Bank of Baroda has launched a co-branded product with National Insurance Co. Ltd, known as ’Baroda Health". This is a magnificient product for its account holders. Under this Group Medical Insurance scheme, the account holder along with his spouse and two chidren are covered at a premium which is almost one third in comparison to such policies taken individually. Account holder can also take coverage for his/ her parents.
For example, for a sum insured of Rs.50, 000/- the premium for self, spouse and two children comes to Rs.969/- only. The sum insured can be in multiples of Rs.50, 000/- upto Rs.5, 00.000/-.
This coverage is especially useful for those who have pre-existing diseases. The coverage for such members starts after expiry of first three claim free period, provided he has not been hospitalised during the first three years.
I am subscribing to this scheme and recommend to all those who read this review. Most of the sub-standard lives can get coverage under Group Insurance Scheme which hitherto could not have been possible under individual insurance coverage.