You are here: HomeBanking & FinanceThe Muthoot Group launches Muthoot Hospi Cash, first-of-its-kind Medical Allowance Policy

The Muthoot Group launches Muthoot Hospi Cash, first-of-its-kind Medical Allowance Policy

Published in Banking & Finance Friday, 15 June 2018 16:03



The Muthoot Group, one of India’s leading business conglomerates announced the launch of Muthoot Hospi Cash, a first-of-its-kind Medical Allowance Policy for citizens of the country. The policy will be active for one year.

The Medical Allowance Policy will cover reimbursement of not only medical bills but also all types of expenses incidental to hospitalization of any individuals, such as conveyance charges, cost of personal attendant / bye stander hired, loss of pay, all kinds of out of pocket expenses and other unexpected expenses. Allopathic treatment admissions are only covered under the policy.

On the occasion, George Alexander Muthoot, Managing Director, The Muthoot Group said, "We are extremely happy to launch Muthoot Hospi Cash. The first-of-its-kind product will be eligible for individuals of all categories without any barriers of age, or pre-existing diseases.”

He further added, “Excluding certain serious illness, the special feature of the product is that no supporting bills, vouchers or evidences for the expenses incurred are required to be produced for claiming the expenses.”

The insured need to produce only the certified copy of Hospital discharge card from any Hospital along with claim Forms for raising the claims. Those who are already covered by any other medical insurance policies can take this policy as an additional extra cover. The claims raised under this policy will be paid as allowance without looking into the any of the benefits received under any other policies.

Other beneficial features of this policy enable the individuals by providing cash for every completed day of hospitalization. The customer can avail double cash benefit in ICU for maximum 7 days. No premedical inspection or health insurance is required. The Hospital allowance can range from Rs.1000/- to Rs.10 000/- per day and Income Tax exemption for premium up to Rs.25000/- u/s 80D of IT Act.

The chart showing premium rates and the reimbursement amount ( Daily Limits) are shown below:-

Premium Chart

Daily Allowance


Days LimitAge GroupPremium Amount

10 Days0-50422845126721124225

10 DaysAbove 50-607121423192735587116

10 DaysAbove 608841767265144188836


15 Days0-50433866129921654329

15 DaysAbove 50-607201440194935997198

15 DaysAbove 609041809271345229043

^ GST Extra

For more details, please visit the nearby Muthoot Finance branch.


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