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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

    • New India Health Insurance
      "Friendly policy"
      0.5 4.0/5 "Great!"
      From my organization, they have provided me a health insurance policy from New India Assurance. I have a claim experience too and they have done my claim within few hours since its a cashless facility. We put the claim very late even though they have processed within 5 hours. This policy covers for my entire family.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2019
    • Apollo Munich
      Apollo Munich Health Insurance
      "Very useful policy for middle class people. "
      0.5 5.0/5 "Blown Away!"
      Am having my Apollo Munich health insurance policy for last 3 years because when i purchased the policy for the first year, they said if i don't claim, my coverage amount will get the amount of extra 2.5 lakhs. I paid the premium amount of Rs. 8000. This policy covers only for myself. I don't have any claim experience as of now. My plan name is optima restore.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 11, 2019
    • Star Health Health Insurance
      "Execellent in card division"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance from STAR HEALTH and the policy coverage value was Rs. 15 lakhs. Customer service is excellent. This is a family floater policy and it covers all types of critical illness and i am paying premium annually Rs. 48,000. This policy covers all network hospital and i went for claim i got a cashless.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 10, 2019
    • Reliance General Health Insurance
      "Feedback regarding claim department"
      0.5 0.5/5 "Unacceptable"
      Very bad experience at the time of claim settlement asking for so many unnecessary documents. Internal process is very slow takes 15days and more time to send the documents to respective departments. Experience so many difficulty kindly help me out asap
      Was this review helpful? 0
      , pune
      Reviewed on Dec 09, 2019
    • ICICI Lombard Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance policy from my company and this is from ICICI Lombard. This is an individual policy which covers me and family members individually and the coverage value was Rs. 20 lakhs . This is a life long policy which covers all major diseases.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 09, 2019
    • Religare Health Insurance
      "Worst health insurance"
      0.5 0.5/5 "Unacceptable"
      Worst health insurance, they will process our claim only when they want or less we will get nothing. Worst health insurance, they will process our claim only when they want or less we will get nothing. Worst health insurance, they will process our claim only when they want or less we will get nothing.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 09, 2019
    • HDFC Ergo Health Insurance
      "Family health cover policy"
      0.5 5.0/5 "Blown Away!"
      Based on my credit card, they have provided me a health insurance from HDFC Ergo. It covers for my entire family. They have given me a coverage amount of Rs. 6 lakhs. I have not applied for any claim till now. I pay the premium amount of Rs. 4,500 on every year. They cover most of the hospital in the city for that they provided me a list also.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 08, 2019
    • Oriental Insurance Health Insurance
      "Good one"
      0.5 5.0/5 "Blown Away!"
      There is no need to talk with the customer care of Oriental insurance and they have already provided the guidelines with the power point presentation and hospital list also. Most of the hospital is providing the cashless facility also. In my company they have provided me a health insurance from oriental. They have provided me a coverage amount of Rs. 3 lakhs which covers for myself.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 07, 2019
    • National Insurance Health Insurance
      "Smooth transaction"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance policy from my company and the insurance company is NATIONAL INSURANCE. The policy coverage was Rs. 2lakhs. Recently i got hospitalized and that was cashless treatment, and i got a claim also. This insurance covers all network hospitals. My company provides this policy me and my spouse and children. I got 90% of claim.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2019
    • Religare Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance mediclaim policy from RELIGARE HEALTH. The coverage value I think its 3lakhs and i am paying premium on approximate of Rs. 13k-14k. This is a group policy they provided 2 policies one is group and other one individual. This is life long policy it covers all type of illness. Dental they wont cover in this policy and still there is a no claim.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 06, 2019
    • United India Health Insurance
      "Very Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance from united India which is provided by my employer. I will recommend this medical insurance to all because the service was good and the claim disbursement time is very less within 25 days we are getting the claim amount. They processed the claim very fast and they are giving upto 80% coverage for my parents, myself, spouse and children the claim coverage up to 100%.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 06, 2019
    • Star Health Health Insurance
      "Best policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a mediclaim policy from STAR HEALTH and this is a company policy. I am paying premium annually Rs. 14,000.This policy covers all type of critical illness and i went for claims 2 to 3 times its a cashless. They cover all network hospital and this is family floater policy.
      Was this review helpful? 0
      , hospet
      Reviewed on Dec 05, 2019
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