Dear Sreekanth,
My Wife (37) and Daughter (12) have a combined Mediclaim for Rs.5,00,000/- from Oriental Insurance since 2011. Last year, I paid Rs.10,000/- as Insurance Premium and this year they are asking for Rs.15,700/- approx. There has never been any claim since the inception of policy.
Recently, I read your “Best Health Insurance Comparison Websites / Portals” and found that the premium of Apollo Munich (Optima Restore - Rs. 10,443) and Max Bupa (Health Companion – Rs.9,228) are much cheaper compared to the premium quoted by Oriental Insurance. Also in my current policy with Oriental Insurance, there is a ceiling of 1% for Room Rent. However, in Apollo and Max, there is no ceiling for room rent. I believe Apollo and Max is way cheaper compared to Oriental. Now my question is:
- After 5 years, is it advisable to change the insurance policy. (Please note, there is no pre-existing disease for both of them)
- I feel it is absurd that insurance companies are increasing premium by 50% compared to previous year. I am wondering how IRDA accept all these.
- By the same logic, is there any guarantee that Apollo and Max suddenly increase the premium amount as Oriental did now.
- My wife and myself are working and both of us have company paid group insurance for the family. Is it necessary to have separate personal insurance.
1 Answers
Dear Rajeev,
Let's first note that no two Mediclaim Plans have 'ditto' features. It's fair two compare two mediclaim plans based on Premium Rates but each mediclaim plan has its own Pros & Cons.
If you believe that your current Mediclaim plan is not suitable, you may consider PORTING your policy to another insurer.
Another option is to have a SUPER Top-up plan with mandatory deductible.
Kindly read:
http://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/
As the medical treatment costs rise, these non-life insurance companies are feeling the heat. If you observe most of the general life insurance companies are making LOSS in health insurance vertical (not stand-alone ones).
Read:
http://www.relakhs.com/irda-incurred-claims-ratio-2014-15-best-health-insurance-company-in-india/
My suggestions would be, to continue having a stand-alone floater policy (independent of employment), plus consider a Super Top-up plan. Also, it is wiser to have our own Emergency Fund corpus to meet health insurance expenses. The investment avenues can be in a Balanced Mutual Fund and/or Debt Fund etc.,
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