I would prefer to opt for public sector health insurance options. That is solely on the basis of my belief that public sector undertakings tend to be more consumer friendly and less costly. You pay less premium than private players for the same coverage and sum assured.
Analysis And ComparisonWe have four players in public sector health insurance arena. I will try to explain the best about them on the basis of some major parameters. For Comparison, we will consider an equivalent policy from each one of them-
1. United India Assurance Co.Ltd. - Family Medicare policy.
2. National Insurance Co.Ltd. - Parivar Mediclaim Policy.
3. Oriental Insurance Co.Ltd. - Mediclaim 2012 Policy.
4. New India Assurance Co.Ltd. - Happy Family Floater Policy.
We will analyse them on following parameters -
Coverage All these policies cover spouse and children. New India and Oriental insurance cover parents as well. Oriental Insurance has coverage extended for parents in law as well. So, it is evident that Oriental is the undisputed leader here.
Entry At Age And Age At Renewal If you are considering long term plans, National Insurance and Oriental Insurance cannot be your pick. Health at old age is of utmost importance. United India and New India allow renewal at higher age.
Sum Assured: Almost all of them have a maximum sum assured option at Rs. 10 lakhs, except National Insurance which offers a maximum If Rs. 5 Lakhs. Total sum assured you need depends on your needs and size of the family. If you need higher cover, you can plan split your need into two policies.
Premium Per Annum: Premium is lower in public sector than in private. This applies to all four policies I have taken up for comparison here.
Co-payment: This is the amount the policy holder needs to pay from his pocket in case of a claim. This is highest in New India wherein Co-payment amount depends on age and location. Other firms charge 10%.
Benefits: No claim benefit is higher in Oriental which ranges upto 20%. It also excels in some more benefits. Other policies have no claim discount of 15%. Free health check up facility Is available in United India and New India. National India has least in terms of benefits.
Claim Settlement Ratio: Higher is the ratio of claim settlement, more better for the policy holder. Oriental and New India have 92% and 89% ratio.
Pre and Post Hospitalisation: 30 and 60 days for all policies except National Insurance where it is 15 and 30 days.
All these policies have positives as well as drawbacks. You need to choose the one based on your requirements. Of all the policies analysed above, one from National assurance is a bit restrictive. Rest all depends on your choice.
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