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:
1. 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
2. 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
3. Cigna TTK 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
4. 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%.
5. Religare Care
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!
Also Read : More information on Religare Care
6. 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?