back arrow Back

Kuvera Health Insurance Review | Kuvera has come up with a lower cost Health Insurance product. How good is it. Can you review it.

reply Share
02 Oct, 2020 by  Chandra Sakher

Kuvera has come up with a lower cost Health Insurance product. How good is it. Can we trust them.

like like
0
Health Insurance

3 Answer

Post
02 Oct, 2020

Hello Chandra Sakher,


We have had a quick look. Kuvera is essentially offering insurance coverage under their Group Health Insurance plan.


Group Health Insurance plans have the following characteristics:

  1. They are single year plans - the premiums can be reviewed and changed every year basis the claims experience of the previous year. There may not be any no claim bonus too.
  2. In case you want to migrate later to an individual policy not connected to the group, Insurance companies conduct underwriting (evaluation of whether to offer or decline the policy, whether to charge the standard premiums or apply loading, whether to put limitations or not)
  3. They are linked to your membership as a customer with the group owner, in this case Kuvera. The eligibility and membership requirements can change. In case you are no longer a member of the customer group, the cover can be withdrawn at the time of renewal. If Kuvera and the insurance company decide to part ways, you would be offered migration option in that case too, with the conditions explained above.


The specific insurance plan that we saw on their website has basic covers with respect to hospitalization cover, pre & post-hospitalization, day care, domiciliary treatment. The policy does not have any red flags with respect to treatment limits or room rent limits (gives Private AC room eligibility). Its a plain vanilla plan without some benefits which have now become standard amongst all leading plans like - restoration benefit, no claim bonus.


How to make a well informed decision?

1) Compare plan benefits available in the open market with this plan.

2) Understand the difference between a group plan and a retail plan as explained above.

3) Compare the price and understand whether the premium saving is good enough to justify the differences in benefits and base construct of a group plan explained above.


In our view, it is better to opt for a retail lifetime renewable individual plan that is your personal and not linked to any membership or association with a third party brand. Opt for a group plan only as a supplementary cover, or when there is no other choice available.


like like
0
icon-comment 0 Comments
icon-reply Reply
05 Oct, 2020

Hey Chandra,

I agree with all the explanation given by Team Beshak. Nothing more to add here.

Buy a retail health insurance policy when you are paying premium out of your own pocket. Don't go by low premiums of such group master policies.

Anuj Jindal

Co-founder

SureClaim

like like
0
icon-comment 0 Comments
icon-reply Reply
12 Dec, 2020
Ravi Shankar Mishra

It should be avoided.


I had pretty bad experience with Bharti AXA Health Insurance through Kuvera. They have not planned service steps properly, any queries or issues takes month, if not few weeks, to get resolve. Kuvera doesn't know whom to contact properly in Bharati AXA, for any clarification or issue.

like like
0
icon-comment 0 Comments
icon-reply Reply
Discover the best tips for insurance every week!
beshak logo

Beshak is your source for clear, research-backed information & analysis of insurance plans. Our sole focus is to help you make well-informed decisions on insurance. We don't sell or advertise insurance plans or companies.

facebook icontwitter iconlinkedin icon

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business. © Copyright 2021 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