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    • The impact of increasing pollution levels on health insurance premiums

      Increasing pollution levels leads to decreasing quality of life and increasing hospitalizations due to respiratory problems. Many insurers increase their premiums, especially in areas such as the Delhi-NCR region and parts of North India. This is due to the higher loss ratio in these areas when compared to other parts of the country due to the higher cost of healthcare as well as unhealthy lifestyle habits. There has been speculation that increasing pollution levels could also lead to increasing premiums, although this has not happened till now. In order to increase premiums, insurers must obtain regulatory approvals which could take months to materialize. With increasing technological sophistication in underwriting, if there is also a higher incidence of claims in the Delhi-NCR region because of respiratory illnesses or other lifestyle related diseases, then a proposal to increase premiums may become a reality. Despite a rise in hospitalizations, there has not been a significant rise in claims. The data for this must be collated before any concrete action can be taken by insurance firms. However, the requirement for surgery for people suffering from respiratory problems is relatively lower than for other ailments, which means the cost of pollution-related respiratory problems may not be that high as to warrant an increase in premiums as of now.

      28 November 2019

    • How to choose the right health insurance plan

      There are many factors to consider when choosing the right health insurance plan. Some of them are the no-claim bonus, room rent capping, sum assured, free health checkups, claim settlement ratio, etc. The No Claim Bonus (NCB) is the additional coverage that is added when no claims have been raised during a policy year. This would be on an average of 5% increase in the sum assured. This is availed at the time of renewal of the policy. Instead of NCB, a cumulative bonus can also be chosen to increase the sum assured amount. Room rent is one of the sub-limits found under most insurance plans. This is either a percentage of the sum assured or an absolute amount. There are plans that do not have any sub-limits to the room rent. Sum assured is another important factor with the rising cost of healthcare so it is best to choose the highest sum assured that you can afford to pay through premiums or a top-up cover that includes a deductible. Free health checkups are offered by many insurance firms after renewing the policy for a number of years or on joining. Discounts on premiums are also offered on achieving certain health or fitness goals that are predefined by the company. The claim settlement ratio is an important indicator of the percentage of claims that have been settled by the insurer. The time required for reimbursements and cashless hospitalisation should also be taken into consideration.

      26 November 2019

    • How to avoid delays in health insurance claims settlement during hospital admissions

      In the case of cashless claims for insured patients, there can be delays at the time of discharge if the claims have not been settled by the insurer. In order to avoid these delays, it is important to understand how the insurance process and verification works. The first step in filing a cashless claim is obtaining pre-authorization from the insurance firm. The person for whom the treatment will be done has to fill in the personal insurance details while the doctor fills in the treatment details. This form is then sent to the billing department of the hospital. An estimate of the cost and the required supporting documents are then sent by the hospital to the insurer.

      Pre-authorization is an acknowledgement and not a guarantee that the claim will be paid. An initial amount will be sanctioned by the insurer if approved. In the event of a sudden hospitalization, then a deposit would have to be paid to the hospital out-of-pocket, which will be reimbursed later. For the claim to be processed, the insurer needs to have the discharge summary and hospital bills, which can be delayed, causing a delay in settlement. To avoid this delay, it is best to enquire about a probable date of discharge and request the insurance help desk at the hospital to prepare the documents in advance so that they can be sent out as soon as the discharge has been ordered. Keeping in touch with the third-party administrator or insurer will help to expedite the process.

      21 November 2019

    • Health insurance premium may increase by 5% in case you live in a polluted city

      In case the Delhi-NCR claims data shows an increase in respiratory disorders and hospitalisation, health insurance companies may increase the insurance premium by 5% across India.

      Insurance companies have another option of insisting customers in Delhi-NCR to undergo health check-ups before providing them with health insurance. The risks of respiratory diseases, stroke, lung cancer, and heart disease have increased in Delhi and its neighbouring cities as they are smog-hit. However, until now, no data have shown an increase in claims because of smog-related reasons. In India, penalising cities because of health risks is not common. The main factors that affect the health insurance premium are the incidence of frauds, claims records, healthcare treatment, etc. However, geography-based pricing is allowed by the IRDAI. According to the MD and CEO of Max Bupa Health Insurance, Ashish Mehrotra, insurance companies can fix the premium for geography by the pricing the policy according to the zone. According to various experts, the premium is determined by health insurance companies across various cities so that the risks can be managed better. This also ensures that individuals from a certain city or geography do not have to pay a high premium. At the moment, deciding the premium based on geography is not very popular. According to various insurance officials, a high number of fraud claims have been witnessed in Delhi-NCR.

