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Need to buy Medical insurance Policy..Please Suggest

Discussion in 'Insurance & Loan Reviews' started by Gmittal, Sep 9, 2011.

  1. Italia-Linea

    Italia-Linea Staff Member Janitor

    Messages:
    2,123
    Pune
    they did this to me too for my old icici accounts. i screwed them left and right and then they reverted the charges.
  2. ghodlur

    ghodlur Esperto

    Messages:
    2,325
    Thane
    TFIians,

    Its time for my health insurance renewal. Presently I am having family floater (2 adults+1 child) with Apollo Munich and insured for 3L, the premium is coming to 8.3K.

    With my recent experience of my cousin's hospitalization where the cost for the Angioplasty with imported stents coming to close to 8L inspite of my cousin being a tea totaller but having erratic lifestyle. Luckily his co insurance saved him from bearing the cost and surprisingly he didnt have a health insurance outside.

    Now I do have a similar lifestyle & smoke too) and covered with co insurance but still would like to have a health insurance for those last minute health expenses where my co limit ends. So what should my fair insurance amount be? I checked with Apollo and for a Insured sum of 5L and adding critical illness of 5L, the annual premium is going to be 16K out of which I can get the 80DDD deduction of 15K. Does this arrangement sounds worth taking?
  3. avithe1

    avithe1 Amatore

    Messages:
    159
    (Mira Rd) Thane.
    Thane
    Linea 1.3
    I did a lot of research on buying health insurance a few months back.
    As someone said , its good to research a bit on the IRDA data and see how is the insurance company's record.

    There are companies that do direct settlement and those who have a TPA in between.
    TPA does the hospitalization doc screening etc.. and approves/rejects the claim.

    MDIndia , MediAssist are some of the TPA's I have encountered (through employers insurance) and would say that they are really good (and fast).

    A few months back I bought a for myself and my wife New India Assurance Good Health policy , through Citibank. (http://newindia.co.in/citibank/index.aspx).

    I am covered for 5L and so is wife 5L individually and I am paying around 14K p.a.
    Covered upto 100 yrs of age - http://newindia.co.in/citibank/premchartoneyr.aspx

    I earlier considered only a family floater , where I thought that 5L for both of us will be enough. But looking at my fathers medical expenses during his cancer treatment I decided that individual policies would be better.

    So now I am covered by my employer as well as my own insurance. God forbid if there is any medical emergency, I will use the employers coverage. This way I can take the "comulative bonus" benifit on my own insurance i.e. Sum Insured under the Policy shall be progressively increased by 5%, by way of cumulative bonus, in respect of each claim free year of insurance, subject to a maximum accumulation of 10 claim free years.

    Also if you see the IRDA records yo will find that New India Assurance (Govt. Owned) is good indeed.
    For my NIA policy the TPA is M.D. India , which is one of the best TPA's around.

    I think this is a good policy if you are a citibank credit card customer. The only way citibank is involved is that they automatically renew the policy by charging your credit card p.a.
    asimpleson and ghodlur like this.
  4. ghodlur

    ghodlur Esperto

    Messages:
    2,325
    Thane
    Any ideas of health insurance portability. I remember there was an article I read where it mentioned about the health insurance too can be made portable.
  5. avithe1

    avithe1 Amatore

    Messages:
    159
    (Mira Rd) Thane.
    Thane
    Linea 1.3
    Yes , I heard it too but not sure.

    BTW Guys, I also stumbled upon this site http://www.coverfox.com/ , it has good information and its a very good site to compare. They do not have all the companies listed but with this tool I am sure you will understand what to look out for , for your specific needs.
  6. Dr. Fixated

    Dr. Fixated Novizio

    Messages:
    40
    Hyderabad
    Linea 1.3
    The application for insurance with any company is through the "Proposal Form". If you wish to avail of portability facility, you will have to first submit "Portability Form". After that, you will submit the Proposal Form depending on the products/plans made available for you.

    For example, you may refer to portability form for two randomly selected insurers:
    1. Star Health: http://www.starhealth.in/brochure_file/Portability_Form.pdf
    2. Apollo Munich: http://www.apollomunichinsurance.com/Downloads/Portability-Form.aspx

    Insurers can choose not to consider your application if do not apply at least 45 days before your existing policy expires. They may or may not accept your application for portability. If the decision is not communicated by the time your existing policy is set to expire, contact your existing insurer to offer some grace period by paying some additional premium.

    For more details, please refer to clarifications provided by the regulator IRDA:
    https://www.irda.gov.in/ADMINCMS/cms/LayoutPages_Print.aspx?page=PageNo1515
    ghodlur likes this.
  7. rsinfo

    rsinfo Regolare

    Messages:
    422
    New Delhi
    GMittal are you looking for a Mediclaim type of thing where you are reimbursed for hospitalisation expenses or Jeevan Arogya type which pay you only lump sum on hospitalisation ?

    Each one is different & serves a unique need. Mediclaim policies are provided for reimbursement of expenses incurred in treatment of disease typically in hospital. There are 2 types - individual & family floater. Individual mediclaim policies are in the name of individual family members & have individual covers. Family floater policies are in the name of head of the family with the names of family members & they all share the same cover, so they are typically cheaper than the individual mediclaim.

    IMHO, policies like Jeevan Arogya are best avoided. Take a basic individual medilcaim & top it with family floater.

    In my case I have taken policy from Max Bupa. The individual mediclaim amount is Rs. 5,00,000/- each with a family floater of Rs. 10,00,000/-. So each family member gets a cover of Rs. 15,00,000/- per year [provided no other member uses the policy in the year].
    asimpleson likes this.
  8. asimpleson

    asimpleson Esperto

    Messages:
    3,000
    Heptanesia
    Linea 1.3
    I still think that GIC based companies are better that private players, if we can manage our expectations of service. Transparency is definitely higher with these companies. On-line renewal is also possible. A professional insurance agent is good for those timely insurance renewal reminders.

    Thanks for sharing the info.

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