Why Health Insurance Offered by Nationalized Banks is an Attractive Option

Written by Vidya Kumar

November 7, 2012

About this article
Comprehensive Analysis of Group Health cover by 11 PSU Banks 

  • Includes Comparison on more than 10 Parameters
  • Written by a Personal Finance Expert
  • Updated periodically
With health costs escalating at a rapid pace every year, it is important for every individual to have a health insurance policy. There is a plethora of options available in the market offered by both public sector and private players. 

However, we noticed that health insurance products by private players were more popular in the market, with even online comparison portals displaying products only by private players. On the other hand, many nationalized banks offer health insurance products in tie-up with health insurance companies like United India Insurance Company Ltd, National Insurance Company Ltd, New India Assurance Company Ltd and Oriental Insurance Company Ltd. Bank mediclaim policies, though attractive in many ways, are not popular and well-researched. Keeping this in mind, we have presented a few options offered by nationalized banks.

Why should you go for a health insurance policy by a nationalized bank?
Buying a health insurance policy from a bank is pretty simple. The only pre-condition is to be an account holder in the bank. The most important benefit is the unbelievably low premium rates to cover your family, as compared to a private player. To put it in perspective, a family floater policy (account holder, spouse and two children) for a sum assured of Rs. 3 Lakhs with Punjab National Bank costs Rs. 4,620 per year, compared to Rs. 11,390 per year (without sub-limits) and Rs. 8,542 per year (with sub-limits) with ICICI Lombard. This vast difference in premium works out to a huge amount over the long term. Policies also come with no medical tests and have a high renewal age. You also have the option of adding your parents in your policy in many banks. This can be especially beneficial if your parents do not have a medical policy of their own, as buying individual mediclaim for parents is expensive.

Most banks tie-up with public sector players. More than one bank can work with the same insurer. Before choosing your bank, it is important to consider the claims settlement history of the insurer as well. According to www.policybazaar.com, United India Insurance and New India Assurance have high claim settlement ratios of 95% and 93% respectively in 2009-10, with Oriental Insurance clocking 88% for the same period. Among public sector players, National Insurance Company has a lower claim settlement ratio, at 74% in 2009-10.

What are the drawbacks in a health insurance policy by a nationalized bank?
The biggest problem in taking a health insurance policy from a nationalized bank is the poor service quality. If you do not mind some hiccups in service quality and can work through the bank’s system, you can consider a bank mediclaim policy on account of the low costs. Some bank mediclaim policies also have a portability issue, as they lack portability to retail mediclaim policies. 

We have analysed health insurance products of 11 nationalized banks on the basis of several parameters, as under:

Type of policy: All banks offer a family floater policy, covering the account holder, spouse and two dependent children. Some banks like Andhra Bank, Bank of Maharashtra, Canara Bank, Indian Bank and Indian Overseas Bank offer plans to cover the primary account holder’s parents as well, for an additional premium.

Age of insured: The maximum age of entry is a critical aspect, as healthcare costs shoot up after 60 years. Policies by SBI and Punjab National Bank have the highest maximum entry age of 80 years, with Oriental Bank pegging this at 79 years. There is no limit on the renewal age for Andhra Bank, Canara Bank and Indian Bank, while it is up to 80 years for most of the other policies in our analysis.

Sum assured: The minimum sum assured is as low as Rs.50,000/- for most bank mediclaim policies. The maximum sum assured amount is Rs.5 Lakhs for all policies, except for Indian Bank, which is at Rs. 10 Lakhs. Andhra Bank has started a super top up facility, where one can opt for coverage up to Rs. 20 lakhs.

Premium amount: Most banks offer a flat premium not linked to the age of the insured. This can be useful, as you will have to pay a lower premium even with an increase in age. Banks like Corporation Bank, Indian Bank and Indian Overseas Bank have different premium rates for different ages. In comparison with peers, this can work out costly if you fall in the higher age bracket.  Cheap premium plans are available with Andhra Bank, Bank of Baroda, Bank of India, Punjab National Bank and Oriental Bank of Commerce.

