• 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 4 1 2 3 4
    • HDFC Ergo Health Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a health insurance policy with HDFC ERGO from last 2 years, the services are pretty good when compared to all other insurance policies. I pay a premium of Rs 9000 which has to be paid every year for this insurance. I have a coverage of Rs 9 lakhs and i have not taken any cashless treatment with this insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 05, 2018
    • Royal Sundaram Health Insurance
      "Good Coverage"
      0.5 3.0/5 "Satisfactory"
      I took three policies with Royal Sundaram, one for me and two for my wife. The premium that I pay overall is Rs.10000. The coverage they provide is also pretty good. The network hospital are good over here. Cashless option is also pretty good.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 07, 2018
    • Max Bupa Health Insurance
      "Pathetic customer service"
      0.5 0.5/5 "Unacceptable"
      They have all of sudden added permanent exclusion in my policies which i hold for my parents. Each year after no claims they increase my premium by 20%. They have highest premium and provide worst customer service. Their customer care executives have not been able to solve my concerns even in a month and they keep on passing the buck. There is no accountability and responsibility that anyone takes. I ask for their senior's number they don't provide me any of that. I feel completely cheated and till now I have not even gone through the claims settlement process. I have been their user for around 4 years now.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 02, 2018
    • Star Health Health Insurance
      "Good policy to hold"
      0.5 3.0/5 "Satisfactory"
      I have my health insurance with Star Health and Allied Insurance. I work in Axis Securities and they deduct around Rs. 50 every month from salary to pay for my insurance. It covers me and my wife and kids. They didn't explain about the insurance policies like whether there is an option to add parents or not. I have no claim experience. The coverage limit is 1 lakh to 2 lakhs.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 02, 2017
    • Star Health Health Insurance
      "Excellent insurance"
      0.5 5.0/5 "Blown Away!"
      Star Health is doing a best service. I pay premium of 26K yearly. My policies was taken 7 years back. I have 2 policies, 1 for my family other 1 for me. No claim experience so far. I don't have my own experience, but as per the customer's view it was perfect. They are providing excellent service and 90% medical reimbursement.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2017
    • HDFC Ergo Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I had taken a health insurance with Hdfc Ergo.The premium paid annually is Rs 7000.The online service is convenient to make premium payments.The medical coverage i get about 20 lakhs.I don't recommend because there are other best policies with different banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 13, 2017
    • United India Health Insurance
      "Good coverage for the family"
      0.5 4.0/5 "Great!"
      This is a company tied up Health Insurance sponsored by United. They have given me and my family a Rs.3 Lakhs coverage, which is a pretty good number as per me. They also have good number of network hospital available with them. I also felt their policies are pretty straight and can be trusted upon during any of the emergencies.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 07, 2017
    • Religare Health Insurance
      "Average health insurance policy "
      0.5 4.0/5 "Great!"
      I haven't got the claim experience with this policy but still I heard there are lot of procedure to avail the medical claim with this policy, I hold the health insurance policy with Religare for more than 5years. The customer support is average with Religare health insurance policies. This policy covers 5members in my family. I have the medical claim up to 3lakhs rupees with this policy..
      Was this review helpful? 0
      , karaikudi
      Reviewed on Nov 06, 2017
    • SBI General Health Insurance
      "Good coverage"
      0.5 5.0/5 "Blown Away!"
      I have been paying Rs.11000 Yearly, and the Health Insurance offered is pretty good. They have good Hospitals and have good policies to help out the customers. They provide you with Cashless options too. The amount gets debited automatically in the account, so I need to make seperate efforts to make the payment.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 01, 2017
    • Star Health Health Insurance
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      Service is good from STAR HEALTH ,representatives and customer service was very helpful . Very helpful representatives during the documentation part I have taken 2 policies but they never update about any new schemes or offers still overall service is excellent .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 28, 2017
    • Star Health Health Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Got a HEALTH INSURANCE policy with Star heath insurance for more than 6 to 7 years. I have claim experience with this policy,. They took around 25 days to disburse my claim amount. I pay Rs.12000 to renew my policy every year. I got 2 policies totally one for my parents and another for myself and for my family members.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 05, 2017
    • Max Bupa Health Insurance
      "Max Bupa Max Fraud Company "
      0.5 0.5/5 "Unacceptable"
      Max Bupa Health Insurance Fraud Company MaxBupa's famous tagline "Your Health First" is as fake as all their policies and assurance. They are very well known for fooling innocent customers by luring them by advertisement. Never believe on positive reviews always check negative reviews to know the truth. To read more genuine reviews just Google 'Max bupa fraud' and see the results. Name : Chandan Thakur My policy number is 30568647201600 and claim id is 259868.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 28, 2017
    • Max Bupa Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the health insurance policy with the Max bupa general insurance company and am with them from the last two years of time. They have provided the bonus credit system, which other company dont have . Customer service is okay for me and the premium is around 8000 Rupees for two policies with the join holder for the coverage of 5 lakh Rupees.
