Benefits of Alumni Group policies over individual policies
Important Links and Dates
Transparent, seamless & hassle-free journey - during purchase & in use !
Employer covers are just not sufficient, you need more !
Note : In this policy you can insure Self, Spouse and maximum 2 children ( who must be less than 25 yrs age)
Parents & Parents-in-Law
The cover they need - now made affordable.
Entry age till 80yes & no medical check ups !
Note : You cannot have a parent and a parent-in-law in the same policy
Frequently asked questions
Registration & overall policy
Who will administer this plan? Who is the insurance company?
Will this plan work in conjunction with my group health insurance scheme provided by my employee?
Will this plan work in conjunction with an individual health insurance plan that I have already purchased?
Yes. Absolutely. But please note that the waiting periods of the top-up policies would be waived off only if they are already waived off in your individual insurance policy.
Which account will my premium payment be transferred to?
When will the policy start? When will we receive our health cards?
Once this plan comes into force, hope any alumni should be allowed to join the plan at any point of time based on allowable age limit?
Females may have their maiden name in the alma mater database but my health card needs to be in my current name. What should I do?
Please register with the name that you want on your health card and which also reflects in an official identity proof.
If two alumni are married does it make sense to have the younger spouse buy this for the family
No. The age of the oldest member in the family unit is considered to arrive at the slab rate
Who will determine the alumni status?
The Alumni association would determine this – the definition would be made liberal to include alumni from across programs
Are payments to Alumni Association eligible for 80G or we get income tax rebate for insurance?
No, this amount will not be eligible for tax deductions.
If I am covered by my spouse's policy, can I go ahead and enrol in the top up plan without having a base policy in my name?
Why is it restricted to 2 dependent children? Is there no scope for the unit to include more children that are dependent?
The current offering is a standard plan and unfortunately covers maximum of 2 children.
Can someone buy base for parent and top-up for parent-in law or vice versa?
What is the expected rise of premium from year two?
The premium is annual or monthly
Is entry into the policy possible at the time of renewal, if not opted now?
Will premium increase be same for everyone or will it increase basis individual's past claims?
Who issues the receipt for the payment made by an individual - the insurance company or the alumni association?
Receipt against funds transferred would be issued by the Alyve Health platform on behalf of the Alumni association
Isn't it easier to enhance the sum insured with the existing insurance provider
Claims & settlement
If base policy has room/ICU capping, will the top up policy pay on actuals?
The top up policy will consider claims beyond the Rs 5 lacs deductible.
What happens in case of more than 1 claim in a single financial year? Will the deductible limit be applied for both claims or only for the first claim?
Deductible of Rs 5 lacs applies for multiple events in the same year (it is an aggregate deductible)
Can you be reimbursed from both base and top up plans?
If I have employer insurance and IITK alumni insurance as well, which base plan should I claim on?
You may claim on either of the base plans.
I have a base policy from which we have made claims for cancer treatment. Will this be honoured in the top-up plan?
If your claims are getting honoured on the base policy then it will be accepted on the top up
What will be the time lag for claim processing on the top-up plan considering base insurance policy isn't from New India? Would cashless claim be at all possible with two different insurers?
In case of a single claim of say, Rs 6 lacs, the hard copy documents are generally sent to the base plan. Then we are left only with photocopies. Will photocopies be accepted at new India?
Yes, typically the insurer with the base policy will attest that all originals have been submitted to them
What role will Alyve Health play in the claims process? I am not in India and cant seem to download the Alyve Health app - what do I do?
What if we choose a room which has a higher room rent than the capping?
What if we choose a hospital which is not in the GIPSA PPN network
Should my existing base policy be exhausted before the top-up triggers? If my existing base policy is 7 lacs and I purchase the top up of 15 lacs and my claim is 10 lacs - how does it work?
Yes - the base policy needs to be exhausted before the top-up can trigger. In the scenario described, 7 lacs will be exhausted from the base policy first before triggering the top-up policy under which 3 lacs would be considered for claims
Cashless network and GIPSA??
The Public Sector Insurers viz. National Insurance Co. Ltd; New India Assurance Co. Ltd.; Oriental Insurance Co. Ltd; and United India Insurance Co. Ltd. have negotiated special Package Rates with many hospitals across the Country (12 Cities) for a number of medical procedures.
