance companies, while they provide an annuity they do not help you optimally structure your retirement planning. The aforementioned new product launches are taking place since life insurers offering pension products withdrew them last year following IRDA’s guidelines relating to pension plans that said all unit-linked pension plans (in which a part of fund is invested in stocks or bonds) should specify assured benefits on pension plans, applicable on death, surrender or maturity. So, there’s no point merely getting swayed by the tall claims and sales pitch of your insurance agent. Instead it is imperative to have structured, intelligent financial plan in place for your retirement which can ensure smooth and cosy retired life ahead.

Cheats target LIC customers

Cheats target LIC customers

New Delhi, Jan 11, 2015, DHNS:

 

Three men have been arrested in west Delhi for cheating on the pretext of providing a Life Insurance Corporation bonus of Rs 2.4 lakh. The gang targeted LIC and MTNL’s customers, police said on Saturday.
The accused have been identified as Keshav Kumar, 28, Gurpal Singh, 25, and Pawan Pal Singh, 26. The gang was busted after a victim named Yashpal Dhawan approached Rajouri Garden police station. Yashpal had been receiving phone calls in which the caller introduced himself as an official of LIC’s head office in Mumbai.
“The caller informed that Yashpal had won a bonus of Rs 2.4 lakh from LIC,” said Pushpender Kumar, Deputy Commissioner of Police (West). Yashpal was asked to provide his voter ID card, two photographs and a processing fees of Rs 30,000. They claimed the fee had to be paid through cheque and the amount will be refunded with the bonus.
Yashpal had been told to send the cheque through courier, but he refused and asked the caller to send an employee to collect it. On January 2, a man met Yashpal and took the cheque of State Bank of India. On the same day, Yashpal contacted LIC, but found that he had been duped.
Over Yashpal’s statement, a case of cheating was registered with Rajouri Garden police station. The police team contacted the courier company and apprehended Keshav, Gurpal and Pawan. They told police that a man named Rupinder is the mastermind of the conspiracy. Rupinder was working with Reliance Life Insurance, but was not satisfied with the job.
In April 2014, he came in contact with a man named Ram Singh, who asked him to open a call center and sell membership of his City Club and ICI Club. “Rupinder opened a call center. But nobody was willing to take the membership of the clubs,” Kumar added.
Rupinder then hatched a conspiracy to cheat people on the pretext of bonus in LIC. He involved Pawan and Gurpal to obtain a list of residents having MTNL landlines connection. They analysed that MTNL phones were mostly used by senior citizens.
They asked victims to pay money ranging from Rs 15,000 to 50,000 as processing fee which would be refunded. Pawan worked in a call centre operated to contact victims.

Thanks & Regards,
https://licjsfs.wordpress.com

JAYNISH SHAH
Cell :- 00 91 9324365226
Email :- jaynish_ash@hotmail.com
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Shravak Arogyam phase I- JIO

Dear Sir / Madam

JIO Phase-1 Policy is being Renewed & PAYMENT can only be made by RTGS / NEFT.

For Payment details give MISS CALL on 08898070056

Name of Account : Jain International Organisation A/c Shravak Arogyam *

Bank : Axis Bank Ltd * A/C No. : 914010034304012 *

IFSC UTIB0001152 MICR : 400211077 * A/C Type : Current

Branch : Pedder Road,Mumbai-400026 *

After Payment,

send SMS on 09773889972 In below format

RENEWAL JIO SA ID JIO4OHS3966 UTR NO. _______________ .

For Policy Details visit

http://msg.mn/renewal1 or www.jio.net.in

Regards,

Team JIO

Please note: JAC Card is not compulsory as of now for renewal.

With Regards

Simultaneously  you can also visit

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Mediclaim renewal of phase 1 under Shravak Arogyam phase I JIO

Revised premium and exclusion with sub limits and limitations.

JAYNISH SHAH

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Should you insure your mobile or laptop?

While cover policies are available, these also come with quite a few conditions that might make it unviable

When Mumbai-based Gautam Raiker purchased a new mobile phone in April, he also purchased insurance with it. The insurance was from New India Assurance Company, the largest general insurance company. The cost of the phone was Rs 12,000 and the premium for the insurance was Rs 1,500 for a year. Since the insurance was sold by the store from where he purchased the phone, documentation was easy. Besides, it was not very expensive. “As I had lost my previous phone, I thought it was a good idea to purchase insurance,” he says.

