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Insurance for NRIs and their families when visiting India

Mumbai, April 12, 2006
Inderkant Patel

NRIs from all over the world will be able to get all conceivable insurance cover when visiting India. Indian Overseas Bank in collaboration with United India Insurance launched NRI Shield - an insurance scheme targeted at Non-Resident Indian customers. The scheme was launched here today by T S Narayanasami, CMD, Indian Overseas Bank and M K Garg, CMD, United India Insurance Co Ltd, according to media reports

NRI Shield for a nominal premium that starts from Rs 250 provided a sum assured of Rs one lakh which goes up to Rs 50 lakh, the range of cover included personal accident, permanent and partial disability, medical benefits due to accident, loss of baggage and delay in receiving checked-in baggage and loss of passport.

• Plan A covered personal risks and loss of belongings with full sum assured, the Plan B dealt with health insurance with access to cashless account for treatment expenses at a chain of Indian hospitals. 'While the accident cover and health insurance are restricted to 180 days in a year when the NRIs visit the country, the fire and other allied cover for NRIs' property are available for one year from the date of cover,' said Asoka Chatterjee, general manager, IOB.
  
  
• Plan B offers availing of medical treatment in super specialty hospitals across India absolutely cashless under the IOB Healthcare Plus Insurance Cover, in addition to the benefits under Scheme A.. Under the health cover, treatment in super speciality hospitals or other networked hospitals in India for NRI family consisting of account holder, spouse and two dependent children was offered, while the sum assured ranged from Rs 50,000 to Rs 5 lakh. An account holder entering the scheme before completing the age of 65 years, could renew the policy till the completion of 80 years. Apart from hospitalisation for illness, accident and surgery, the cover provided for maternity benefits and baby care and cost of health check up after 3 continuous claim free years, subject to certain limits and conditions. 'The bank is trying to reach out to NRI customers as part of its initiatives in retail services with a slew of new products made available to domestic customers,' Chatterjee said.

T S Narayanasami, CMD, IOB, said the bank's forex income has touched Rs 30,450 crore for the year 2005-06 and in the coming months more retail products to cater to the varied requirements of domestic customers would be launched.