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Citizen Credit launches medical insurance

Our Bureau

MUMBAI, Nov. 20

THE Mumbai-based Citizen Credit Co-operative Bank, Varishield Healthcare Ltd and National Insurance Company (NIC) have jointly launched a medical insurance product.

According to the bank, the scheme is `different' from traditional mediclaim insurance in that the beneficiary gets up to 90 per cent of the insurance claim upfront, and immediately upon intimation of the medical emergency.

In the three-way tie-up, NIC acts as the insurer, Citizen Credit offers the credit and Varishield plays the facilitator's role, according to the bank.

In case of a medical emergency, Citizen Credit releases the required amount which is drawn from Varishield's overdraft facility and Varishield takes the ``entire responsibility'' of following up on the claim with the insurance company on itself.

Another advantage the scheme offers is that after the first year of the policy, it covers pre-existing diseases too. To get this benefit, the person taking out the policy has to declare it at the time of joining the scheme, a Citizen Credit official said .

The scheme costs Rs 250 per year per member for insurance cover up to Rs 1 lakh. Higher covers get charged at an additional rate of Rs 2.50 per Rs 1,000, he said.

The cover includes complete reimbursement of hospital bills, including surgical expenses, diagnostics and medication without any restrictions on choice of hospital, he added.