Niva Bupa's low 2019-20 ICR (53%) - cause for worry?
18 Sep, 2021 by vijay
I stumbled upon the Reassure plan based on this site's advice (which seems to have a tilt towards Bupa and HDFC) but was appalled by Bupa's ICR numbers when HDFC Ergo Health's (which is now apparently merged into HDFC Ergo General insurance) is 73% (the highest amongst standalone health companies)
The numbers for the other biggies - ICICI, Reliance - are unreliable because they're all general insurers and report fire/travel/health/vehicle numbers together.
Claims experience is one thing but payout is altogether different so is one supposed to go by features/premium/brand alone when going by these recommendations? Assume of course all declarations will be full and truthfully declared.
Also there seems to be something seriously eye popping about Reassure's premiums:
18k for 50L cover
whereas that is the premium asked for 20-25L covers by ICICI, Reliance etc. This is for a 38 yr individual plan profile.
Is the catch really in the low ICR? (collect low premiums and minimize payouts for healthy profits?)