Unfortunately, Raiker lost his second phone too within three to four months. It was stolen while he was travelling in the bus. When he went to the store to claim insurance, he was told that along with the claim documents, he would have to submit a copy of the police complaint. But filing a police complaint proved very difficult.

“The police refused to file a complaint saying the mobile was stolen. They asked me how I could prove that it was stolen. Instead they just gave me a letter saying the phone was misplaced. But this was not accepted by the insurance company. After that I did not purse the matter,” says Raiker who has since then moved to Pune.

In another incident, a customer purchased a mobile worth Rs 14,000, which also included the insurance cost of Rs 1,500 from National India Insurance Company, another public sector general insurance company. Here, too, the insurance was bundled with the phone. When the screen developed a crack, he tried to claim accidental damage. But he was told to first get the phone repaired at an authorised dealer and submit the bill to claim reimbursement. And he would get only 50 per cent of the value, because depreciation would get deducted. “Repairs at an authorised dealer would cost about Rs 7,000 while another store was willing to do it for around Rs 3,000. So, now I am wondering if it makes sense to claim insurance,” says the customer.

As the penetration of electronic gadgets like mobile phones, tablets and laptops increases, insurance for such products is also catching on. In some cases, the store may insist that the gadget cannot be purchased without the insurance, while some offer it as an option.

Your claim may get rejected if…

The damage or theft is caused when the gadget is being used by a third party The repair is not done at an authorised service centre A First Information Report (with the police) about the theft is not filed within 48 hours and the stamped police complaint is not presented with the claim documents You are not able to prove the gadget is stolen Damage is due to wear and tear, vermin, climatic conditions or while cleaning or maintenance

Gadget insurance is always bundled with the product and not sold separately. Also, they are available only for new products, not second hand ones. For this insurance companies have tie-ups with retail stores.

“Between the time of purchase and the customer coming to us for purchasing insurance there could be some damage to the gadget. Since it is a small ticket item, there is no point in getting it inspected. So, we insist on the insurance being purchased with the gadget,” says an official from New India Assurance Company.

The premium depends on the coverage offered – damage, theft or both. It is calculated as a percentage of the gadget.

“Currently, the policies are sold only with gadgets sold at physical stores, though we are receiving enquiries for gadgets sold online. Going ahead we may tie-up with online retailers as well,” says the official from New India.

Coverage
You can claim insurance if your gadget:

• Suffers accidental damage and such damage causes the gadget to stop working
• Fails to work because accidentally fluid has entered its internal circuitry, resulting into stoppage of the insured equipment.
• Is stolen in burglary including theft and housebreaking
• Is stolen from a locked building/room/vehicle
• Is damaged due to fire, lightening and explosion.
• Is damaged by act of god perils
• Suffers damage or theft during riot, strike and malicious damage

Shotformats Digital Works, a company that provides digital and mobile services has also tied up with New India Assurance to offer insurance for mobile handsets and tablets through its own distribution network called Biscoot. The package includes anti-virus, back-up and insurance for theft and damage. The company has a network of outlets where customers can get their gadgets repaired and the money is remitted to the customer within 48 hours.

Niyati Shah, chief executive officer, Shotformats Digital says, “We have seen that it is the service that matters more than the insurance claim itself. If the gadget is repaired immediately, the customer is satisfied, even if the claim payment is delayed,” she says.

According to Sanjay Dutta, Head-Underwriting, ICICI Lombard General Insurance, typically the coverage is for what is not covered by the warranty for the product. “For instance, if your mobile gets damaged because your child spills milk on it, then the warranty will not cover it. In such a case you can get it repaired and claim insurance,” he says.

ICICI Lombard does not offer these policies on an individual basis. It offers them only as group deals for corporates and has some small tie-ups with some manufacturers and dealers. Since these are low ticket premium policies, many companies don’t see merit in pushing them aggressively.

Many insurance companies offer gadget insurance as part of their householders policy. Here, while the coverage is the same, the advantage for companies is that they get higher premium, says K G Krishnamoorthy Rao, Managing Director and CEO, Future Generali India Insurance.

