People do buy health insurance plans but they seldom check the features or look for something new.
Choices, choices, choices, the world is so full of them. Some products offer one feature while the others offer something else; the average consumer is spoiled for choice. All of us carry out some or the other kind of research activity to settle in on the best product available in the market, both in terms of cost and also in terms of the features. Even one tomato is not spared our scrutiny because we make sure that it would be juicy, fresh and worth our money. Where does insurance feature in all of this. Do we tend to carry out any, if not much, research at all? Do we study the features offered by our health insurance policies before finalizing the one which would be best?
Health insurance, encumbered with its technical jargon, is a concept not generally understood by a layman. People do buy health insurance plans but they seldom check the features or look for something new. Insurers are nowadays offering unique features in their plans which have revolutionized the common health insurance product into something which offers more for your money. So why you should still be saddled with the age old plans when newer plans with enhanced features are available in the market. So, here we have compiled a list of the best available health insurance plans in the market each offering something unique so that you won’t need to entangle yourself in the technical jargon of the product’s features. Let us take a look at the plans and their respective USPs:
Apollo Munich’s Optima Restore
The company calls it ‘the unbelievable health plan’. It is somewhat true given the nature of the plan. The plan introduces the concept of Sum Assured Restoration whereby the Sum Assured is restored for subsequent claims if it is exhausted through an earlier claim in the same policy period. To uncomplicated it – let us say an individual bought a plan for Rs.3 lakhs and raised a claim of Rs.2.5 lakhs during the policy period. If there is any subsequent claim later in the year, the Sum Assured will be restored to its full amount of Rs.3 lakhs to meet any claim which may be in excess of Rs.50, 000. Even in case of a family floater option, if any family member uses up the Sum Assured through a claim and later any other member is hospitalized, the Sum Assured will be restored to meet the claim for the hospitalized member. Other remarkable features of the plan include:
a) A unique multiplier benefit wherein the Sum Assured is increased by 50% after the first claim free year. If the subsequent year is also claim free, the Sum Assured increases by another 50% becoming 200% of the original Sum Assured at the same rate of premium.
b) No loading in the renewal premium if there has been a claim in any year
Additional Benefit's Of Apollo Munich’s Optima Restore
- Entry age: Minimum age of entry is 91 days / 5 years.
Maximum age of entry is 65 years
- Sum Assured: Rs.3 lakh to Rs.50 lakh
- Policy Renewability: Lifelong renewability
- Room Rent: This plan doesn’t have any sub limits on the room rent as well as ICU charges
- Restore Benefit: Offers 100% addition of the sum insured for covering your first claim.
- Co-payment: There are no co-payment charges
- No Claim Bonus: This plan offers 50% NCB on the basic sum insured amount annually up to a maximum of 100% for every claim-free year.
- Pre-existing Diseases: A waiting period of 3 years is imposed in this plan to cover the pre-existing diseases
- Day-care Procedures: Offers coverage for all the day care procedures.
- Ambulance Cover: Offers ambulance cover up to Rs.2,000 per hospitalization in case there is a requirement to use the ambulance service to transport the insured person during medical contingencies.
- Stay Active Benefit: Offers a discount of up to 8% on renewal of your health insurance policy for being active.
- Incurred Claim Ratio (ICR) 2017-2018: 62.47%
- Network Hospitals: 4650 plus network hospitals to avail cashless hospitalization in India.
