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What is the main difference between a 10L Health insurance and 1cr Health Insurance(New plans like CARE ADVANTAGE)? Should i choose 1cr cover by paying the additional premium?

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03 Oct, 2020 by L Sam

How are health insurance companies offering 1cr cover for slightly higher premiums? What should we look for while choosing these plans?

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Health Insurance
Basics of Insurance

1 Answer

05 Oct, 2020
Anuj Jindal

Hey Sam,

Policy premium is linked to expected claims. As a claim expert I can tell you that I don't see many claims beyond 3 lakhs. So 10-20 lakh or even 1 crore policy is an overkill.

There is no catch in the 1 crore policies. Insurance companies are trying to make a few thousand premium more from customers for a higher cover which mostly they won't be claiming.

It is the same logic that goes in top-up policies of 40-50 lakhs with 5-10 lakh deductible because the possibility of claim is so so low.

Anuj Jindal



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