Plain Vanilla or Feature Laden Health Insurance?
Self (53) and Wife (47) No claims so far on our Care Individual policies held for 6 years, and no pre-existing conditions.
Current Base coverage (Individual) 25 lakh + NCB 12.50 lakh + NCB Super 25 lakh + Recharge benefit 25 lakh
Looking at porting, and okay with losing the accumulated NCB and NCB Super.
- Manipal Cigna LTH Floater for 1 Cr. (The plain Vanilla option with Highest SI and no NCB)
- HDFC Optima Secure Floater for 25 lakh (Similar premium for our age category)
Calculations of NCB/ Restore/Secure etc seem very complicated and have restrictions on usage. Don't want to be saddled with expectations which are hidden in the fine print, which is why I was looking at a 'what you see is what you get' policy and no surprises crop up if a claim is made.
Also realised it was unnecessary to go in for Individual policies since only one of us is claiming the tax benefit of the same.
I am leaning towards the Manipal Cigna LTH for the above reason, plus that since the SI Base coverage is higher, the room rent capping percentage of SI does not come into play.
Also, in case a claim is made in the future, one is covered for a higher Base SI forever, as one cannot increase Base SI in case of any ailment which can hit in our 50's.
I am looking at the long term, as premiums will get harder to pay as they escalate as per our ages. Financially the Manipal Cigna LTH seems to offer the biggest bang for the buck. Is there any reason I should consider HDFC Optima secure, or continue with the Care and convert to a Floater Policy there? Is there anything missing in Manipal Cigna LTH in terms of coverage which the other two offer? Your expert advice would be most appreciated.