Team-BHP (https://www.team-bhp.com/forum/)

-   Shifting gears (https://www.team-bhp.com/forum/shifting-gears/)

-   -   Medical insurance - Which to choose? (https://www.team-bhp.com/forum/shifting-gears/34461-medical-insurance-choose.html)

Hi people,

What to choose Private(Bajaj Allainz...) or Public(Oreintal...).
SHould be easy when it comes to settling claims...

Thanks

Chose the one that offers maximum coverage. Look closely for exceptions(existing illness etc). Read the fine print from a few companies before you decide.

Some companies offer riders for their policies to include existing illnesses as well.

Any pointers to health insurance company, currently on Reliance. Still to be on safer side i would like to have another health policy to have a better cover up.

Cheers

Best is to stick to nationalized insurance providers. Low premiums for higher covers.

This is what i thought and tried to procure some insurance for me and my spouse under group policy. But, unfortunately neither oriental nor national provided the same. However, upon calculating insurance's premiums individually for a year it totalled to near about 3 annual premiums of reliance's group policy :Shockked:


Cheers

Not possible, my friend. I have recently taken medical/health insurance from National Insurance co for me+spouse. I think the premium was Rs 2250+tax for Rs 2 lacs cover. I compared to ICICI, AIG and some others and they quoted 100-150% higher of the quote that I had got. This is the cashless hospitalization plan that I am talking about.

Very true, just checked national's website they do offer the group policy where-in spouse and kids can grouped in the group. However, i was going through a broker's website which didn't showed the exact picture. My bad i didn't checked principal's website and relied on their figures.

Still i am happy to have reliance, as it covers critical diseases as well which ain't covered in national's policy (Couldn't find any information on principal's website)

Will be more happier to have another medical insurance which will further cover critical disease's expenses.

Few things:

1. You can add critical illness to most existing life insurance policies
2. Govt policies do not cover non-hospitalization expenses like visit to doctor for fever etc. Some private insurers do that
3. Govt policies have horrible "sub-limits". Even if you are insured to 6 lakh, your 70,000 claim for appendicitises can be partially denied since their limit is 60,000. (60,000 is imaginary number, just an example)
4. You can get "family floater" with private companies as well.


based on my experience:

1. Get a family policy from Govt company
2. Get a family floater from private companies
3. Add critical illness to life insurance (instead of mediclaim)

That ways your claim wont be denied if you choose to get treated in a 5* hospital (and hit sub-limit of govt policies).

Actually this is in my thought also

Simple illness medical cover (personal) - 5 lakh
Simple illness medical cover (offcial) - 5 lakh
Critical illness medical cover (offcial)- 10 lakhs
Critical illness medical cover (personal)- 10 lakhs atleast

End of the day - complete peace of mind for me as well as my family members :)

I assume
Personal - you pay the premiums
Official - Employer pays them for you/your dependents.

correct ? So in essence you have 4 mediclaim policies - all 4 from same provider or separate providers too ? Which company do you use, and if you are satisfied based on your own or colleagues experiences?

I think different companies quote different rates for the same premium and it's difficult to compare.

Thanks in advance

Only two of them are mediclaim.

Other two are "Critical Illness", its different from Mediclaim. And saves from risk of financial ruin due to Terminal illness.

Yup, it concludes into 4 policies. Office one are resently shifted to Reliance (due to low costing), Personally i have reliance and TATA-Aig for critical illness. Well.. how does they stand.. frankly haven't used them till now (thank god :D)

Why i picked up ??
Reliance - Low cost
Tata AIG - Low Cost, better coverage and a nice experience with them (in Motor insurace)

Hope it helps !!

Sorry to put this pointer here!

But I have the following for the family of 3 (me, wife & kid). I have just lapsed my LIC Policy for which
1) I am paying approx. 45k per year for all three for 21 years for a cover of 8 lakh each for me & wife
2) Mediclaim policy - 8000 for all (2 lakh each for me & wife & 1 lakh for kid)ld discontinue the same and invest in mutual funds and also take term policy.

I have done about 2 years on my LIC - recently one of my friend told me that I should take a term policy and invest the same amounts in Mutual funds.

Since some of you guys must have been through this - that is decided to opt for term life or someother things.

Do advise.

Thanks

Saildrive

Not clear why your friend is suggesting to replace a health insurance with a Mutual fund. Both are completely different.

However, if you meant Endowment policy/ULIP/Money back Life insurance policy to be replaced by Term plan + MF, well that sounds logical since a ULIP is nothing but term cover + MF with high charges. Endowment/Money back plans are nothing but gimmicks, because what you get in the end you can get better returns by investing the extra premium compared to a Term plan in a Fixed deposit or even a savings account.


And why Life insurance for all three? Idealy the insurance cover should be taken for the person on whom the family is dependent. You are not dependent on your child, then why life insurance for him??

What exactly do you meant by LIC ? Is it health insurance or a life insurance plan (ULIP/Term plan/Endowment policy)

Thanks Dceite

My mistake actually, LIC for me and wife with son getting some 8 lakhs for either one of us passing away. I will get exact details and post them tomo.