      Was this review helpful? 1
      , shimoga
      Reviewed on May 30, 2017
    • Max Bupa Health Insurance
      "Poor response from max bupa"
      0.5 0.5/5 "Unacceptable"
      I have 2 critical illness policies from max bupa one in my name and other in my spouse name..we had 3 lacs sum assued limit on each policy.my spouse had gall bladder laproscopic surgery few months back which is not covered nor claimed from this critical illness policy..the insurance was claimed from mediclaim with a diffrent insurance . But surprising ..when we requested for enhancing the sum assured with max bupa for critical illness policy..they not responding properly and forcing us to renew the policy without enhancing sum assured..i really dont understand why they are linking some treatment taken which is not of critical illness on nature and also which is not covered or part of critical illness. Iam totally dissatisfied with the max bupa services and responses.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2017
    • Max Bupa Health Insurance
      "WORST SERVICE"
      0.5 0.5/5 "Unacceptable"
      I have taken 2 policies of Max Bupa through Ratnakar Bank. They told that the premium wont increase and it will remail the same life long irrespective of the age. I took the policy. Next year, i didnt receive any SMS, e-mail or Letter for renewal. I had to followup with ratnakar bank and call the customer care every now and then for the renewal. Further, on renewal they increased the Premium amount by Rs. 4000/- stating that all companies have increased the rates. This is the worst service i received from any insurance company. With no time left i had to renew the policy. I had lodged the complaint, but no solution of the same. Worst Company i have ever seen.
      Was this review helpful? 1
      , thane
      Reviewed on Jan 04, 2017
    • HDFC Ergo Health Insurance
      "CHEATERS_HDFC ERGO "
      0.5 0.5/5 "Unacceptable"
      While taking the policy 'The HDFC ERGO' agent who had called to take the policy. I had clearly explained the condition stating ' My mother has sugar (it is under border) not taking any medications for now. She is under diet control' the agent mentioned ' it is not a diabetic since she is not undergoing any medications' you can mention she is not a diabetic. I have always opted corporate insurance and this is the first time I had opted external insurance. she had explained me the policy and procedures on how to claim and when the recording started she had asked me not to mention about diabetic. I had no issues of disclosing the information about diabetics as per the agent I mentioned 'no' since she is not undermedications.CHEATING,MAKING THE PUBLIC FOOL and selling the insurance policies. My mother was admitted in the hospital last week, the claim was not processed due to this reason. Is this my mistake?These guys are cheaters, they follow terms and conditions only while claiming.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 24, 2016
    • Cigna TTK Health Insurance
      "International company"
      0.5 4.0/5 "Great!"
      CIGNA TTK medical insurance is a good company. I had got a lot of options and I like the service. The reason for taking this was because this CIGNA TTK has got channel partner and they explain the product features and i found the policies procedures much better when compared with the previous company therefore I switched over
      Was this review helpful? 1
      , warangal
      Reviewed on Nov 11, 2016
    • Oriental Insurance Health Insurance
      "Nice"
      0.5 4.0/5 "Great!"
      Providing cashless , high coverage with minimum premium all these are plus points . I had taken two policies one for individual and another for my family. and i also claimed for my father cataract surgery . which is done as cashless pay just using the card , i will recommend this for health insurance
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 06, 2016
    • Oriental Insurance Health Insurance
      "Good Family coverage"
      0.5 5.0/5 "Blown Away!"
      There are many policies with Oriental Insurance. I had taken two policies one for individual and another for my family. For this Family coverage I used to pay 15,000 per annum. Recently, Father undergone Heart surgery , Oriental had really helped in cashless treatment to claim the medical coverage of 1.80 lakhs for hospitalization and bills for 7 days. I am really thankful to Oriental it was secured policy for my family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 05, 2016
    • ICICI Lombard Health Insurance
      "Its fine"
      0.5 3.0/5 "Satisfactory"
      I had got the ID card, all the necessary documents on hand. I am yet to go through the complete documentation part. I dont have a sound knowledge about the policies benefit. As this was opted through my company and it is my company which makes the payment on my behalf.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2016
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