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    • Health insurance policy clause revised by IRDAI

      The Insurance Regulatory and Development Authority of India (IRDAI) has made an amendment in the definition for pre-existing diseases which might be beneficial for policyholders as it aims to reduce the rate of rejection of claims in health insurance policies. This announcement was stated in a circular that was dated 10 February 2020. According to this amendment, diseases that are diagnosed in the policyholder within 3 months of taking a policy are no longer categorized as a Pre-Existing Disease (PED). These PEDs can include cancer, diabetes, depression, sleep apnea, lupus, etc. Pre-existing diseases are usually chronic or long-term. Usually, insurance companies consider pre-existing diseases as any illness that was diagnosed before starting on the new health insurance policy. There was also a waiting period of a couple of months to years before the expenses for treatment of such pre-existing diseases could be claimed for reimbursement.

      26 February 2020

    • Health Infinity insurance plan launched by Bajaj Allianz; unlimited sum to be insured

      Bajaj Allianz General Insurance has launched ‘Health Infinity’ which is a new health insurance plan by the company. This plan, according to the insurer will be the first health insurance policy which will be offering unlimited Sum Insured (SI).

      Under this health insurance program, a person can opt for a coverage limit according to room rent options per day. This ranges between Rs.3,000 and Rs.50,000. Based on what the person chooses, the insurance will be given 100 times the chosen room rent limit.

      For example, if the room rent amounts to Rs.3,000 per day, with this policy, the coverage will be 100 times the amount, which is Rs.3 lakh. Another important benefit of the policy is that the coverage does not end at 100 times the month. If the limit crosses 100 times the amount, a co-payment option can be chosen of 15%, 20% and 25%. This will have to opt while the policy is being purchased and will only be applicable to the claims which exceed 100 times the amount.

      The policy also covers hospitalization treatment without any kind of sub-limit and can be purchased for 1 year, 2 years and 3 years. The premium of this insurance policy will depend on the room rent per day, age of the applicant and co-payment option which can be availed.

      The Health Infinity insurance will be covering pre-hospitalization costs of 60 days, post-hospitalization expenses of 90 days along with road ambulance expenses of Rs.5,000 per hospitalization. This policy also comes with a wellness discount, long-term policy discount and a family discount.

      24 February 2020

    • Health insurance policy with an unlimited sum insured launched by Bajaj Allianz

      A new health insurance policy has been launched by Bajaj Allianz, where an unlimited sum is provided to the insured person. According to a statement made by the company, the new policy is an industry first and works on the per day room rent basis.

      The statement further added that the policy can be taken for one, two, or three years. The company launched the new health insurance policy, Health Infinity, with the main aim of making health insurance an attractive proposition. The coverage limit that can be chosen is according to the daily room rent options that range from Rs.3,000 to Rs.50,000. The company added that depending on the option that has been chosen, 100 times the per day room rent limit will be provided to the insured. In case the claim exceeds that amount, a co-payment of 15%, 20%, or 25% will have to be made. However, the co-payment will be based only on the claim amount that has exceeded 100 times the room rent and not on the total amount. In-patient hospitalisation cover and treatment are covered under the policy without any sub-limit. The co-payment option selected, per day room rent chosen, and the proposer’s age determines the premium of the policy.

      17 February 2020

    • Changes in pre-existing diseases rule, likely to help policyholders

      The Insurance Regulator and Development Authority of India (IRDAI) in a circular stated in September 2019 that there have been certain changes implemented regarding the pre-existing rule in order to make health insurance simple and customer friendly for people. The changes were implemented in order to bring down the number of claim rejection rates.

      IRDAI had modified the definition of certain pre-existing diseases to allow the inclusion of certain other illnesses under health insurance policy in the September 2019 circular. The circular stated that any disease diagnosed within 3 months of the purchasing of the health insurance policy will be considered as a pre-existing disease and will be covered as per the policy rules. However, the latest circular did not state any of the changes mentioned in the previous circular and IRDAI mentioned that the modifications will be included in the guidelines after the health insurance policies will be standardized.

      IRDAI also modified the definition of pre-existing diseases:

      Old definition: Diseases diagnosed by a doctor within 2 years prior to the effective issuing date of the policy by the insurance company.

      New definition: Diseases diagnosed by a doctor within 2 years prior to the effective issuing date of the insurance policy by the insurance company or its reinstatement.

      Old definition: Medical advice or treatment received from a physician within 2 years prior to the effective issuing date of the insurance policy by the insurance company or the reinstating of the policy.

      New definition: Medical advice or treatment received from a physician within 2 years prior to the effective issuing date of the insurance policy by the insurance company or the reinstating of the policy.

