highonluna
New member
Hi all,
A regular reader on this sub here finally makes his first post. This post might be helpful for anyone who wants to buy a health policy but doesn't know where to start. This is my attempt to help anyone get started.
I'm in my early twenties, started working two years back. I'm covered with a Group Health Policy of 3L from my employer already, which includes my parents as well. Thanks to all the discussions on this forum already, I learned I should also have a separate HP apart from my employer.
I started looking about two days back (better late than never), first by going through all the posts on r/IndiaInvestments and r/india, which had any kind of discussions regarding the subject. Owing to which, I learned about the crucial points to look for while looking for a policy (I'll list the steps below based upon which I decided my final contender).
Since we're already covered with 3L health insurance, thinking of starting with a health cover of 5L and maybe increasing the premium later on either in GHP or this one (also they're residing in a tier-2 city). I also have a younger brother of 19 years, who'll be operated for hernia this year probably. I read that premium in a family floater plan depends upon the maximum age of the insured and that this operation can't be claimed if we get a policy now, made sense to get him a different HP altogether, maybe a student one if it exists. Also, opting for a policy with OPD cover also didn't make any sense, taking into consideration the value for money and the fact that my dad gets free consultations in railway hospitals (officer in Indian Railways).
After taking all of these things into consideration and 2 sleepless nights (pats on the back), I selected HDFC Ergo my:health Suraksha Insurance - Silver Smart Plan. Policy brochure
Here are it's salient features:
Annual premium next year onwards (got from Coverfox): Rs. 27666
I haven't made the final payments yet, will go through the documents again, talk to their customer care to cross-check if I missed out on anything, and take this subs' valuable opinion. Please let me know about your thoughts, willing to hear from you guys!
P.S. A couple of reasons I didn't go with some insurers:
A regular reader on this sub here finally makes his first post. This post might be helpful for anyone who wants to buy a health policy but doesn't know where to start. This is my attempt to help anyone get started.
I'm in my early twenties, started working two years back. I'm covered with a Group Health Policy of 3L from my employer already, which includes my parents as well. Thanks to all the discussions on this forum already, I learned I should also have a separate HP apart from my employer.
I started looking about two days back (better late than never), first by going through all the posts on r/IndiaInvestments and r/india, which had any kind of discussions regarding the subject. Owing to which, I learned about the crucial points to look for while looking for a policy (I'll list the steps below based upon which I decided my final contender).
- There were some very informative articles on this sub that you must go through before starting on your hunt. The most important criteria that you must look for are:
- 0% Co-pay ( you won't be paying anything in your claim and all the eligible expenses would be borne by the insurer )
- No room rent limit (detailed related article here), avoided single private standard A/C too (article)
- No maternity cover, dental/vision cover. It can be handled by yourself.
- Least waiting period for pre-existing disease (for parents). Waiting period weightage could be less for you if you're young and looking for yourself.
- I used coverfox.com (I personally loved this platform), policybazaar.com, and insurancedekho.com to compare and shortlist policies. Coverfox doesn't have updated network hospitals in my hometown for each policy, so-referred individual companies for the same.
- I also referred MSMR (Mint SecureNow Mediclaim Ratings) on Livemint which rates different HPs from different companies based upon some criteria they've mentioned in detail.
MSMR (2019) edition
MSMR (2018) edition - For past data of the insurers for CSR (Claims Settlement Ratio), Claims Settlement Efficiency Ratio, etc I referred a MoneyControl article here.
- Then after steps 1, 2, 3, and 4. I looked at the different network hospitals in my hometown. The hospitals that I looked for were the prominent ones in my hometown.
- Then I went through each shortlisted policy's detailed brochure directly from their website.
Since we're already covered with 3L health insurance, thinking of starting with a health cover of 5L and maybe increasing the premium later on either in GHP or this one (also they're residing in a tier-2 city). I also have a younger brother of 19 years, who'll be operated for hernia this year probably. I read that premium in a family floater plan depends upon the maximum age of the insured and that this operation can't be claimed if we get a policy now, made sense to get him a different HP altogether, maybe a student one if it exists. Also, opting for a policy with OPD cover also didn't make any sense, taking into consideration the value for money and the fact that my dad gets free consultations in railway hospitals (officer in Indian Railways).
After taking all of these things into consideration and 2 sleepless nights (pats on the back), I selected HDFC Ergo my:health Suraksha Insurance - Silver Smart Plan. Policy brochure
Here are it's salient features:
- Copay : 0%
- Room rent: No limit on room rent (preferred with a higher premium on no limit rather than going with single standard A/C for peace of mind)
- Waiting period: 3 years
- Restore benefit
- Free Health Check-up every year
- Renewal Bonus: 10.0%
- Pre/Post-hospitalisation Cover
- In-house Ayurveda/Homeopathy: up to 5L
Annual premium next year onwards (got from Coverfox): Rs. 27666
I haven't made the final payments yet, will go through the documents again, talk to their customer care to cross-check if I missed out on anything, and take this subs' valuable opinion. Please let me know about your thoughts, willing to hear from you guys!
P.S. A couple of reasons I didn't go with some insurers:
- Star Comprehensive: Extra things which I didn't require and more waiting period, also a limit on room rent to single standard A/C
- Max Bupa: Unavailability of prominent network hospitals
- ICICI Lombard: Higher premium and less number of network hospitals as compared to HDFC
- Royal Sundaram: Unable to find network hospitals in my hometown, left out of frustration
- Bajaj Allianz Health Ensure: No room rent limit with maternity (no need) - only in the Gold plan
- ManipalCigna Health Insurance: Didn't check in detail, it said about a limit on a room to single standard A/C