50 Lakh Cover for Rs 7,123/-. Too good to be true ?

[a_tease]

So, I wanted to take a health insurance and decided to check policies and premiums. The huge difference is making my mind go nuts. what am I missing?

Policy 1: ICICI Lombard Health Shield 360, 50 Lakh health cover for 1 Adult is 7,123 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRc6CiDpMnqF52fH?e=0X7cxT

Policy 2: HDFC Ergo Optima Secure, 50 Lakh cover for 1 adult is 69044 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRgMULZF5jwu2WPT?e=3ZmYmo

The difference in premium is too much. Anyone else came across the same ?

 

[Shrinit Padwal]

What is age of Adult, any existing diseases? Also whats Pre op and post op in both? Any room rent capping in either?
Are you sure both are for 1 year respectively?

 

[Bugs Bunny]

following

 

[Shrinit Padwal]

Sample quotes for HDFC Ergo Optima restore -
1 adult - age 25 - 10 lac premium - 10-15k premium
2 adults(parents) - both age(60+) - 10 lac premium - 50-75k premium

Premium varies case by case and serviceable location and also the plan and riders selected. Do get an actual quote from Ditto/Policybazaar or maybe directly from Insurance company itself.

 

[roadrunner]

Check out https://www.plumhq.com/
My employer uses their services to provide employee group insurance.
I get coverage up to 5 lakhs. I then purchased a Top Up for 20 lakhs which cost me around 700.

 

[Shrinit Padwal]

Check out https://www.plumhq.com/
My employer uses their services to provide employee group insurance.
I get coverage up to 5 lakhs. I then purchased a Top Up for 20 lakhs which cost me around 700.

After switching companies, can your top up be shifted to new companies insurance?

 

[jack333]

So, I wanted to take a health insurance and decided to check policies and premiums. The huge difference is making my mind go nuts. what am I missing?

Policy 1: ICICI Lombard Health Shield 360, 50 Lakh health cover for 1 Adult is 7,123 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRc6CiDpMnqF52fH?e=0X7cxT

Policy 2: HDFC Ergo Optima Secure, 50 Lakh cover for 1 adult is 69044 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRgMULZF5jwu2WPT?e=3ZmYmo

The difference in premium is too much. Anyone else came across the same ?

It's only available for icici customers through branch only. I recently got this policy

 

[roadrunner]

After switching companies, can your top up be shifted to new companies insurance?

Yes. Since you are paying for the top up plan, it maintains a one to one relationship with your insurer.
As long as you pay yearly, you are good to go.

 

[a_tease]

What is age of Adult, any existing diseases? Also whats Pre op and post op in both? Any room rent capping in either?
Are you sure both are for 1 year respectively?

What is age of Adult?
Adult would be anyone between 21-60 years.

any existing diseases?
None

Also, what's Pre op and post op in both?
60 and 90 days in ICICI respectively
60 and 180 days in HDFC respectively

Any room rent capping in either?
None

Are you sure both are for 1 year respectively?
Yes

 

[a_tease]

It's only available for icici customers through branch only. I recently got this policy

I'm a Novice in insurances, I recently just started looking into it.

Is there any catch? Coz if I compare from any other policy the premium difference is huge.

 

[Shrinit Padwal]

As mentioned by @jack333 above, ICICI one is for their customers only at that rate - maybe thats the reason for the difference in premiums

 

[jack333]

Its a group policy bro. Earlier was only for icici employees. Now have been extended to icici customers also. Same group policy. That's why low rate. Service same as icici lombard

 

[a_tease]

Its a group policy bro. Earlier was only for icici employees. Now have been extended to icici customers also. Same group policy. That's why low rate. Service same as icici lombard

when you say, "Service same as ICICI Lombard", do you mean poor, or do you mean good?

I apologize for asking too many questions 😅

 

[punrziq]

Its a group policy bro. Earlier was only for icici employees. Now have been extended to icici customers also. Same group policy. That's why low rate. Service same as icici lombard

What do you mean by group. Single person can't apply for this?

 

[jack333]

Yes you can

 

[jack333]

when you say, "Service same as ICICI Lombard", do you mean poor, or do you mean good?

I apologize for asking too many questions 😅

People were saying not very good in another thread. Don't have any personal experience. Still went ahead as rate difference was huge from my current care Health insurance policy

 

[punrziq]

People were saying not very good in another thread. Don't have any personal experience. Still went ahead as rate difference was huge from my current care Health insurance policy

7k premium is yearly or monthly ?

 

[a_tease]

7k premium is yearly or monthly ?

Yearly

 

[CC-Muncher]

It's only available for icici customers through branch only. I recently got this policy

So one needs a savings account? What is the criteria

 

[jack333]

Even any icici credit card including amazon pay will work. You just need to have icici customer id