Pre-existing diseases coverage: All banks have a 3 year waiting period for pre-existing diseases except Corporation Bank which requires 4 years. Generally, it is required to have 3 claim-free years with no hospitalization during that period.

Sub-limits: Expense limits are imposed by most policies on different expense heads including but not restricted to room, nursing, ICU charges and Pre and Post hospitalization charges. 

Major Exclusions: All policies give a list of items which are specifically excluded from coverage. Pregnancy related benefited are excluded from Andhra Bank, Bank of Baroda, Canara Bank, Corporation Bank, Oriental Bank, PNB and SBI, while domiciliary hospitalization benefits are excluded from Andhra Bank, Bank of Maharashtra, Corporation Bank and IOB.

Additional coverage: It is best to choose a plan which is comprehensive and covers the maximum risk possible. Even if the sum insured is the same, there are other benefits you must check, which include OPD cover, maternity benefits, personal accident-death benefits, health check-up and domiciliary hospitalization benefits. Maximum additional covers are available in policies by Bank of India, Indian Overseas Bank, Bank of Maharashtra and Canara Bank.

Which policy should you buy and which should be avoided?
If you are not looking at coverage for parents, you can consider Bank of India which is both low on premium and has other important benefits. You can also look at Bank of Baroda, Oriental Bank of Commerce or Punjab National Bank if you are not looking at coverage for parents and maternity benefits. You can also go in for the policy by Bank of Maharashtra and Andhra Bank as it covers all important benefits. However, if you are above 65 years, you will have to get a medical checkup done. Canara Bank is a good choice if you are not particular on domiciliary hospitalization benefits. 

It is best to avoid policy by Indian Overseas Bank as the premium is high compared to the other banks we analysed. Corporation Bank can be considered if you fall in a lower age bracket; however, if you are in a higher age bracket (above 45 years), it is best to avoid this as well.

As it can be seen in the table below, most banks offer similar benefits and features but for minor differences. Apart from the outliers mentioned above, you can choose a policy from a bank which is most easily accessible to you, as you will need to maintain an account with that bank.

If you opt for such a policy then please ensure to track the renewals. We have experienced cases where no renewal intimation has been received by the policy holders and the insurance company has agreed with the renewal but denied the ‘benefits of continued policy’ even within the 30 days of the grace period.

Bank Name

Name of Scheme

Insurer

Eligibility

Andhra Bank
AB Arogyadaan Scheme
United India Insurance Co Ltd
Account holders only


Bank of Baroda
 BarodaHealth
National Insurance Co Ltd
Account holders only
Bank of India  
BOI National Swasthya Bima policy
National   Insurance Co Ltd 
Account holders, staff and cardholders
Bank of               Maharashtra
Mahabank Swasthya Yojana
United India Insurance Co. Ltd 
Account holders with initial deposit applicable to SB accounts
Canara Bank 
Easy Health Insurance Plan 
Apollo Munich Health Insurance Co Ltd 
Account holders
Corporation Bank   
Corp Mediclaim
New India Assurance Company Ltd.
 Account holders only
Indian Bank   
IB Arogyaraksha 
United India Insurance Co. Ltd
 Account holders
Indian Overseas Bank 
IOB Health Care Plus 
Universal Sompo General Insurance Company Ltd 
Saving bank, Cumulative deposit Account holders, including NRIs
Oriental Bank of Commerce  
Oriental Bank Mediclaim 
Oriental Insurance Company Ltd
Account holders only
Punjab National Bank  
Royal Mediclaim 
Oriental Insurance Company Ltd
Account holders and employees
SBI 
Group Health Insurance 
SBI General Insurance 
Saving bank holders and Individual Current account holders

