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Why is Health Insurance important?Having health insurance is important for several reasons
Rising medical costs Sharing of health related risk uncertain hospital bills Expensive/quality health care services Money value – Sick Vs Healthy Family health insurance Tax benefit Productivity of workforce Removes some of the burden from the state Keeping pace with the customer needs while
achieving profitability
Present scenario of health insurance industry
There are 22 health insurance companies in India.
According to NCAER, health insurance
penetration in India is around 1.2%.
Current size of Health insurance premiums is Rs
5125 crores and expected to
reach to Rs 30,000 Crores by 2015.
Apollo Munich Health Insurance
Apollo Munich is 74:26 joint venture between Apollo Hospital group and Germany-based Munich Re’s newest business segment Munich health.
It is established in 1945
It has turnover of 400cr last year
Chairman: Mr. Prathap. C. Redy, CEO: Mr. Antony Jacob.
Apollo munich health insurance
o Easy health individual
- Standard
- Exclusive
o Easy health family floater
- Standard
- Exclusive
Easy health individual (standard)
Sum insured per insured person per policy year is 1 to 5lakh.
Expense covered of pre and post hospitalization in patient treatment, day care procedure, domiciliary treatment, accommodation expense, organ donor, ambulance and health check up.
Base premium-Rs 2300
Gross premium-Rs 2537
Easy health individual (exclusive)
Sum insured(in lakhs)
3, 4,5 7.5
Accommodation expenses
Rs 500 - 3000 Rs 800 - 4800
Daily cash for accompanying an insured child
Rs 300 - 9000 Rs 500 - 15000
Base premium Rs 3900, 4800, 5850 Rs 6800
Gross premium Rs 4302 , Rs 5294 , Rs6453
Rs 7500,
Easy health family floater(standard) Sum insured /policy (Rs in lakh) is 2-5.
Expense covered are pre and post hospitalization,
in- patient treatment, day care procedure,
accommodation expense, organ donor,
ambulance, health check up.
Base premium-Rs 7056, 8000 ,9600,11438
Gross premium- Rs 7783 ,8824,10589,12616
Easy health family floater(exclusive)Sum insured (in lakhs)c 3, 4, 5 7.5
Accommodation expenses Rs 500- 3000 Rs 800- 4800
Daily cash for accompanying and insured child
Rs 300 - 9000 Rs 500- 1500
Maternity expenses with waiting period for 4 years
Rs 15000(normal delivery)Rs 25000(caesarean delivery)
Rs 25000(normal delivery), Rs 40000(caesarean delivery)
Base premium Rs9200, 11040, 13154, Rs 16242
Gross premium Rs 10148,12177,14509 Rs 17915
Max Bupa Health Insurance (MBHI)
Established in 1947 as the British United Provident Association.
Chairman: Analjit singh, CEO: Damien Marmion.
It is a joint venture between Max India (promoters of Max New York Life Insurance) and Bupa (UK based Health Insurance Company).
It has over 500 offices in India,more than 20,000 employees and 84,000 agents focused on delivering value to its 3.5 million customers.
Heartbeat health insurance plan
No third party involvement. Cashless facility Assured plan renewal for life Maternity and child benefit
- maternity benefit
- new born coverage
- 1st year vaccination No age limit for enrollment Tax benefit under section 80d
Heartbeat health insurance plan(platinum)
It covers an individual or a family for up to sum assured of Rs 15, 20 and 50lakh .
For new born baby 1st year vaccination as well as nutrition and diet consulting for up to 12 year.
E- opinion
Premium varies from Rs 86431,99317 and 1,14,226
Heartbeat health insurance(gold and silver)
In gold sum assured vary from Rs 5lakh to 10 lakhs and premium varies from
In silver sum assureds are 2lakhs and 3lakhs and premium varies from Rs 14947 to 17320
Premium varies from Rs 32226 to 45135
Comparison Apollo munich health insurance products are more
cheaper and affordable than Max bupa health insurance.
Name of the policy Health insurance standard family floater
Heartbeat gold health insurance
Sum insured 500000 500000
premium 12616 20515
Cooling off period 30 days 90 days
Network hospital 4000 381 throughout 6 cities
Name of the policy Health insurance standard family floater (Apollo)
Heartbeat gold health insurance(Max)
Pre-existing disease cover
3years 4years
Ambulance charge Up to 2000 Up to SI for network hospitals & Rs 2000 for other hospitals
New born baby NA For one years
Child vaccination NA Up to one years
Accommodation expense
No limit For single private room no limit
Age entry 18 years- 60 years No limit
Name of the policy Health insurance standard individual(Apollo)
Heartbeat gold health insurance(Max )
Sum insured Rs. 500000 Rs. 500000
Premium Rs. 7109
Cont....