      12 February 2020

    • Main reason for the rejection of health insurance claims

      Whether it its health insurance, travel insurance, or life insurance, it requires the policyholder to ensure that complete honesty is exercised and all the facts that are provided to the insurer are accurate. In case the insurer finds out later that there are discrepancies in the information you have provided at the time of taking the policy, it could result in the termination of the policy or a rejection of claims whenever you raise them. The number of complaints made by health insurance customers against insurers has risen considerably in recent times, mainly since they are dissatisfied with the process of claim settlement. However, following thorough investigation of the cases, it was found that the fault is usually of the policyholder. Among the most common reasons why claims are rejected include the failure to declare pre-existing conditions. It is the responsibility of the policyholder to ensure that he/she discloses all the pre-existing diseases to the insurance company. Since underwriting processes are very stringent, it is not uncommon for claims to be rejected. Make sure you go through the fine print of the policy document in order to avoid the rejection of claims.

      11 February 2020

    • Using current tax regime to save tax through health and life insurance

      Most people purchase insurance plans in order to lower their tax liability. However, the new income tax reform which is optional could see insurance lose its charm for this purpose. The reason for this is that under the newly proposed tax regime in Budget 2020, taxpayers will be eligible for a reduced tax rate in case exemptions and deductions are foregone. Tax benefits can now be claimed under different section of the Income Tax Act. Under Section 80C, deductions can be claimed on premium payments made towards life insurance plans like whole life, term insurance, endowment, ULIPs, and money-back plans that are purchased for self, children, spouse, or HUF members. The maximum amount of deduction that can be claimed under this section of the Income Tax Act per fiscal is Rs.1.5 lakh.

      Under Section 80CCC, tax benefits can be claimed on the payment made towards annuity plans that are purchased for receiving pension. The maximum amount that can be claimed under this section of the Income Tax Act is Rs.1.5 lakh. However, the deduction limit includes those under Section 80C of the Income Tax Act as well as Section 80CCD, meaning that you are allowed an overall deduction of Rs.1.5 lakh under the three sections.

      7 February 2020

    • A-rated health insurance policies available for customers

      When it comes to individual insurance policies, the sum assured can be Rs.5 lakh, or Rs.10 lakh, or Rs.20 lakh, or Rs.50 lakh depending on the age of the insured. The sum assured for people who are 30 years of age is Rs.5 lakh, while the sum assured for those who are 45 years is Rs.10 lakh. The sum assured for those who are 60 years of age is Rs.20 lakh, and the sum assured for those who are 75 years of age is Rs.50 lakh. When it comes to family floater plans, the same four options of sum assured are available for customers. There are two age categories for family floater plans, with the eldest insured individual being either 30 or 45 years of age. In case the eldest insured individual in a family floater plan is 30 years old, cover can be availed for 3 people (2 adults + 1 child). In case the eldest insured individual in a family floater plan is 45 years old, the cover can be availed for 4 people (2 adults + 2 children).

      6 February 2020

    • Post-merger guidelines issued by the IRDAI for group health insurance holders

      Group health insurance policyholders of public sector banks that will be merged will have to worry about the servicing of insurance policies. Group health insurance policies have been issued with guidelines by the Insurance Regulatory and Development Authority of India (IRDAI).

      The new guidelines will come into effect once the merger has been completed. According to the new guidelines, the current insurance companies will continue to service the policies until the expiry date. Several public sector banks have been merged in order to consolidate the banking sector. Indian Bank will merge with Allahabad Bank, Corporation Bank and Andhra Bank will merge with Union Bank of India, Syndicate Bank will merge with Canara Bank, United Bank of India and Oriental Bank of Commerce will merge with Punjab National Bank, and Dena Bank and Vijaya Bank will merge with Bank of Baroda. Guidelines have been issued by the IRDAI in the interest of the policyholders. Post the merger, the respective insurance company will continue to service the policy until the expiry date. Once the policy expires, the respective bank will have the option to continue with the same insurance policy. With the announcements of the new guidelines, public sector banks are not expected to suffer when it comes to health insurance coverage at least.

      3 February 2020

    • Standard indemnity health insurance policies may be available soon

      Standard indemnity health insurance policies may soon be made available. The standardized health insurance policy, called Arogya Sanjeevani Policy, has been permitted to be sold by insurers before 1 April 2020 by the Insurance Regulatory and Development Authority of India (IRDAI). This policy covers basic health insurance requirements of policyholders. This policy can be bought for a term of one year and will be subject to renewability for life. The minimum age of entry is 18 years and maximum age of entry is 65 years. However, an individual who is above the age of 65 can still take the policy for their family without coverage for self. Apart from the self, the policy can be availed for a legally wedded spouse, dependent children who are adopted or natural between 3 months and 25 years of age, parents, and parents-in-law. The minimum sum insured is Rs.1 lakh and the maximum sum insured is Rs.5 lakh in multiples of Rs.50,000. For individual health insurance policies, the sum insured is for each family member whereas for family floater health insurance policies, it is for the entire family. The policy should have the name Arogya Sanjeevani Policy succeeded by the name of the insurance company that is offering it without any change.