Bank Name

Policy Type 

Family Floater Coverage 

Minimum Entry Age


Andhra Bank 
Plan 1 – self, spouse, 2 dependent children
Plan 2 – Plan 1 +Parents of prime holder
A Super Top up facility has been introduced since June 2014, where additional coverage can be opted for n)
Yes  
3 months 
Bank of Baroda 
Self and family (spouse+ 2 dependent children) 
Yes 
3 months 
Bank of India 
Self and family (spouse+ 2 dependent children)
Yes
3 months 
Bank of Maharashtra
Plan A – Account holder, Spouse and 2 dependent children (1+3)
Plan B – Plan A + parents (1+5)
 Yes 
3 months
Canara Bank  
Individual Plan – account holder , spouse + child
Family Plan – account holder, spouse+ upto 4 children
Parents Plan – account holders parents or parents in law on floater basis
Yes 
5 years
Corporation Bank 
Self and family (spouse+ 2 dependent children)
4 Plans depending on the age of the senior most member of the family 
Yes 
3 months
Indian Bank  
Self and family (spouse+ 2 dependent children+parents)
3 Plans as under:
i) Plan A (1+3) up to 35 years*
ii) Plan B (1+3) up to 65 years*
iii) Plan C (1+5) up to 65 years*
(* Based on the age of the eldest person in the group)
Yes 
3 months
Indian Overseas Bank 
Self and family (spouse+ 2 dependent children); Parents can be included for additional premium 
Yes 
18 years
Oriental Bank of Commerce 
Self and family (spouse+ 2 dependent children) 
Yes 
3 months
Punjab National Bank 
Self and family (spouse+ 2 dependent children) 
Yes
 3 months
SBI 
Self and family (spouse+ 2 dependent children) 
Yes 
3 months


Bank Name

Maximum Entry Age

Maximum Age on Renewal

Minimum Sum Assured


Andhra Bank 
70 years 
Lifelong  
Main Policy: 1,00,000
Super Top up Policy: 3,00,000 
Bank of Baroda 
65 years
80 years, at a premium loading of 25%           
50,000 
Bank of India 
65 years 
Lifelong, at a premium loading of 25%           
50,000 
Bank of Maharashtra 
65 years 
80 years           
50,000 
Canara Bank 
69 years
Lifelong           
1,00,000 
Corporation Bank 
65 years 
75 years            
50,000
Indian Bank 
65 years 
No limit           
1,00,000 
Indian Overseas Bank
65 years 
80 years           
50,000 
Oriental Bank of Commerce 
79 years 
79 years 
1,00,000
Punjab National Bank 
80 years
 80 years 
1,00,000
SBI 
65 years 
Not specified 
1,00,000


Bank Name

Maximum Sum Assured

Premium Per Annum
(for a sum insured of Rs. 3 lakhs)


Andhra Bank 
Main Policy: 5,00,000
Super Top up Policy: 20,00,000 
Plan 1 – Rs. 6,874
Plan 2 – Rs. 11,587

Super Top up policy premium will vary depending on the amount of coverage opted for

Bank of Baroda
      5,00,000 
Upto 65 years – Rs. 4,845
Upto 80 years – Rs. 6,056
Bank of India         
5,00,000 
Rs. 4,213 + service tax
Bank of Maharashtra         
5,00,000 
Plan A – Rs. 4,968
Plan B – 8,275
Canara Bank         
10,00,000 
Premium is for Rs. 5 lakhs Sum Assured (as there is no SA option of Rs. 3 lakhs):

Mumbai and Delhi: 
Individual Plan: Rs. 5,880
Family Plan: Rs. 13,557
Parents Plan: Rs. 13,305

Rest of India: 
Individual Plan: Rs. 4,857
Family Plan: Rs. 11,510
Parents Plan: Rs. 11,258

