New India Floater Mediclaim Policy Complete Guide

Medical expenses can rise rapidly, especially when multiple family members require treatment. The New India Floater Mediclaim Policy is designed to offer comprehensive healthinsurance coverage for a whole family under a single sum insured, making it an attractive and costeffective option for Indian households.

What Is a Floater Mediclaim Policy?

A floater (or family floater) mediclaim policy provides a single, shared sum insured that can be utilized by any member of the insured family. Unlike individual policies where each person has a separate limit, a floater lets you pool the coverage, which is especially useful for families with varying health needs.

Key Features of the New India Floater Mediclaim Policy

• Family Coverage: Covers the policyholder, spouse, children (including stepchildren) and parents up to a specified age.
• Sum Insured Options: Available from 2 lakh up to 25 lakh, depending on the familys size and risk profile.
• Cashless Hospitalisation: Access to a wide network of empanelled hospitals across India for cashless treatment.
• PreExisting Disease Waiting Period: 24 months for most diseases; 12 months for critical illnesses.
• Room Rent Limit: Up to 200% of the actual room rent per day (subject to policy terms).
• Day Care Procedures: Coverage for selected daycare treatments without a minimum 24hour hospital stay.
• No Claim Bonus (NCB): Up to 30% increase in sum insured for each claimfree year.
• Renewable for Life: Policy can be renewed indefinitely without requiring a medical test (subject to underwriting guidelines).
• Free Health Checkup: One free comprehensive health checkup per policy year.

Eligibility & Who Can Buy

The policy can be purchased by any Indian resident aged 1865 years for the primary insured. Family members up to the age of 70 (for parents) can be added as dependents. The policy is also open to senior citizens (aged 6070) if the primary holder is under 65.

Coverage Details

Benefit	Details
Hospitalisation Expenses	Room rent, ICU charges, doctor fees, surgery, medicines, diagnostic tests.
Pre and PostHospitalisation	Up to 30 days before and 60 days after admission for related expenses.
DayCare Procedures	Selected treatments without a 24hour stay, e.g., chemotherapy, dialysis.
Ambulance Charges	Up to 2,000 per trip (subject to policy limits).
Organ Donor Expenses	Costs incurred for organ donation, including surgery and related medicines.
Health Checkup	One free comprehensive health checkup per policy year.

Exclusions What Is Not Covered

Understanding exclusions helps avoid unpleasant surprises when a claim is filed. The most common exclusions are:

• Preexisting diseases within the waiting period.
• Cosmetic or purely aesthetic procedures.
• Any treatment related to selfinflicted injuries or attempted suicide.
• Expenses arising from participation in hazardous activities (e.g., skydiving, professional sports).
• Dental treatments, unless required as a part of a covered surgical procedure.
• Experimental or unproven therapies not approved by the Medical Council of India.

How to Purchase the Policy

Purchasing a New India Floater Mediclaim Policy is straightforward:

1. Visit the official website or a certified insurance broker.
2. Enter details of the primary insured and all family members you wish to cover.
3. Select the desired sum insured and policy term (minimum 1 year, renewable).
4. Pay the premium online using net banking, credit/debit cards, or UPI.
5. Receive the policy document via email and a hard copy by post.

Claim Process StepbyStep

Filing a claim with the New India Floater Mediclaim Policy is designed to be hasslefree.

1. Cashless Claim (Preferred)

• Confirm that the hospital is empanelled for cashless treatment.
• Obtain the PreAuthorization Form from the hospitals insurance desk.
• Submit required documents identity proof, policy number, and doctors prescription.
• The insurers medical officer reviews the claim and, if approved, issues an authorization number.
• The hospital settles the expenses directly with the insurer; you only pay any noncovered amount.

2. Reimbursement Claim (If Cashless Not Available)

• Pay the medical bills at the time of discharge.
• Collect original documents: hospital discharge summary, itemised bill, doctors prescription, and diagnostic reports.
• Fill out the Reimbursement Claim Form (downloadable from the insurers portal).
• Attach copies of all supporting documents and submit them via email, post, or the insurers mobile app.
• Claims are typically processed within 710 business days after verification.

Benefits of Choosing New India Floater Mediclaim

• Cost Efficiency: A single premium covers the entire family, often cheaper than buying separate policies.
• Flexibility: You can add newborns or new family members during the renewal window without a medical test.
• Comprehensive Coverage: Includes both inpatient and outpatient expenses like daycare procedures.
• Easy Renewal: Lifetime renewability without additional underwriting.
• Tax Benefits: Premiums are deductible under Section80D of the Income Tax Act.

Frequently Asked Questions (FAQ)

Q1: Can I increase the sum insured during the policy term?

Yes. You may opt for a suminsured increase at the time of renewal, subject to the insurers underwriting guidelines and an additional premium.

Q2: What happens if the total claim amount exceeds the sum insured?

The insurer will settle up to the maximum sum insured for that policy year. Any excess amount must be borne by the insured.

Q3: Are newborns automatically covered?

Newborns can be added within 30 days of birth without a medical test. The addition is subject to a nominal premium adjustment.

Q4: Does the policy cover maternity expenses?

Yes, maternity-related expenses are covered after a waiting period of 12 months from the policy start date.

Q5: How is the No Claim Bonus calculated?

For each claimfree year, the sum insured is increased by 10% of the original amount, up to a maximum of 30%.

Why New India?

New India has a long-standing reputation for transparent underwriting and a robust network of hospitals. The company focuses on customercentric services, rapid claim settlement, and innovative healthwellness initiatives that go beyond traditional insurance.

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*The information provided here is for general guidance only. Please read the policy wording carefully and consult an authorized representative for personalized advice.