Exclusions
But the things to note are the exclusions. For instance, according to the policy details on New India’s website, exclusions are as follows:

• Mysterious disappearance
• Theft from unattended vehicles, except from fully enclosed car that is securely locked
• Theft, loss or damage during the hire or loan to a third party
• Mechanical and electronic breakdown or derangement
• Overloading and experimentation involving imposition of any abnormal conditions
• Damage by wear and tear, vermin, atmospheric or climatic condition or gradual deterioration, inherent defect or from any process of cleaning, repairing or maintenance
• Loss or damage due to war or nuclear perils, loss by water or from any water borne craft
• Intentional or willful act of the insured party

For companies the genuineness of the claims is an issue. Rao says, “With mobiles becoming outdated very fast, there is a tendency among people to claim damage or theft. It becomes difficult for companies to decide which claim to pay and which to reject.”

That is why companies insist that in case of damage the repair has to be done at an authorised service centre and in case of theft a police complaint has to be filed, within 48 hours.

“If we have a doubt about the claim, we have teams to check. But so far we have not received too may fraud claims,” says Shah of Shotformat.

Depreciation
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product. The depreciation values are usually as follows:

• 0 to 3 months-20 per cent
• 3-6 months-30 per cent
• 6-12 months-50 per cent
• In some cases the depreciation can be as high as 75 per cent,” the official from New India says.

Legal heirs need to file returns for deceased

They do not have to pay tax from their own pocket and their liability is limited to the assets they inherit

It’s that time of the year when individuals get ready to file their income tax returns. But, it’s not only the living who have to pay their taxes. If one of your family members has died during the financial year and s/he was liable to pay tax, you might need to file a return on his or her behalf.

Section 159 of the Income-Tax Act lays down the liabilities of the legal representatives of a deceased person. In most cases, the individual’s spouse or eldest son/daughter assumes the status of legal heir or representative. This is unless the will mentions another person to be the executor or administrator of the estate.

“As a legal heir, you have to file the return on behalf of the deceased for income earned till the date of death. Any income earned after the date of death is taxable in the hands of the legal heir or executor of the deceased’s estate,” says Rakesh Nangia, partner, Nangia & Co. The returns have to be filed as if the deceased had not died, in the same manner and extent as the deceased did.

Tax liability
By section 159, the legal heir or representative is deemed the assessee. As such, s/he will have to pay taxes liable to be paid by the deceased, including advance tax and self-assessment tax. If s/he chooses not to file the return, the tax authorities could levy the same penalty as on the deceased. However, the money for paying the taxes does not go out of the legal heir’s pocket. “The amount for paying the tax has to go out from the deceased’s estate. Liability of the legal representative is limited to the extent the estate is capable of meeting the liability,” says Nangia. Adds Suresh Surana, founder, RSM Astute Consulting Group: “The legal heir is not responsible for paying taxes from his own pocket with respect to inherited assets to which they don’t have access.”

In other words, the liability of the legal heir would be limited to the assets of the deceased which are or might come into his possession. For example, if a person receives Rs 5 lakh as his share from his father’s estate and his father’s tax liability was Rs 7.5 lakh, the former cannot be made liable to pay more than Rs 5 lakh. “The liability of the legal heir shall be limited to the value of the asset charged, disposed of, or parted with,” says Surana.

Hurdles
There could be a few challenges in filing such returns. “It might be difficult to obtain details of the income earned by the deceased person during the year and tax deducted/remitted on the same,” says Rajesh Srinivasan, partner, Deloitte Haskins & Sells.

Where the person has died intestate, all the surviving persons may be treated as legal representatives. “A dispute might arise if there is no unanimity on the division of the estate among the legal heirs and this can pose a problem in doing the tax compliance on time, for and on behalf of the deceased,” says Nangia.

Organising funds to meet the liability can also be a problem. “If the sum is significant and the legal representative does not have the bandwidth or access to the assets of the deceased, it might be difficult to remit the tax dues,” says Srinivasan.

Adds Nangia: “In case there is any pending tax litigation or tax arrears and if the deceased does not have sufficient liquidity to discharge these, the legal representative might be left with no other choice but to sell the asset.”