Corporation Bank         
5,00,000 
Plan 1: Age of senior most family member -35 years: Rs. 5,169
Plan 2: Age of senior most family member- 36-45 years: Rs. 6,202
Plan 3: Age of senior most family member- 46-55 years: Rs.6,512
Plan 4: Age of senior most family member- 56-65 years: Rs. 7,489
Plan 5: Age of senior most family member- 66-70 years: Rs.8,987
Premium is for four family members and is exclusive of service tax and Rs.250 bank charges
Indian Bank    
10,00,000 (subject to certain restrictions for Plan C)  
Plan A: Rs. 4,422
Plan B: Rs. 6,569
Plan C: Rs. 10,953
Indian Overseas Bank         
5,00,000 
Rs. 5,738
(For a family of four, without Personal Accident cover; Age of senior most family member: 26-35 years)
Premium increases with age and if Personal Accident cover is chosen
Oriental Bank of Commerce         
5,00,000 
Rs 4,730
Punjab National Bank         
5,00,000 
Rs. 4,620
SBI         
5,00,000 
Check with bank branch


Bank Name

Pre-Hospitalization Time Period

Post-Hospitalization Time Period

Pre-Existing Diseases Coverage

Medical Check-up


Andhra Bank 
30 days 
60 days 
3  years from start of policy, if there is no hospitalization during this time
Not specified
Bank of Baroda 
30 days 
60 days 
3 years
 No
Bank of India 
30 days 
60 days 
3 years 
No
Bank of Maharashtra 
30 days
 60 days 
3  years from start of policy, if there is no hospitalization during this time 
No, upto 45 years
Canara Bank 
60 days 
90 days 
3  years from start of policy, if there is no hospitalization during this time 
Not specified
Corporation Bank 
30 days 
60 days 
4  years from start of policy, if there is no hospitalization during this time 
Not required up to 55 years
Indian Bank
NA
NA
3  years from start of policy, if there is no claim during this period
No
Indian Overseas Bank 
NA 
NA 
3  years from start of policy, if there is no claim during this period 
No
Oriental Bank of Commerce 
30 days 
60 days 
3 completed years
 No
Punjab National Bank 
30 days 
60 days 
After 3 years of continuous policy cover.
No
SBI 
30 days
 60 days 
4 years. For some diseases, it is 1 year.
Not required up to 65 years


Bank Name

Minimum Hospitalization Period 

Waiting Period 

Cashless Facility 

Maximum Time to Submit Bills on Discharge


Andhra Bank
24 hours, subject to certain exceptions 
30 days 
Available in network hospitals 
30 days
Bank of Baroda
24 hours 
30 days except accidental injury
Available in network hospitals 
Not specified
Bank of India
24 hours, subject to certain exceptions
30 days except accidental injury 
Available in network hospitals 
Not specified
Bank of Maharashtra
24 hours 
30 days 
Available in network hospitals 
Not specified
Canara Bank
NA 
30 days 
Available in network hospitals 
Not specified
Corporation Bank
NA 
30 days except accidental injury 
Available in network hospitals 
Not specified
Indian Bank
NA 
30 days except accidental injury 
Available in network hospitals 
Not specified
Indian Overseas Bank
NA 
30 days except accidental injury 
Available in network hospitals 
Not specified
Oriental Bank of Commerce
24 hours, subject to certain exceptions 
30 days 
Available in network hospitals 
7 days
Punjab National Bank
24 hours, subject to certain exceptions 
30 days 
Available in network hospitals 
7 days
SBI
24 hours 
30 days 
Not specified 
Not specified