L & T my: health Medisure Prime Insurance Plan
This plan is voted as the best product of the year in 2012 according to a survey conducted by Nielsen, the Medisure Prime Plan has multiple unique features in its kitty. The basic USP of the plan being that the plan combines the features of a critical illness rider in the base plan so that no separate plan for covering critical illnesses has to be bought. There is an extra provision of critical illness coverage by way of extra Sum Assured. Usually some health plans include critical illness coverage in their plans but no separate coverage is delineated for that. This plan however has a different coverage equal to the basic Sum Assured under the plan which would be payable in case of critical illnesses. Thus, the effective benefit in case of critical illness is equivalent to 200% of the actual Sum Assured.
a) Another beneficial feature of the plan is that it covers pre-existing illnesses after only a waiting period of 2 years. It is great news for those suffering with such illnesses as they will not have to wait long to include their illnesses within the scope of coverage.
b) The plan also offers the Sum Assured restoration benefit in accidental cases if the coverage has been exhausted earlier but there is another claim due to an accident
Additional Benefit's Of L & T my: health Medisure Prime Insurance Plan
- Entry Age: Minimum entry age is 18 years and maximum entry is Rs.65 years
- Sum Assured: Minimum sum assured is Rs. 3 lakh and maximum sum assured is Rs. 10 lakh
- Policy Renewability: Offers lifelong renewability
- No Claim Bonus: This plan offers a 5% cumulative bonus advantage for every claim free year, up to a maximum of 50%. But, the NCB would be reduced by 10% in case you make a claim.
- Maternity & New-born Cover: Offers coverage of Rs.25,000 or 5% of the sum insured in case of a normal delivery and Rs.50,000 or 10% of the sum insured in case of C-section.
- Recovery Benefit: This plan offers a recovery benefit of Rs.10,000 in case the hospitalization is for 10 days or more
- Double Sum insured for Critical Illness Listed: Critical Illnesses covered are Cancer, Stroke, Major Organ Transplant, First Heart Attack, Kidney Failure, Multiple Sclerosis, Coronary Artery Bypass, Primary Pulmonary Arterial Hypertension, and Aorta Graft Surgery .
Incurred claim ratio (ICR): 52.58%
Network Hospitals: 9000 plus (HDFC Ergo General Insurance Company) Note: L&T General Insurance Company is now merged with HDFC Ergo General Insurance Company.
ManipalCigna Pro Health Protect Plan
The company boasts of having the only plan in its kitty which covers worldwide emergency hospitalization of the insured. So you don’t have to be geographically bound because your health plan offers assistance worldwide. This plan also has the Sum Assured restoration benefit which restores your coverage amount if it has been used up for an earlier claim in the same policy period. Other features are: a) A second opinion by an expert on critical illnesses b) Maternity and new born expenses with vaccination cover
Additional Benefit's Of ManipalCigna - Pro Health Protect Plan
- Entry Age: Minimum entry age is 91 days for children and 18 years for adults. There is no limit on the Maximum entry age.
- Sum Insured: Rs.2.5 lakh, Rs.3.5 lakh or Rs.4.5 lakh
- Policy Renewability: Lifelong renewability
- Co-pay: Option to voluntarily add the co-pay option.
- Medical Examination: Policyholders above 46 years old would be required to undergo a medical test for all the sum insured
- Guaranteed Cumulative Bonus: Offers guaranteed cumulative bonus irrespective of a claim with 200% maximum accumulation
- Health Maintenance Benefit: Offers option to redeem the reward points each year as a health insurance benefit (OPD). This total redeemable points equal to 20% of the paid policy premium.
- Incurred claim ratio (ICR): 46.29%
- 4000+ Network Hospitals
Star Health Mediclassic Insurance Policy
A simple health insurance plan which has a unique feature, that offers highest Sum Assured restoration. The plan, among others, also offers restoration of the Sum Assured for subsequent claims if it has been utilized through a previous claim. However, what makes the plan different among its contemporaries is the rate of the Sum Assured restoration. The plan provides for a 200% restoration of the Sum Assured against other plans which limit the restoration to 100%.
Additional Benefit's Of Star Health Mediclassic Insurance Policy
- Entry Age: The minimum entry age is 5 months and maximum is 80 years. 45 years for sum assured=Rs.10 lakh.
- Sum Assured: The minimum sum assured is Rs. 50,000 and maximum is Rs. 10 lakh
- Policy Renewability: 80 years. 65 years for sum assured =Rs.10 lakh
- Hospital Cash Benefit: This plan offers cash reimbursement of Rs.500 for daily hospitalization.
