• Health Insurance Policies from Banks

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    Health insurance cover is fast catching up to the status enjoyed by life and motor insurance nowadays, especially given the growing number of people diagnosed with lifestyle diseases. With the cost of medical care ever increasing, getting quality medical aid is becoming prohibitively expensive and many Indians are now investing in health insurance policies as a way to offset this cost.

    While there are a number of public as well as private health insurers in the market offering comprehensive policies, another sector is slowly emerging as an alternative to the insurance companies- banks. While this might seem surprising, the overlap between the banking field and insurance has been present for a while now, with nationalised banks offering their account holders a range of insurance options.

    So with both banks and insurance companies competing for policyholders, do the banks match up when it comes to their health insurance policies?

    Type of Health Insurance Offered:

    The health insurance plans offered by banks tend to be tie-ups with insurance companies, resulting in the bank being the intermediary. Insurance companies generally design special policies for the bank’s customers based on a prior agreement between the two parties.

    Thus, the policies are inflexible and generally tend to be group health insurance policies with few options to choose from. These policies are also exclusive to the bank’s account holders, meaning the policy would have to be terminated if the customer decides to close his/her account with the bank for any reason.

    Premium Amounts:

    The premium amounts for bank sold health insurance policies tend to attract customers due to their low premiums. Premiums for health insurance policies sold by nationalised banks tend to be very low compared to both private as well as state-owned insurance companies, especially for group cover policies. However, policyholders should always check the cover offered by the particular and see if it meets their individual requirements.

    Factors that Influence Premium:

    When buying a health insurance policy, most insurers would calculate the premium based on the policyholder’s age and other factors like his/her general health. However, health insurance sold by banks does not take age into account when premium calculations are done, making it more affordable for senior citizens.

    Medical Tests:

    All health insurance providers mandate a slew of medical tests before the policy is issued, to determine the policyholder’s general health and any specific illnesses or susceptibility to illnesses he/she may have. This also drives up the price of the health insurance, since this money is recovered from the policyholder through higher premiums. Policies sold by banks, however, do not mandate a medical test as part of their policy terms.

    Lower Premiums for Senior Citizens:

    Generally health insurance policies are more expensive as the policyholder gets older. This is because of the added risks and chances of the policyholder getting ill. However, when compared to insurance companies’ health insurance policies, the ones sold by banks are cheaper for senior citizens because they do not take the policyholder’s age into account for most cases.

    The difference in premium amount is seen most after the age of 50 years, when the premiums increase exponentially in the case of insurance company sold plans.

    This makes bank sold health insurance a good choice for senior citizens due to the lower premium.

    Portability:

    Policyholders who hold a bank account and choose to buy a health insurance policy from the bank can choose to portability to the insurance company who have tied up with the bank to offer the policy, if they desire. This makes these policies more attractive as policyholders can always opt to port if they are not happy with the coverage offered by the bank sold insurance policy.

    Additional Coverage:

    Most bank sold health policies offer policyholders the option to increase their health cover through additional covers, which can be added on to their primary policy. In this way, policyholders can choose to get more coverage as and when they require it by simply purchasing additional protection.

    Entry Age:

    A number of health insurance policies offered by banks have low entry ages, making it difficult to renew the plans, especially for policyholders who buy the policy later in life.

    In the event the policy is discontinued due to the partnership between the bank and the insurance company part ways, policyholders would be left in the lurch.

    Final Say:

    In conclusion, there are many advantages to buying a health insurance policy issued by a bank, with one of them being the lowered premiums. However, there are also some downsides to buying these policies, such as the lowered entry age and difficulty in renewing an existing policy.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    Health Insurance Policies from Banks Reviews