      19 November 2019

    • Reliance Health Insurance ordered by IRDAI to stop selling policies

      Reliance Health Insurance Co. Ltd. (RHIC) has been ordered by the Insurance Regulatory and Development Authority of India (IRDAI) to stop selling new insurance policies. This is because it was unable to meet solvency margins. The liabilities and assets have been directed to be transferred to Reliance General Insurance Co. Ltd. (RGIC). This order must be complied with by 15 November 2019. RGIC has been ordered to service the claims of the insurer.

      11 November 2019

    • IRDAI’s circular: The regulator steps in to ensure enhanced health insurance coverage

      Insurance Regulatory and Development Authority of India (IRDAI) is always working to ensure that the insurance products offered by insurers to its customers are customer friendly. Keeping this in mind, the regulatory body released a circulatory which is a brilliant news for people looking to purchase an insurance product.

      The circular basically focused on three main points:

      The first point was how an insurance product should largely aim to benefit the customers. IRDAI has called for wider benefits and asked the insurers to design insurance products which would cover a larger pool of critical illnesses.

      The IRDAI has also asked the insurers to address the ambiguities in health insurance policies.

      Lastly, the regulatory body wants insurers to ensure that more people in India have access to insurance products.

      7 November 2019

    • Why young adults too need to buy health insurance

      In today’s time it is important to purchase a health insurance plan. If you are young, it is recommended that you purchase health insurance since the premium will be low as you will be less susceptible to falling sick. As you grow with age, you will have to shoulder various responsibilities and more people will be dependent on you. In case you are diagnosed with an illness or meet with an accident, your health insurance policy will ensure that the cost of treatment is taken care of and you do not have to touch your savings to meet the cost of treatment.

      The biggest reason why young people must buy health insurance is due to medical insurance. The average healthcare inflation was 7.14% for 2018-19, witnessing a steep rise from 4.39% in 2017-18. With medical inflation rising at the rate of over 50% on a yearly basis, it becomes important to purchase a health insurance policy and avoid your savings being used to cover the cost of treatment.

      6 November 2019

    • IRDAI introduces new laws to make health insurance user friendly

      The Insurance Regulatory and Development Authority of India (IRDAI) has introduced new laws with the objective to make health insurance more user friendly and accessible to all. There are now restrictions on exclusions under a health insurance policy to make it more customer friendly. A draft has been issued by IRDAI that introduces a universal standard health insurance policy that provides a sum insured according to the customer’s requirement, which is in the range of Rs.50,000 to Rs.10 lakh. The minimum age permissible for buying the policy is 18 years and the maximum age is 65 years. This plan has a lifelong renewability option and is indemnity based. The standard insurance plan will also provide insurance coverage for treatments that come under AYUSH, which is Ayurveda, Unani, Siddha, and Homeopathy. Mental health is also to be included under the regular insurance policy. Under the new directive, coverage cannot be denied on the basis of a history of clinical depression, sociopathy, psychopathy, neurodegenerative or personality disorders. Also, all illnesses or health conditions that develop after the policy is issued will be covered under the policy (not including those that are not covered under the policy). Some major illnesses have been added to the list of those that should be provided coverage and these are HIV/AIDs, Parkinson’s, Alzheimer’s, and morbid obesity.

      22 October 2019

    • Senior citizens are not availing health insurance due to high premiums

      Senior citizens, at a time when they should have a health insurance policy to help them during any kind of emergency or ailment, are not opting for one due to higher premiums. Moreover, even insurers are not always that keen to offer health insurance plans to senior citizens as it increases loss ratios for them.

      Insurers usually add strong underwriting checks to filter out the potential claim-prone cases. In other cases, insurers also avoid giving health insurance policies for patients who are suffering from diabetes, blood pressure or even cholesterol.

      The premiums for senior citizen health insurance are high, which results in the considerable outlay of cash. However, with age and the higher probability of medical contingencies, it is important to have a health insurance plan. Even with higher premium payments, it is better to have insurance rather than paying way more in the case of any emergency in hospital bills.

