The Traveller'S Mediclaim

More so if you are a frequent corporate traveller whose job demands a couple of trips abroad every year. If your company refuses, then do take out one on your own. You may not consider it to be a necessity. But then sometimes regulations may not leave you with any choice. Germany, for instance, insists on a medical insurance.

The policy providers: The Overseas Mediclaim Policy is provided by the General Insurance Corporation (GIC) and available with its four subsidiaries: Oriental Insurance Company, New India Assurance Company, United Insurance Company and National Insurance Company. It does not make a difference as to which company you choose since the rates as well as the other conditions are similar for all.

So how does this policy work? It provides for reimbursement of medical expenses incurred abroad. The claims are settled by Mercury Insurance Services Ltd, the official claims settling agent. You will be reimbursed the money in the currency of the country that you are visiting. But the problem of footing the bills first is yours. Remember, they do not pay, just reimburse.

nThe plans: Which to opt for? That will depend on a variety of factors. One is the destination. Plan A and B are similar except that the first includes the United States and Canada while the other does not. The same applies to Plan C and D.

Then comes the duration of the trip. Now if you are going on a short trip or a few days of official work, then Plan A and B are suited for you. It is ideal for tourists, too.

Longer trips such as a posting from your company or a short employment stint abroad will get you Plan C and D. Interestingly, if you are going abroad on studies or doing an academic course, you can go in for this cover too.

Plan E is totally different and is targetted only at the frequent corporate traveller. It is applicable worldwide and does not have a separate plan for countries excluding the United States and Canada. Moreover, it is an annual cover. If you happen to make a couple of trips abroad on work every year, then this one will save you the bother of running for an insurance every time. But bear in mind that each trip should not exceed 60 days while the cover is limited to a maximum of 180 days in one year.

The cost: The premium that is paid by you or your company hinges on three factors. Namely, whether you opt for USA and Canada or not, your age and the period that you wish to be insured for.

For all the plans you pay the premium in rupees. Exceptions are Plans C and D which are options for those who are posted abroad or going abroad to study. As a student, you can pay for the premium in rupees. As an employed individual, you dish out your forex. The logic is that if you earn foreign currency, you have to pay your premium in forex too. In this case, the person being insured will have to submit a certificate from his banker stating that the applicable premium has been debited to his forex account and the Indian rupee equivalent at the prevalent exchange rate should be stated.

The terms: As for conditions, all the insurance policies have specified age limits beyond which they do not insure individuals. If this is the case, don't give up. Approach the insurance company. They have the discretion to make exceptions which may also imply variable premiums.

Not all applicants have to undergo a medical test (which can also be conducted by the company doctor with the report being forwarded to the insurance company). Under Plan A medical tests are a must for those applicants over 60 and Plan B if you are over 40 years.

The rest of the plans make the test mandatory. The report should state the ECG reading with a conclusion as well as the blood sugar level, the level of sugar in the urine and a urine strip test. If the medical history reveals a heart ailment but ECG appears normal, a computerised treadmill stress test must be performed. These tests are to be conducted by an MD (cardiology).

Exceptions: The policy will exclude all expenses for any illness stated in the medical report. This is apart from a preset list of ailments -- heart ailments, hypertension, diabetes, arthritis, piles and cataract -- which are excluded from reimbursement.

Then again, there are exceptions to even these exclusions. For instance, if you are prone to hypertension but your blood pressure is between 90 and 140 and you are not being treated for it, you can buy a policy. Diabetics also qualify similarly. With a little homework, then you should be set for a risk-covered trip.