The Apollo Munich Optima Restore plan is a health insurance plan which has helped many individuals lead a happy life by getting help for medical expenses. Apollo Munich has successfully put together various health plans for individuals. This article will further help you to understand Optima Restore, a plan by Apollo Munich.
Optima Restore by Optima Restore plan is designed to automatically give you back the insured sum if you need it in the policy year. Under this policy, one gets a multiplier policy benefit that doubles the insured amount. This benefit can be availed if any claims are not made in 2 years. The insured sum is restored at no extra charge if the coverage is used up in a single policy year.
What Makes You Eligible?
The minimum age to apply for the policy under individual and family floater plan is 18 years, while the maximum is 65 years. A newborn child can also enjoy the coverage from the 91st day after birth, if the parents of the infant are in the Apollo Munich Optima Restore policy.
Policy Details
The policy duration can be of 1 or 2 years depending on the plan you opt. There is a 7.5% discount for a two-year tenure policy. The policy is available on an individual floater basis and family floater basis.
- Maximum of six members can be included in a single policy, in case of a family floater plan.
- In an individual policy, there can be a maximum of four adults and five children included in the
Features of the Policy
A discount of 10% can be availed if more than one family member is covered in one policy. The policy is divided into two parts – one-year tenure and two-year tenure – where a discount of 7.5% is provided to the policyholder signing up for a two-year tenure. The policy has a life-long renew ability feature which also covers your pre and post-treatment expenses.
Also Read: Apollo Munich Optima Super- Eligibility, Features & Benefits
What are the Benefits of Optima Restore Policy?
- Apollo Munich will incur the medical expenses of an individual pay due to an illness for 60 days before you are being discharged.
- The policy also covers the patient up to 180 days after the release from the hospital.
- The special daycare benefit also covers the patient when he/she is not at the hospital and is under a domiciliary treatment.
- During organ transplantation, the policy covers both the patient and the donor.
- The ambulance service charge of up to Rs 2,000 is also reimbursed under any emergency.
- There is also a free consultation included in the policy with a doctor working at any panel of Apollo Munich.
- The policy covers the patient if the patient is hospitalized for more than 24 hours with no room rent limits.
If an individual stays active all around the year, he/she becomes eligible for discounts at the time of renewal
Requirements for Optima Restore
You need to fill a proposal form and provide all the required government documents. Along with this, a complete body check-up is also required from an authorized doctor. The check-up will be based on the age and invested sum. The check-up charge will be reimbursed entirely upon the acceptance of the policy proposal. The reports will only be valid until 90 days from the date of the check-up.
Renewal Policies
The Optima Restore policy allows lifelong renew ability. However, the company requires the policyholder to renew the policy under the grace period of 30 days. The waiting period gets reduced by one year upon the continuous renewal of the policy. The renewal policies are subjected to change under the approval of the IRDA. The changes introduced by the IRDA will be implied at least three months beforehand.
What Treatments Are Excluded from the Policy?
- The treatments that occur from first 30 days since policy renewal will not be included in the policy coverage unless it is an accidental injury.
- Expenses arising from any suicide attempts or medical repercussions from alcohol or drug abuse.
- Medical conditions that exist before the policy approval will not be covered unless the patient serves a waiting period of 3 years.
- Specific diseases,such as cataract, hydrocele surgery, hernia, joint replacement procedures, etc. under a waiting time of 2 years.
- Expenses arising from mental disorders, HIV or AIDS, cosmetic surgery, congenital diseases, and weight control treatments.
- Expenses arising from war-associated injuries occurred due to any nuclear, chemical or biological weapon or radiation.
- Treatments related to external aids, pregnancy, dental, etc. will not be covered.
- Any expenses from unproven treatment, experimental procedure, investigative treatments, and untested medicines.
Important Policy Terms
- The policy coverage can only be used for any new illness or diseases discovered during the same policy year.
- The benefits of restored coverage can only be availed once the present coverage has been used up in the time period of the same policy year.
- The restored benefit from the policy will not be included in the coverage of the next year.
The Apollo Munich Optima Restore plan is a simple health plan which can take care of the policyholder for a long time. The health of any individual is a significant thing which can be affected at any time and hence it is pivotal that you take precautions for any unwanted occurrences. Having a health care plan can be helpful in having a safeguard against any illness or diseases in the future.
FAQs
Q1. Are there any tax benefits?
Ans. The policyholder can enjoy tax benefits for a premium amount under Section 80D of the Income tax act.
Q2. What is the waiting period for pre-existing diseases?
Ans. There is a waiting period of 3 years for a pre-existing disease but for some specific conditions, the waiting period is two years.
Q3. What are the Payment methods?
Ans. The policyholder will be able to complete the payment through online modules, cheque, cash, credit card, or electronic clearing system.
Q4. What is a free-look period?
Ans. If a policyholder is not satisfied with the terms and policies of the coverage, then the individual can cancel the policy within 15 days by submitting a receipt that no funds claimed during the given time.
Q5. How do I terminate my policy?
Ans. The policyholder can terminate the policy at any given time by submitting a 15-day notice in writing. A specific percentage will be refunded from unused policy coverage during termination.
Q6. How can I contact Apollo Munich?
You can call on 1800-102-0333/ 1800-103-0555, or you can email on customerservice@apollomunichinsurance.com.