The purpose of GIPSA is to have standardized packages & rates in respect of certain procedures to safeguard customers from being charged more by hospitals which in turn will ensure better utilization of Sum Assured in the Health Insurance. Procedures like Kidney Transplant, Total Knee Replacement, Liver Transplant, CABG, Dialysis, etc. are generally covered under GIPSA Rates. Nationwide more than 550 hospitals have enrolled for GIPSA
Does the proposed plan apply or be useful to those who are NRI- permanently based abroad but do spend sizable time in India off and on?
Yes – since this policy permits claim which arise in India and for hospitalizations within the borders of India
I am an NRI. Should I purchase any of the plans?
This plan is suggested for those who (or their family members) would be spending at least some time each year in India.
Does a US insurance plan count as a base plan to waive off the waiting periods on the top-up plan?
The waiting periods would apply on PED in this case as base plan of US will not be considered for waiving off the waiting periods on this policy
I am not in India and cant seem to download the Alyve Health app - what do I do?
Do the insured need to have Indian id or the purchaser ?
The insured need to have an Indian Id Proof
Does one have to be Indian citizen resident to buy? Can one buy just for parents ?
One can purchase as long as the insured have an Indian ID proof ( Aadhar , DL , Voter card, PAN , Passport). Also - this is only for hospitalisation in India .
Entry & Exit
Would it require health check-up/tests before enrolment?
If I get married in the future, will I be able to add my spouse at no extra cost? Also, children in future?
Yes. One can add both children / spouse on a future date
Can one exit the plan and join back again?
If premium is increased in 2nd year, can I pull back if I do not like the price? What if the base year price is low but then the second year is increased significantly?
If due to an unfortunate health event, I use my sum insured in a given year, will I be eligible for next year? Or is it one-off amount?
If the alumnus passes away does the policy continue for family
No, but the family will remain to be covered for the particular policy year. To continue to cover the family members from the next year, the family members can renew on individual policy ( port into individual plan) along with benefits of time spent on the group plan.
Both of us, husband and wife are alumni. If policy holder passes away can the cover pass on to the remaining alumnus spouse?
Yes. That is possible because for the next year the survivor can join the plan on the basis of his/her status as an alum
What if the policy goes for renewal and there aren’t enough members buying? How is sustainability of policy ensured?
Exit situation in case this group policy is not able to sustain for 4 years.
The waiting period credits is for the duration the members they stay with this group and plan - it’s highly unlikely that the group will dissolve and that too in a short time . Recommendation is to purchase additional insurance today for the following reasons :
1. Claims experience would be much smoother as part of this group
2. If you are covered by a corporate , it’s preferable to have ones own protection independent of employment
3. If covered by your existing individual plan , it’s a good strategy to maintain the cumulative bonus on the same
I already have a base policy from my employer. Why should I purchase the base policy from the IIT Kanpur program?
I already have a base policy that I have purchased individually. Why should I switch to the IIT Kanpur base policy
I have a base policy from employer where there is no waiting period. If I take the top up plan this year but leave my job over the course of next year, what happens to the waiting period?
Most corporate plans have waiting periods waived off. In the rare case of hospitalizations in between jobs, the waiting periods would apply on the top-up plan. In case one is self-employed, it is advisable to also purchase the base insurance policy
Can both parents and parents in law be covered if I purchase the same plan twice?
No. Each alumnus can cover either parent(s) or parent(s) in law in each plan
Can both parents and parents in law be separately covered in base and top-up plan?
Yes – this is possible. You may buy 1) Base for Parents and Top-up for Parents-in-law or 2) Base for Parents-in-law and Top-up for Parents
Why aspects like maternity are not part of it?
Maternity claims are limited to a certain section of the population. In such a voluntary program, insurers do not provide covers which have high probability of a claim. Furthermore, most corporate policies cover maternity
Will Covid-19 treatment be covered?
Will the top-up work even if there is no base plan?
Yes. In case you are paying the deductible out of pocket, the standard waiting period of 4 years would apply on the PEDs.
If I have another top up where the waiting period is waived off, will I get the waiting period waiver
Waiver on waiting periods are only applicable in case it is waived off on the base policy
Will it cover OPD claims ? Please also tell us about full body check-up coverage, if any in the policy? Will this policy cover the cost of ongoing medication in the case of chronic disease treatment? (e.g. Insulin)
Does the base policy have to be exhausted to claim under the top-up policy?
Is there co-pay for reimbursement claims?