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    • 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

    • Free health insurance provided with FD by ICICI Bank

      On 14 October 2019, ICICI Bank introduced the FD Health where a dual benefit of free critical illness cover along with a Fixed Deposit (FD) is provided. The critical illness cover comes with a sum assured of Rs.1 lakh.

      According to Pranav Mishra, the Head of Retail Liabilities of ICICI Bank, this type of offering is the first in the industry and provided the benefits of an FD along with a critical illness cover. He further added that 33 critical illnesses will be covered for a duration of one year with a sum assured of Rs.1 lakh to the account holder of the FD. In case of any medical emergencies, an individual’s personal savings are first liquidated. Therefore, having additional protection at no extra charge is promising. Under the policy, critical illness cover of up to Rs.1 lakh will be provided for 33 critical illnesses. Therefore, you will not have to liquidate your FD in case you are diagnosed with one of the 33 critical illnesses that have been listed. Some of the critical illnesses that are included in the policy are severities that are related to a brain tumor, liver disease, kidney failure, lung disease, and cancer. Individuals who are between the ages of 18 years and 50 years and invest between Rs.2 lakh and Rs.3 lakh for a duration of two years will be eligible for the critical illness cover.

      17 October 2019

    • People demand jobs and health insurance at a public hearing in Mangaluru

      At a public hearing in Mangaluru for issuing environmental clearance to three new projects of KIOCL Limited on Thursday, the people demanded health insurance and jobs from the company for the locals.

      There were people at the hearing who had raised questions about the project that it should not be allowed to run as it would escalate already existing health issues being faced by the people in the areas surrounding Panambur and Baikampady. On the other hand, there was a group of people who were for the project as it would be a means to generate employment in the areas.

      However, in the light of people from surrounding areas facing many health issues due to industrial units being set up in those areas, it was mentioned that the company should conduct health audits in the areas near the upcoming projects, and provide the people with a health insurance policy. Along with this, the company should also conduct free health check-ups for the people in the area, according to Mr. Dany D’Souza.

      There were other demands made by Mr. D’Souza for the company which stated that the local people should be provided with 60% of the jobs required in the setting up of the projects along with project-related contracts to be given to the locals.

      15 October 2019

    • Illnesses if seen within the first 3 months of health insurance policy will be treated considered as pre-existing disease

      According to the Insurance Regulatory Development Authority of India, the definition of preexisting diseases has been modified. In the light of this modification, any disease which is diagnosed within the first 3 months of purchasing a health insurance policy will be included and considered a preexisting disease.

      The change was included in the guidelines on the standardization of health insurance released by the IRDAI on 27 September 2019. The new norms will be applicable for the insurances given out from 1 October onwards. For the existing health insurance, the new norms will also come into effect from 1 October 2019.

      This expansion in preexisting diseases will result in the guidelines which will not allow insurance companies to exclude many illnesses that were not covered up until now.

      14 October 2019

    • Mental illness to be covered under health insurance

      In recent times, mental health has been receiving much-needed attention and importance. Considering this, the Insurance Regulatory and Development Authority of India (IRDAI) will be working towards bringing mental illness to be covered under health insurance.

      The IRDAI has recently released the guidelines which will standardize health insurance contracts and they will state that the treatment of mental illness, stress or psychological disorders will not be treated as exclusions under a health insurance policy.

      The Mental Healthcare Act which was implemented in 2017 states that every insurer who is offering health insurance products to its customers will cater to policyholders with mental illness the same way as done with physical illnesses or injuries.

      The health insurance will now cover treatment for mental illness, stress, psychological and neurodegenerative disorders as well apart from physical ailments. Whether a policyholder will be covered for hospitalization or OPD services will be depending on the type of insurance purchased.

      As per the guidelines, the insurer cannot discriminate if the illness is physical or mental. Hence, if the insurance covers hospitalization for physical illness, it will also cover hospitalization for mental illnesses.

      However, according to the fine print, an insurer is not liable to cover a person’s health insurance if he or she has a pre-existing mental condition. The health insurance can be claimed if the individual is diagnosed with a mental condition after purchasing the health insurance policy.

      10 October 2019

    • Soon health insurance premium can be paid monthly

      Several regulatory changes have been brought in by the insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), in order to make them customer friendly. Minor changes were made on existing policies recently by the insurance regulator to ease the process.

      The CEO Designate of Edelweiss General Insurance, Shanai Ghosh, says that insurance companies currently have to finish the filing process if they wish to make a modification on an existing product that has been approved. He said that the minor change is a welcome move as it makes the process simple and allows insurers to make small changes on existing policies easily. Most changes are done based on the feedback given by customers. According to the Chief Operating Officer of Future Generali India Insurance Company Limited, Shreeraj Deshpande, minor modifications are made based on the feedback given by customers. Some of the minor changes include the addition of add-on riders and frequencies of premium payment. Insurance companies can add various premium payment options for existing policies. Currently, insurance can be paid only on an annual basis. However, with this change, the premium can be paid on a quarterly and monthly basis. Changes in the base premium can also be done. However, it cannot exceed +/- 15% of the premium. Insurers are also allowed to add standalone riders under individual health insurance products that are approved.