According to Surana, since the tax deduction certificate might be issued in the name of the deceased due to non-updation of record, the legal heir might find it difficult to claim the tax credit deducted in respect of the income of the deceased as clubbed in his hand.

Declaration of foreign assets
In case the deceased has foreign assets/income, these would have to be included in the return of income for the relevant year. In such cases, mandatory e-filing of return shall be required. In case these relate to previous years but have not been disclosed or are from unexplained sources of investment, the legal representative would have to declare these under the new Black Money Act. For this purpose, the representative can use the compliance window notified recently and remit the taxes along with penalty.

Refund
The legal representative can receive the refund while processing the return of income of the deceased. Usually, the refund is directly credited to the bank account provided at the time of filing the return. The account may be of the legal representative or the joint account held by the legal representative and the deceased person jointly or any such other arrangement agreed upon by the legal representatives.

HOW TO FILE RETURNS FOR THE DECEASED

The process for filing returns for a deceased person is as under: The legal representative would have to be registered on the tax portal. For this, s/he needs to log in to the e-filing website, using the credentials of the deceased person, and place a request to register the legal representative. Copies of specified documents such as PAN card (self-attested), death certificate, legal heir certificate and PAN card (of the deceased) need to be uploaded The tax authorities would send a confirmation mail to the registered e-mail ID, approving the request. On receipt, the legal representative can file the tax returns of the deceased person. They would have to log in using their own credentials for this purpose

Rectify ‘defective returns’ quickly

Individuals are given 15 days time; after that, their returns are deemed invalid

Aslam Khan, an employee of a leading technology firm, received an income-tax notice, saying his return filing was defective. Khan regularly trades in stock futures and options and made losses in 2013–14. He wanted to carry forward the loss and therefore mentioned it while filing his returns. However, he was not aware that if a taxpayer files losses in business income, he or she needs to get book of accounts audited.

Thus, your returns can be termed as ‘defective’, if details provided are incomplete, without audit information or supporting documents. Vikram Ramchand of Makemyreturns.com says this is a common phenomenon with salaried persons. Some don’t know how to declare stock trading. Even those who leave their jobs and start their own professional outfit make this mistake in their first year of operations. “Typically, in the initial year, the expenses are more than the turnover, as the person makes various purchases to set the home office. But they are not aware that if they file loss, they need to get their books audited,” says Ramchand.

After taxpayers file their returns, the Income Tax department checks and validates them. If they are not successful, the officers issue a notice to the concerned person stating that their returns are deemed as defective under Section 139 (9). If an individual receives a notice, he needs to correct the mistakes and re-file returns within 15 days. If he fails to do so, the earlier returns will be deemed invalid and the person will lose all the benefits of filing his returns on time such as revision of returns, carrying forward of losses and so on. In case the person is not able to file the returns within the stipulated time, he can approach the assessing officer and seek an extension. Once the defect is removed, it will be considered as original and the filing date will be same as date of original return.

Amol Mishra, head of tax at MyITreturn.com, says another common mistake that assessees make is not paying tax on the bank fixed deposits (FDs). Banks deduct 10 per cent mandatory tax at source and pass it to the department. This information is then added to the individual’s Form 26AS that gives details of tax deduction at source. If a person is in 20 or 30 per cent tax bracket, he should pay the remaining tax on it. Many don’t pay the balance tax on FDs thinking that whatever bank has deducted is the final liability. “Even if the assessee has paid the tax but doesn’t include the challan number while filing returns, he will get defective return notice,” says Mishra.

To re-file the defective returns, a person needs to log on the I-T e-filing website. Select the option that says ‘re-filing tax under Section 139 (9)’ and make the necessary changes. For this, taxpayers will need the CPC reference number and password that’s mentioned on the notice. They also need to keep the e-filing acknowledgement number and the date on which the original return was filed, handy.

For those who forgot to pay tax can do so and should include the challan number while re-filing. Those who have claimed losses from business need to get their books audited by a chartered accountant.

Ramchand says many such taxpayers actually opt for presumptive taxation scheme under Section 44AD if the losses are not too high. In this, a person doesn’t need to maintain a book of accounts and pay tax at the rate of eight per cent of the total turnover or gross receipts. This is because, a CA charges Rs 20,000 – 30,000 for maintaining a book of accounts and auditing them.