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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."