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Care Supreme vs Niva Bupa Reassure

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09 Feb, 2023 by  Beshak Member

I have recently been pitched above the above two plans for my parents (56M, 49F with PED - diabetes). Both of them are feature rich, particularly the Supreme Plan while the prices are pretty competitive and seems low given Reassure just spiked its new premiums. However, I am concerned with a few things below, opinion on which would be highly appreciated from the community.

  • While Reassure comes with PED and non-consumables rider, Supreme mentions having similar ones in brochure/wording but doesn't offer them actually. Are they allowed to do so and why mention something when in real you don't offer it at all?
  • For someone with PED, how does the insurer actually decide if to accept the claim or not? Would the PED waiver/reduction rider be utmost important then when the waiting period is 4 years?
  • Supreme has a feature where you can increase your total sum insured (base+bonus) to 6 times the base (adding the no claim bonus) in 5 years by taking a cumulative bonus super rider. With various future implications, would it be advised to take a low base and the rider or stick to a high base?
  • Other things constant, Care' plan looks cheap when compared to Reassure. While this may be a market acquiring strategy amongst others, how is the experience by an advisor/claimant wrt Care's claim support and experience?
  • How often is the premium revision and feature addition/deletion amongst insurance firms? Would it be advisable to go for multi year plans whilst being comparatively economical?
Health Insurance

1 Answer

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Hi, you have asked a long list of questions - perhaps it will be best if you can book a free call with an advisor, to get personalized recommendations & understanding of the overall working of the plan & the industry in specific.

I would still dwell on the area of premiums hikes, well they happen on account of both inflation & age-adjusted increases. The insurance company is constantly evaluating you on hospitalization risks with medical inflation being over 12% in this country, the pricey treatment costs & new treatment modalities have to reflect in the underlying premiums - hence they keep getting revised, regardless of the insurer - sooner or later.

Lastly, when choosing a product for a loved one's, considerations go over and above just the price. Product stability, claim reviews and track record matters a lot as well. No plan is bad but it appeals only to a certain section of consumers who have a specific health need.

When choosing a plan for parents, try to go with something that is already tested & is well established if possible as the switching costs for someone post 60's can be huge, the last thing you want weighing on your mind is the financial anxiety over & above the health concern that your parents will be facing.

Happy to connect & talk more.

All the best

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