  • Page 1 of 50 1 2 3 4 5
    • Apollo Munich Health Insurance
      "The Best"
      0.5 5.0/5 "Blown Away!"
      Since I'm working with health insurance. It is easy to claim in Apollo Munich. The best hospital list covered in this policy. The best health insurance company in PAN India. In my company, they are paying the insurance premium for me and my family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • HDFC Ergo Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy with the HDFC Ergo. I pay a premium of 6100 Per year, I do not have any claim experience with the policy and it offers full coverage for my entire family. They offer a coverage 2 lacs annually which is pretty good for me. Overall it has been a good experience with the features of the policy. .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • Bajaj Allianz Health Insurance
      "Good Health Insurance policy"
      0.5 5.0/5 "Blown Away!"
      So far i have never claim the health insurance. I can claim upto 7 lakhs. I have taken this insurance policy for me and dependent. The employer take care of the premium amount. I have never contact the customer care. Almost most of the hospital has been covered in this health insurance
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
    • Universal Sompo Health Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have a health insurance policy taken from Universal Sompo, it was the best deal I came across when I was looking for the policy, the premium amount that I paid was quite reasonable and not too high, the sum assured amount was also good. I never got chance to take the services of this policy I have no claim experience from them so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • Universal Sompo Health Insurance
      "Best Health insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this policy for the first time. I have not claimed the policy so far. I have paid around for Rs.8500 as premium. It family based health insurance policy. I can claim upto 5 lakhs. Cashless treatment is available. There is no pre-existing offer is available. I have taken this policy last month. Most of the hospitals are covered in this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 14, 2018
    • review Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      It is a health insurance policy from HDFC. Accidental benefits are there. If i admit in a hospital, i can claim for that also. I took this policy for my whole family. I'm paying Rs. 4500 for every year. I can claim upto 3 lakhs in a year. If i renew the policy without any claim, they will offer some bonus points. I never claimed this policy so far. Cashless treatment is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • Royal Sundaram Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the health insurance policy from the ROYAL SUNDARAM GENERAL INSURANCE company and i have got it around 5 years. This policy covers 4members in my family and it has the medical coverage amount of Rs,3,00,000 . I pay the premium amount of Rs,8,000 to renew the policy every year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • United India Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the health insurance policy from the UNITED INDIA INSURANCE company and I having this policy from past 5 years. The customer support and the response is good with the United India and this policy covers 4 members in the family. This policy has the medical coverage up to Rs,3,00,000 and I pay the premium amount of Rs,10,900 to renew this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • Apollo Munich Health Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a health insurance policy with the Apollo Munich Insurance company. I pay a premium of 19000, I do not have any claim experience with the policy. Sometimes I make payments via cheque and sometimes online. Overall their services are good even though I never had any claim experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the ICICI Lombard general Insurance company. I am paying a premium 39000 per year. I do not have any claim experience with this policy. So far in terms of the features and benefits it is a recommendable policy to have. I pay the premium online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2018
    • Star Health Health Insurance
      "Best Health Insurance policy"
      0.5 5.0/5 "Blown Away!"
      Cashless treatment is available only in cities. In other rural areas, i cannot claim the policy for cashless transaction. In rural side, i have to collect all the bill and claim the policy after i paid my bill. I have claimed the policy once for my father. I used to make the payment of Rs. 7500 for me and any wife. I have already recommended this policy to my friends. I can claim easily and i got the payment as soon as possible if i issue the documents properly.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2018
    • Bajaj Allianz Health Insurance
      "Best"
      0.5 5.0/5 "Blown Away!"
      I am having the health insurance policy with the Bajaj allianz general insurance company. I would like to say that the coverage value is around three lakh Rupees. Cashless treatment is applicable there, so I have not faced any such claims with them as such.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • Star Health Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Got the health insurance policy with the STAR HEALTH & ALLIED INSURANCE company around 3 years ago. This policy covers 4members in my family. This policy has the coverage amount up to Rs,2,00,000 and I am satisfied with it. The medical coverage and the cashless treatment options are good with the Star health insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the ICICI Lombard which is provided by the company. The company is paying the premium. It is a policy worth the money and I never had any claim experience with them. I'll have to wait and see how they respond to my claim request in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 11, 2018
    • Universal Sompo Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the Universal Sompo . I pay a premium of 10000 Per year, the coverage is good and I never had any claim experience with the policy overall it is a useful health insurance policy to have.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 09, 2018
    • Star Health Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the Star Health. We do not have any experience with the policy. Overall service good. My brother handles the payments for this policy. I am not aware of any other details regarding this policy. It offers coverage for the entire family. I never had any issues with the policy and their services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • United India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with United India Insurance from last 8 years, i am not aware of the premium amount as the company pays it. I have a coverage value of Rs 1 lakh and that covers spouse and children. I have no claim experience so far from this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • Apollo Munich Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Apollo Munich from last 6 months, i am happy with the coverage value of this insurance policy and it is family policy. A premium of Rs 8000 has to be paid for this insurance. I have no claim experience and the coverage value of this insurance is 3 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've had taken a health insurance policy from the ICICI Lombard. I never had any claim experience with the policy. I'll have to wait and see how they respond to my claim requests in future. So far, I never had any issues with their services till date.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Reliance General Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy with the Reliance. I never used this policy for any medical purposes. I've been paying a premium of 11000 per year for the policy. I never had any claim experience with the policy. I see this as a back up fund in case of any medical emergency.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
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