The medical specialists of the Insurance Companies generally based in Zonal office or Head office review
the documents and decide:
- Whether to accept the proposal and underwrite the risk
- If to underwrite the risk should there be loading on premium rates and what should be the maximum
amount of Hospitalization covered.
This approval cycle can take 2 to 5 days. Normally for a person of 70+ age the limits imposed with
respect to hospitalization / medication in the policy are :
| PSU's |
- US $ 10000 |
| ICICI Lombard |
- US $ 50000. |
You will notice that this is much less in comparision to limit of US $ 5,00,000, which is available to
those who are in age group of 70 years or less.
The good thing about this policy is that it is even issued to those who have preexisting disease.
Hospitalization in foreign country even with the disease (preexisting) is covered.
On the concept of loading factor starting on a specified data it has been seen that for a person aged
84 traveling to USA, a specific PSU loaded the premium by 150%. Private Insurance Companies are generally
not issuing policy to those, who are 80+in age.
In this recent months we notice that PSU's have started discouraging the issue of such policies
These policies can be divided in to :
Single trip policy
- Annual multitrip policy
As the name indicates single trip covers a single trip, which is starting on a specific date and ending
on a specific date. It is possible to extend the date on payment of additional premium subject to condition
that no claim has been made. Extension of policy is at the discretion of the Insurance Company.
Annual Multi trip policy is having validity of 1 year. As many trips as you wish are possible but it is
subject to the condition:
"Single trip not being more than 30 days."
Some Insurance Companies now offer option of single trip not being more than 45 days. |