      29 January 2020

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    Customer Reviews

    • Max Bupa Health Insurance
      "Good policy "
      0.5 4.0/5 "Great!"
      I have taken a health insurance policy from MAX BUPA and it cover for myself. Policy coverage is for Rs. 25L and i am paying premium Rs. 15k. I am enjoying Tax Under sec 80D and still there is no claim and this policy covers all type of critical illness and day care treatment, this policy will cover till the age of 85 years.
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      , noida
      Reviewed on Feb 27, 2020
    • Bajaj Allianz
      Bajaj Allianz Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance policy from Bajaj Allianz and this is a group policy which covers me and my husband. The coverage value was Rs. 10L and i am paying premium Rs. 1100, still there is no claim and this insurance covers all network of hospitals.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 27, 2020
    • Max Bupa Health Insurance
      "Convenient policy"
      0.5 3.0/5 "Satisfactory"
      For the tax benefits purpose, i have taken the health insurance from Max Bupa because it was available in the online. I have paid the premium amount of Rs. 6300. This policy taken for my family. I bought the policy 2 months before. They have sent me a policy documents through courier and mail also. They are covering upto Rs. 5 lakhs.
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      , ghaziabad
      Reviewed on Feb 24, 2020
    • review Health Insurance
      "Convenient policy"
      0.5 3.0/5 "Satisfactory"
      Chosen my health insurance from Kotak General Insurance because their executive canvassed me and for the tax benefits. It will be helpful for an health emergency. I am paying the premium amount of Rs. 3000 which is cover for myself. They have provided me a coverage value of Rs. 1.8 lakhs. I haven't checked about the list of hospitals till now.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 24, 2020
    • Apollo Munich Health Insurance
      "Best policy "
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance from APOLLO MUNICH and this is a family floater policy. Coverage value is for Rs. 3L any one can go for claim. I went for claim 2 times, i called customer service got cash less and this insurance will cover all network hospitals.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 24, 2020
    • Reliance General Health Insurance
      "ONLY harresment "
      0.5 1.0/5 "Really Bad"
      The people on decision side are brainless donkey. They have list of conditions for rejection and will pick one and provide you. For fracture they will give you previous heart condition and give you rejection. Give them papers and papers and in the end it will be rejected.
      Was this review helpful? 0
      , panipat
      Reviewed on Feb 20, 2020
    • HDFC Ergo Health Insurance
      "Good Insurance"
      0.5 4.0/5 "Great!"
      When i purchased the credit card, HDFC executive asked me to take the health insurance plan from HDFC Ergo. This policy covers only for myself. They have offered an insurance amount of Rs. 2 lakh. I am paying the premium on a monthly basis with the amount of Rs. 500. I have not applied any claim till now.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 19, 2020
    • Star Health Health Insurance
      "Best policy"
      0.5 4.0/5 "Great!"
      I am using health insurance from STAR HEALTH for more than a years. This is a family policy, it covers for Rs. 5.50L and i am paying annual premium of Rs. 7000. This is a life long policy and still there is no claim. This insurance covers all critical illness & day care treatment. I am getting 100% claim settlement and this insurance covers all network of hospitals.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 19, 2020
    • Star Health Health Insurance
      "Best policy "
      0.5 5.0/5 "Blown Away!"
      I have been using health insurance from TATA AIG more than 2.5 years. This is an individual policy, every year i am paying the premium. Still there is no claim and i have some bonus, i can avail a Tax benefit also under 80D. This insurance covers all hospitals for cashless.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 19, 2020
    • Religare Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a health insurance policy from RELIGARE and it is a company policy. This insurance covers me and my family members, coverage value is Rs. 5L. Premium getting deducted from my salary Rs. 12k. Still there is a no claim and i have some no claim bonus. Customer service was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 18, 2020
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance from STAR HEALTH and this is a company policy, i can use this policy till am working here. This is a family policy, i am using this plan more than 5 years. Every month, they will deduct of Rs.1400 as a premium. Still there is no claim, customer service was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 15, 2020
    • Oriental Insurance Health Insurance
      "Need to improve the service "
      0.5 1.0/5 "Really Bad"
      I have taken health insurance from ORIENTAL. It covers up to myself, my spouse and parent. On yearly need to pay of 36K. For individual policy, I can claim upto 2L. One time I have done claim for my mother which was done manually and it was lengthy. I have raised for reimbursement but later it got rejected. Hence I am unhappy with their service.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 15, 2020
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