      18 October 2019

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    Customer Reviews

    • ICICI Lombard Health Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken medi claim from ICICI LOMBARD GENERAL INSURANCE. The coverage value was Rs. 5,00,000 and I am paying premium Rs. 5000. This policy covers all type of critical illness day care treatment. This is a cash less policy last year I had done claim of 2L. This insurance covers all network hospitals and this is a group policy.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Dec 05, 2019
    • SBI General
      SBI General Health Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a health insurance from SBI General because from Government side, I can claim the amount if I apply for reimbursement. I have paid the premium amount of Rs. 1000 on every year. They have not explained me about the coverage amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 05, 2019
    • Bajaj Allianz Health Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      My employer has given me a health insurance policy from BAJAJ ALLIANZ on 5 years before. The coverage amount of 5L. On yearly basis they will renew my policy. The premium amount of 10K use to pay. It covers particular hospitals and with multi specialty. There is cashless treatment as well. It covers my whole family.
      Was this review helpful? 0
      , medak
      Reviewed on Dec 04, 2019
    • review Health Insurance
      "Safety Policy"
      0.5 4.0/5 "Great!"
      Taken my health insurance from Birla Sun life. They approached me through call, when i accepted the same, they have given me a health insurance for my entire family with the coverage value of Rs. 3 lakhs. I have been paying the premium amount of Rs. 960 every month. In this policy, pre-existing disease has been covered.
      Was this review helpful? 0
      , dindigul
      Reviewed on Dec 03, 2019
    • Royal Sundaram Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a health insurance policy from ROYAL SUNDARAM.This is an individual policy and the coverage was Rs. 5,00,000. Annual premium i am paying Rs. 2000. This insurance covers all type of critical illness and still there is a no claim. Every year i am getting reminder call but i am not getting call to include my family members.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Nov 29, 2019
    • review Health Insurance
      "Best mediclaim"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance policy from ADITYA BIRLA HEALTH INSURANCE. This is a group policy and the coverage was Rs. 2,00,000. I am paying yearly premium around Rs. 3500 and this policy covers all type of critical illness, some disease will not cover need to be get cover.This policy covers all network hospitals.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 29, 2019
    • Oriental Insurance Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance from ORIENTAL INSURANCE. The coverage value was Rs. 5,00,000 and the premium i am paying Rs. 25,000. This is a group policy which covers all type of critical illness and also i am enjoying TAX benefits. I went for claim full amount i got reimburse and they have issued health ID card for claim it's very useful more over they cover all net work hospitals.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Nov 28, 2019
    • Star Health Health Insurance
      "Average"
      0.5 4.5/5 "Excellent!"
      I have taken a health insurance policy from STAR HEALTH and i am using this policy almost 12 years. This is a group insurance which covers my family also and the coverage value was Rs. 7,50,000. I am paying premium for this policy around Rs.35,000. Still now there is a no claim and also this policy covers all type of critical illness.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 28, 2019
    • ICICI Lombard Health Insurance
      "Best policy"
      0.5 4.0/5 "Great!"
      I have taken a health insurance from ICICI LOMBARD. The policy coverage value was Rs. 3,00,000 and annually i am paying premium of Rs. 9000. This is a individual policy covers individually for me and my family members. Since there is a no claim and also it covers all type of critical illness.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 27, 2019
    • Star Health Health Insurance
      "Safety policy for family"
      0.5 5.0/5 "Blown Away!"
      Last 3 years, i have been renewing the policy with Star health insurance. I have chosen this insurance because of the quick response and they have a very good network hospital list. In most of the hospitals, they accepting cashless facility with this company. My entire family has been covered in this policy.
      Was this review helpful? 0
      , tirupur
      Reviewed on Nov 26, 2019
    • Star Health Health Insurance
      "Best health policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance policy from STAR HEALTH and the coverage value was Rs. 7,00,000 This is a family policy which covers all my family members and this is a life long policy. Annual premium I am paying Rs. 15000 and also getting tax benefits.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 25, 2019
    • Religare Health Insurance
      "Quite costly but good policy"
      0.5 4.0/5 "Great!"
      I have a health insurance from Religare. I haven't get any experience to claim on that. The policy has lots of benefits like it has a cashless tie up with lots of hospitals and the re-imbursement process also quite comfortable so that i got the policy from Religare. They are sending reminder messages before the policy get expired.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 25, 2019
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