Selection of right Health Insurance Policy

In September 2010 we have 385 health insurance products available in the Indian market.

Selection of the right insurance product from right insurance company is not an easy task,as there are large number of parameters on the basis of which decision making can be made. You should take help of Insurance Brokerage Firm to come to right decision.

Let us compare the products of 5 different Insurance Co’s for a person (age 32 years) who is looking for policy for sum assured of Rs.5 Lakhs.

Parameters to be looked at are:

1. Policy be renewed up to what age.

2. Cashless facility is available or not-you are aware of that since July 01, 2010 all the 4 PSU’s (Oriental, National, New India, United India) have reduced the number of good/ superspecially hospitals in Delhi/Chennai/Mumbai/Bangalore, where cashless facility is available.

3. No claim bonus is payable or not.

4. Most of the Insurance Companies cover the following diseases

• Hernia
• Ovarian Diseases
• Hydrocele
• Cataract
• Surgery of benign prostatic hypertrophy
• Fissure/ Fistula in anus
• Piles
• Gout and Rheumatism
• Surgery of Gall Bladder etc.

After 1 yr. or 2 yrs of operation of the policy Max Bupa is the only company which covers these diseases after 90 days.

5. Availability on all India basis: Coverage of PSU’s is all over India but Max Bupa is operative in few Metro’s.

6. List of hospitals covered by Max Bupa is small but it is mainly very good hospitals. This point may be important for those who are looking for treatment in good hospitals and that too in Metro cities of India. Those living in district towns may find this facility not worth spending extra money.

7. There is limit on daily hospital room rent @ 1% of sum assured, which means Rs.5000 is the room rent. No such limit is imposed by for Apollo Munich & Max Bupa.

8. Oriental is the company, which does not give No claim bonus as well as no discount.

9. Premium-yes you are paying out of your pocket. You have to see what you can afford.