      9 October 2019

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    Customer Reviews

    • Religare Health Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a mediclaim policy from Religare health.This is a individual policy which covers all my family members. The coverage value was Rs. 12,00,000 ,i am paying premium monthly as Rs. 1000. This is a life long policy. There is a no claim and this bonus will be added to the sum insured. Customer service is very good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 15, 2019
    • review
      review Health Insurance
      "Best mediclaim"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance from Aditya Birla. The coverage was Rs. 10,00,000. This is a group policy covers me and my family members.Customer support was very good. I didn't went for any claim and have some cumulative bonus that will be added to the coverage. This is a life long policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 15, 2019
    • Star Health Health Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance from Star health. This is a family floater policy. The coverage value was Rs. 5,00,000. Annual premium i am paying Rs. 20,000. I can avail a tax benefit under sec 80D.This is a life long coverage. All critical illness covered in this mediclaim.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2019
    • United India Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken health insurance with UNITED INDIA INSURANCE on 6 years before for my personal need. It is yearly basis renewable policy and need to pay the premium amount of 16K. They have tied up with many hospitals. The cashless treatment is also applicable, so far I have not done any claim.
      Was this review helpful? 0
      , kolhapur
      Reviewed on Nov 14, 2019
    • Reliance General Health Insurance
      "Best mediclaim coverage"
      0.5 4.0/5 "Great!"
      I have a mediclaim policy from my company. This is an individual policy which covers me and my family members. The coverage value was Rs. 2,00,000 ,i am not paying any premium for that since this is a corporate policy. There is a no claim bonus facility which will be added to the sum insured.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 14, 2019
    • ICICI Lombard Health Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      For my personal need I have taken a health insurance with ICICI LOMBARD GENERAL INSURANCE on 6 months before. Premium I use to pay on monthly basis for the amount of 3850 rupees through an online. It covers up to myself. They have tied up with many hospitals. Cashless treatment also applicable. So far I have not done any claim experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2019
    • New India Health Insurance
      "Need to receive claim amount on time "
      0.5 3.0/5 "Satisfactory"
      I have taken a health insurance from NEW INDIA ASSURANCE on few years before. One time I had done a claim experience due to health issue of my mother but their service was unhappy. It took 2-3 times to contact them but the process was delay to claim. I am unable to check how much amount they have debited for a insurance. They have tied up with multiple hospitals. It covers up to myself, mother and father.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 11, 2019
    • Bajaj Allianz Health Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      My health insurance was taken from Bajaj Allianz because they have a tie up with my company. I have paid the premium amount of Rs. 10000 for the coverage of myself and my wife. They gave me a coverage amount of Rs. 5 lakhs and they have included the pre-existing disease as well. I do not have any claim experience till now.
      Was this review helpful? 1
      , thane
      Reviewed on Nov 10, 2019
    • HDFC Ergo Health Insurance
      "Excellent Policy"
      0.5 5.0/5 "Blown Away!"
      Chosen my health insurance from HDFC Ergo its because of the good response to the customer. I got the policy for my parents. I have paid the premium amount of Rs. 21000 on a yearly basis. They gave me a coverage amount of Rs. 3.5 lakhs. I have not applied for any claim till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 09, 2019
    • Star Health Health Insurance
      "No interaction with the customer"
      0.5 3.0/5 "Satisfactory"
      There is no interaction from Star health insurance and there was no welcome call made. I have bought a card and I'm clueless about the benefits provided by the insurance. Fortunately, i am not required to use it. This is the first time, i have purchased the health insurance for me and my family. Coverage amount of Rs. 3 lakhs. I have made a online payment.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 08, 2019
    • Bajaj Allianz Health Insurance
      "Need to improve customer service"
      0.5 2.0/5 "Expected more"
      I have taken a health insurance policy from BAJAJ ALLIANZ GENERAL INSURANCE and they have provided me a coverage amount of Rs. 10L. Myself, wife and my children are covered in this policy. Last year my child was faced some health issue and admitted in hospital, so I was trying to do claim but unable to do it. The customer service is no proper response and neglecting my query request.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Nov 08, 2019
    • Royal Sundaram Health Insurance
      "Cheap and best"
      0.5 4.0/5 "Great!"
      I haven't used my royal sundaram policy even though i have bought the policy. Actually i had a discount offer from Royal Sundaram so i just went through it. I have paid the premium amount of Rs. 5500 for the coverage of myself and my wife. They are giving a coverage of Rs. 3 lakhs for each person.
      Was this review helpful? 0
      , nellore
      Reviewed on Nov 07, 2019
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