Keeping in view the strenuous life we live, health care coverage has become a pivotal need! The increasing healthcare costs are sure to erode the financial savings, especially in a country like India where out-of-pocket medical expenses account for over 62% of the entire costs. No doubt, the cost of healthcare is going through the roof, and there are numerous loopholes in most of the health plans being offered today. This is mostly because even a comprehensive policy fails to pay for numerous basic facilities, including pre-existing ailments, OPD cover, sub-limit, and lifetime renewability.
Considering all these factors, health insurance companies in India have now introduced several advanced products to be bought with the traditional health insurance plans. These products have been precisely designed to suit the specific customer needs and requirements. No wonder, these innovative insurance products are an utter relief amidst this growing medical inflation.
However, today in spite of the customer being relatively aware and conscious of what he wants his health insurance cover to include, he is often wedged between what should be the right coverage that would meet his needs. It is, therefore, important to understand the various components of these tailor-made products that companies offer to best suit customer’s needs.
Apollo Munich – Health Wallet
Apollo Munich Health Insurance’s novel health insurance plan ‘Health Wallet’ redefines the health insurance category by addressing various relevant questions such as value for money. The plan not only caters to the customers’ hospitalisation and OPD expenses, but even ensures affordability of continuing the policy till the golden years. The Health Wallet plan comes with a unique ‘Reserve’ element that continues to grow and earn for the insured and helps them to secure their retirement. The Reserve Benefit increases each year and any unutilized balance under this benefit gets carried forward to the next year with 6% bonus.
Some of the other major expenses that Apollo Munich’s Health Wallet covers include diagnostic tests, non-allopathic treatments, dental expenses, spectacles and contact lenses. Apart from these exceptional benefits, the entire accumulated reserve can also be used to pay up to 50 per cent of the renewal premium, but only after five continuous renewals.
Max Bupa – GoActive
Max Bupa Life Insurance’s GoActive plan is a digitally-enabled everyday use health insurance policy that ensures coverage for daily health needs, including access to OPD, inpatient hospitalisation, second medical opinion and much more. This new-age product is a disruptive and has been precisely designed with intent to bring a paradigm shift in the health insurance sector across the country. The GoActive plan offers savings to the customers from the day one, including a complimentary full body check-up of up to Rs 2,500 per adult, along with diagnostics and cashless/reimbursement OPD coverage. Some other popular benefits of the plan include renewal discount of up to 20% on achieving specified health goals.
The plan has even introduced AdvantAGE, a popular plan that gives an additional 10% discount on the base premium and on all future renewals if the age of the customer is below 35 years.
New India Assurance – Global Mediclaim
The newly-launched Global Mediclaim Policy of New Indian Assurance offers lifelong cover for hospitalisation expenses, including heart surgery, cancer, neurosurgery, organ transplant and bone marrow transplant in hospitals outside India. The plan covers hospitalisation in Asian countries as well as in other parts across the globe with medical coverage in Asian countries restricted to USD 1 million and USD 2 million for any other part of the world. The New India Assurance’s Global Mediclaim policy gives Indians the prerogative of pursuing the best medical treatment available anywhere in the world.
The current entry age of Global Mediclaim Policy is between 18-65 years and is used to Indian nationals only. Anyone with a health insurance policy with total sum assured of Rs 8 lakh and above can buy the product and avail its offered services. However, the policy comes with a waiting period of 90 days for all the treatments and it can be easily renewed for lifelong, provided there is no break in the renewal.
Star Health – Cancer Care Gold
Star Health and Allied Insurance’s Cancer Care Gold plan is the first-ever ‘pilot product’ to be allowed by IRDAI. The product is one such health plan that provides insurance cover to people already diagnosed with cancer. The Star Cancer Care Gold plan is made available to customers in two sum-insured options — Rs 3 lakh and Rs 5 lakh. People in the age groups of 5 months to 65 years diagnosed with early stages of cancer (1 and 2) can buy this insurance cover. Yet another unique feature of the policy is that it can be easily bought without any prior medical check-up.
Talking about the payout process, the plan offers lump sum payout of half of the entire sum insured immediately after diagnosis of the disease. Apart from providing regular cover against cancer related ailments, Cancer Care Gold plan even offers cover against surgical, non-surgical as well as interventional treatment just like a comprehensive medical insurance. The premium of the plan varies from Rs 12,500 to Rs 35,000, depending on the age of the policy seeker and the total and sum-insured.
(By Vadiyanathan Ramani, Head Product and Innovation, Policybazaar.com)
(Disclaimer: These are the author’s views. Readers are advised to consult their financial advisor before buying any plan)