back arrow Back

Plain Vanilla or Feature Laden Health Insurance?

reply Share
26 Aug, 2021 by  jasmer singh

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.

Options Considering:

  1. Manipal Cigna LTH Floater for 1 Cr. (The plain Vanilla option with Highest SI and no NCB)
  2. 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.

Question:

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.

like like
0
Purchase

5 Answer

Post
27 Aug, 2021

Dear Jasmer

I really see no reason to go for such high sum assured .

Go for family floater of 10 lakh with supplement of super topup of Rs 50 lakh with 20 lakh deductible .


Further supplement your cover through rs 20 lakh critical illness cover .


Still you will have savings which can be accumulted for an emergency medical fund .


I feel all companies are good , you need to select it on the basis of their network hospitals in your city .

Hope this clarifies


Shailesh

Insurance Samadhan



like like
0
icon-comment 1 Comments
icon-reply Reply
28 Aug, 2021
jasmer singh
like like
0
icon-reply Reply
28 Aug, 2021

Dear Jasmer

Premium will not exceed over Rs 50000 under any circumstamces .

Moreover critical illness is a defined benefit so you get Rs 20 lalh on diagnosis of illness .

Rs 60 lakh is sufficient for almost 90 % cases . No sum assured is good enough for rest 10 % .


like like
0
icon-comment 1 Comments
icon-reply Reply
28 Aug, 2021
jasmer singh
like like
0
icon-reply Reply
28 Aug, 2021

Dear Jasmer

As per my calculation , you should get Rs 10 lakh plus super top up of Rs 50 lakh plus rs 20 lakh critical illness for Rs 50000.

You are not evaluating benefit of critical illness which is the differentiator .

This would give you enough security .

Your questions

1. I would recommend 10 plus 50 .

2. You can not increase the sum assured if you are diagnised with cardiac problem because no insurer would accept additional risk where probability is high .

That is why critical illness plays a role because you get Rs 20 lakh instantly .

Hope this clarifies

Shailesh

like like
0
icon-comment 2 Comments
icon-reply Reply
29 Aug, 2021
jasmer singh
like like
0
icon-reply Reply
30 Aug, 2021
jasmer singh
like like
0
icon-reply Reply
30 Aug, 2021

Dear Jasmer


Why do you want to pay three year premium ?



Go for annual premium .


Base 10 lakh- family floater 2 people

Super top up with deductible of 10 lakh - 50 lakh

Critical illness on single life - Rs 20 lakh


This will be available for less than Rs 50000 per annum .




like like
0
icon-comment 2 Comments
icon-reply Reply
30 Aug, 2021
jasmer singh
like like
0
icon-reply Reply
01 Sep, 2021
Ankur Lakhia
like like
0
icon-reply Reply
11 Sep, 2021
brij goenka

Consider the reasonable and customary clause before deciding... Go through the policy wordings carefully... Hdfc secure doesnt have ths clause... Check in the policy of manipal lth... Mostly all companies are having this clause... Evn feature loaded plans like max reassure, care advantage, tata aig medicare premier all hv this clause except for hdgc secure... This clause is a big deal breaker and no agent or evn insurance and financial advisors talks bout this

like like
0
icon-comment 1 Comments
icon-reply Reply
18 Sep, 2021
jasmer singh
like like
0
icon-reply Reply
Discover the best tips for insurance every week!

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 🙂