- Patient Care: This plan offers compensation for the attendant’s charges that are incurred by the insured person post getting discharged from the hospital. This amount however depends on the physicians approval for the need of keeping an attendant.
- New Born Baby: This plan compensates for the amount that was incurred on a new-born baby right from the day he was born till he completes 5 months. Post completion of 5 months, the baby can then be covered as a regular person. Any post-natal or immunization expenses would not be covered here.
- Day Care Treatment: This plan offers compensation to treat 101 day-care treatments.
- Non-allopathic Treatment: This plan offers non-allopathic treatments up to specified limits.
- Incurred claim ratio (ICR) 2017-2018: 61.76%
- Network Hospitals: 8800 plus network hospitals to avail cashless hospitalization in India.
A plan with multiple features, the prime being recharging the Sum Assured. Similar to the restoration feature discussed in the plans above, the plan recharges the Sum Assured if it ever gets exhausted to keep the coverage going. Another USP is the No Claim Bonus under the plan which enhances the Sum Assured by 10% for every claim free year to a maximum of 50%. So, you can end up with coverage of 150% of your base amount if you have 5 consecutive claim free years!
Additional Benefit's Religare Care Plan
- Entry Age: The minimum entry age is 91 days and there is no bar for the maximum entry age
- Sum Assured: The minimum sum assured is Rs.4 lakh and maximum is Rs. 6 crore
- Policy Renewability: Offers lifelong renewability
- Day Care Treatment: Offers coverage for medical expenses in case the hospitalization is less than 24 hours
- In-patient Care: This plan offers coverage for different medical expenses such as anaesthesia, blood, ICU charges, room rent, etc.
- Daily Allowance: Offers coverage for attendants cost, transportation, etc. Every completed day of hospitalization will be given a lump sum amount as daily allowance.
- Incurred Claim Ratio (ICR) 2017-2018: 51.97%
- Network Hospitals: 5420 plus network hospitals
Also Read : More information on Religare Care
Oriental Happy Family Floater Health Plan
A move over private health insurers, the plan by Oriental Insurance offers a unique benefit of no pre-screening medical tests up to 60 years. With companies requiring a test beyond 45 or 50 years, this plan takes the competition one step further through this unique clause. Moreover, the plan works as an umbrella policy where family members are covered on a floater basis.
To make things simpler, here’s a comparative chart of the best health insurance plans in India.
Did you know about these new features? Aren’t they unique? So, what are you waiting for? Decide on the plan of your choice and insure yourself with one of these great plans. After all, health is wealth, right?
Additional Benefit's Oriental Happy Family Floater Health Plan
- Entry Age: The minimum entry age is 3 months for Children and 25 years/Adult-18 years. The maximum entry age is 65 Years/Extension of Maximum Entry Age up to 70 Years with 10% Co-payment (Silver Plan)
- Sum Assured: The minimum sum assured is Rs.2 lakh and maximum is Rs. 20 lakh
- Policy Renewability: The policy can be renewed for life
- Room Rent: Silver and Gold Plan - Room Rent - 1 % of the sum insured and Diamond plan – Rs.10, 000 + 0.5% of the Sum insured per day. Silver and Gold Plan - ICU - 2% of the sum Insured and Diamond plan – Rs.20,000 + 1% of the Sum insured per day.
- Co-pay: Has a 10% co-payment clause in the Silver plan Has a 20% co-payment clause in case of extension entry age between 66 and 70 years of age
- Day Care Procedures: Offers coverage for 116 day care processes.
- Road Ambulance: Offers ambulance charges at Rs.1,000/- per sickness but limited to 1% maximum of the sum insured or Rs.3,000/- whichever is less
- Incurred Claim Ratio (ICR) 2017-2018: 113.86%
- Network Hospitals: 4300 plus network hospitals
Want to learn more about the best health insurance plans watch this video!