26542

Learn More

7. Companies offering Health Insurance and Mediclaim:-

A) Life Insurance Companies

Following are some life insurance companies offering health insurance products to the clients:-

  1. AEGON Religare Life Insurance Company Limited.
  2. Aviva Life Insurance Co. India Ltd.
  3. Bajaj Allianz Life Insurance Company Limited
  4. Bharti AXA Life Insurance Company Ltd.
  5. Birla Sun Life Insurance Co. Ltd
  6. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
  7. DLF Pramerica Life Insurance Co. Ltd.
  8. Future Generali Life Insurance Company Ltd.
  9. HDFC Standard Life Insurance Co. Ltd
  10. ICICI Prudential Life Insurance Co. Ltd.
  11. IDBI Fortis Life Insurance Company Ltd.
  12. IndiaFirst Life Insurance Company Ltd.
  13. ING Vysya Life Insurance Company Ltd.
  14. Kotak Mahindra Old Mutual Life Insurance Limited
  15. Life Insurance Corporation of India
  16. Max New York Life Insurance Co. Ltd
  17. Met Life India Insurance Company Ltd.
  18. Reliance Life Insurance Company Limited.
  19. Sahara India Life Insurance Co, Ltd.
  20. SBI Life Insurance Co. Ltd
  21. Shriram Life Insurance Co, Ltd.
  22. Star Union Dai-ichi Life Insurance Comp. Ltd.
  23. Tata AIG Life Insurance Company Limited

B) 30 Days Waiting Period/ Cooling Off Period

Hospitalisation during the first 30 days period is known as cooling off period. Any hospitalization during this period is normally covered. However, from the very first day, hospitalization due to accident is covered by insurance companies.

From the 31st day, the insurance company can play its role.

Any break in the insurance contract because of any reason will get the cooling off period again. It will turn out as a new policy and you will have to bear the expenditures emerging during that period. So renewal of the policy isn't in your favour if it is not done on time.

C) Co- Pay Concept in Health Insurance Policy

Co pay means that for any claim, a part of the claim is paid by the insured. This is done to ensure that the insured also has a skin in the game, and does not make frivolous claims. Copay is very useful for the insurance company in reducing claim ratios. In such cases, 10% additional discount in the premium will be allowed.

In case the claims are arising out of pre-existing diseases, the insured has to bear 10% of all admissible claims (if the insured opted for paid additional premium). The provision is in the compulsory excess and is applicable specifically for the claims which are arising out of the pre-existing diseases.

D) Involvement of Credit Card in Health Insurance

According to many clients, buying health insurance via credit cards is relatively economical. With following questions in mind, it is surely worthwhile to consider this:

  • Features?
    Generally, bonus isn't given for such group policies. And if it is given, it is available at a much lower rate than the normal one.
  • Do the credit card companies take any administrative cost?
    They charge you around Rs. 175 to Rs. 250 per person and if it is for a family then the sum comes out to be Rs. 1,000.
  • With which office of the insurance company you have to deal with?

In an example, the branch of an insurance company is located in Chennai. If the insured is located in any other part of the country then all the cost of the communication has to be suffered by the insured. So now the judgement is yours. Will you deal with that company which is located somewhere else?

Generally, people switch over to another credit card from one, keeping the following points in the mind:-

  • Cost Per Year
  • Unsatisfactory Service
  • Attractive incentive offer being made by other credit card company

You yourself may not like purchasing health insurance from the credit card. If you won't hold a credit card, then you won't remain a member of the group. That means you cannot hold a policy.

So from this study, what emerges out is:-

"Read the details carefully and then decide whether you should go with the product or not. And don't get impressed with that 40% offer shown in the leaflet."

<< Prev   2   3   4  

Request a call back!!

Customer Speak
Jili Sharma:
"Very useful and interesting site... will surely visit again"

Dib Chaudhuri, 40: I found this site to be the fastest, most accurate in generating a health insurance quote for me. It helped me in identifying the policy which was the best value for money.

Lakshmi Rao Now no agent can fool me anymore
News
Third Party Car Insurance rates...
Mar 31, 2014: The revision of the...
Religare Health Insurance explores...
Oct 24, 2013: The bancassurance...
Insurance for HIV Positive People...
Oct 23, 2013: Insurance for HIV...
Max Life Insurance rewards its...
Dec 28, 2012: For a policyholder...
Private insurer Max Life Insurance...
Nov 16, 2012: The first half of...
Common Third Party Administrator...
Nov 08, 2012: The general...
Healthy Growth Figures for both...
Oct 31, 2012: The first half of...
HDFC Standard Life Launches New...
Oct 30, 2012: The market for...
Car Insurance - Premium calculation...
Oct 18, 2012: Car insurance in...
Postal Life Insurance and Rural...
Oct 16, 2012: While the whole...
General Insurance gets two more...
Oct 12, 2012: The general...
What the Insurers Need ...
Oct 11, 2012: The insurance...
Max Life Insurance disinvests 5%...
Oct 09, 2012: The Insurance...
IRDA to step in over cancellation...
Oct 08, 2012: On July 1st, 2011...
Experts speak on FDI reforms in...
Oct 06, 2012: Sometime back in...
India First Life Insurance Launches...
Oct 05, 2012: The days of...
Government plan to increase FDI cap...
Jul 04, 2012: Normal 0 ...
United India Insurance pays Rs 1.16...
May 18, 2012: United India...
Mitsui Sumitomo Insurance to buy...
Apr 19, 2012: Normal 0 ...
IRDA introduces the declined risk...
Mar 26, 2012: The last fiscal was...
Indian Life Insurance Companies Vs...
Mar 22, 2012: The Insurance...
2012 - The LIC ONGC story so far...
Mar 20, 2012: For this fiscal...
Sahara India Life Insurance...
Mar 20, 2012: Sahara India Life...
LIC joins the Online Term plan...
Oct 17, 2011: Life Insurance...
Sanlam Group invests in Shriram...
Sep 12, 2011: Shriram Group has...
Customer Speak
  • We will help you save money
  • Neutral and unbiased
  • Vast choice of insurers
  • Make insurance less confusing
HDFC Banner

PolicyTiger.com - Hot Topics