Bank Name

Expenses Limit

     Major Exclusions


Andhra Bank 
1) Room, boarding, nursing: 1% of sum insured per day
2) ICU: 2% of sum insured
3) Specific sub-limits for certain diseases
4) Pre&post hospitalization expenses: Actual sum subject to a maximum of 10% of sum insured
5) 20% of all admissible claims will be deductible towards co-payment of the claim.
1)Pre-existing diseases up to 3 years
2) Any disease within 30 days of start of policy
3) Certain treatments done within 1 year of start of policy
4) Alternative treatment 
5) Dental treatments
6) Pregnancy related
7) Domiciliary hospitalization benefits
Bank of Baroda
1) Ambulance charges and Out of pockets expenses: Rs.1000/- each per policy period.
2) Health check-up: 1% of sum insured after completion of three continuous claim free years
1)Pre-existing diseases up to 3 years
2) Any disease within 30 days of start of policy, except injury out of accident
3) Certain treatments done within 1 year of start of policy
4) Naturopathy treatment 
5) Dental treatments
6) Pregnancy related
7) Benefits accrued under previous policies by any other insurance co
8) Domiciliary Hospitalization benefits
Bank of India
1) Ambulance charges and Out of pockets expenses: Rs.1000/- each per policy period
2) Health check-up: 1% of sum insured after completion of three continuous claim free years
3) Maternity Benefit and Baby Care Expenses: 5% of the sum insured.
4) Funeral expenses: Rs.1000/- over and above the sum insured 
1)Pre-existing diseases upto 3 years
2) Self Injury
3) Certain treatments done within 1 year of start of policy
4) Expenses primarily for contact lens, spectacles
5) Diagnostic expenses
5) Dental treatments
6) Registration/Admission charges, extra food charges.
Bank of Maharashtra
1) Ambulance charges and Out of pockets expenses: Rs.1000/- each per policy period
2) Health check-up: 1% of sum insured after completion of three continuous claim free years
3) Maternity Benefit and Baby Care Expenses: 5% of the sum insured.
4) Funeral expenses upto Rs 1,000/- in case of insured donating eye(s)
1)Pre-existing diseases upto 3 years
2) Any disease within 30 days of start of policy
3) Certain treatments done within 1 year of start of policy
4) Injury/ disease due to invasion, war, nuclear materials
5) Diagnostic Tests
6) Pregnancy related beyond 5% of Sum Insured
7) Domiciliary hospitalization benefits
8) Naturopathy Treatments
9) Self inflicted injuries, attempt to suicide, injury/diseases due to drugs
Canara Bank
Not specified
1) Any treatment within first 30 days of cover except any accidental injury.
2) Any Pre-existing diseases/conditions will be covered after a waiting period of 3 years if the risk is accepted.
3) 1 year exclusion for specific diseases like cataract, hernia etc.
4) Expenses arising from HIV or AIDS and related diseases.
5) Pregnancy, dental treatment, external aids and appliances.
6) Hospitalization due to war or an act of war 
7) Congenital diseases, mental disorder, cosmetic surgery or weight control treatments. 
8) Injury/disease due to abuse of intoxicating substances.
Corporation Bank
1) Ambulance charges upto Rs.1000/- per policy period.
1)Pre-existing diseases up to 4 years
2) Any disease within 30 days of start of policy except  accidental injury
3) Certain treatments done within 1 year of start of policy
4) Naturopathy treatment 
5) Dental treatments
6) Treatment arising from or traceable to pregnancy (including voluntary termination of pregnancy) and child birth including caesarean section
7) Domiciliary hospitalization benefits
8) Diagnostic tests, eye checkup, lens, hearing aid and other accessories.
9) AIDS
Indian Bank
1) Room, boarding, nursing: 1% of sum insured per day
2) ICU: 2% of sum insured
3) Specific sub-limits for certain diseases
4) Pre&post hospitalization expenses: 10% of sum insured
5) 10% of all admissible claims will be deductible towards co-payment of the claim for persons aged above 60 years
6) Co-pay of 20% applicable in major diseases/illness
1)Pre-existing diseases up to 3 years
2) Any disease within 30 days of start of policy except  accidental injury
3) Certain treatments done with 1 year of start of policy
Indian Overseas Bank
1) Ambulance charges and out of pocket expenses:  Rs.1000/- per policy period.
2) Health check-up: 1% of sum insured after completion of three continuous claim free years
3) Maternity Benefit and Baby Care Expenses:5% of the sum insured.
4) Funeral expenses:Rs.1000/- over and above the sum insured 
1)Pre-existing diseases up to 3 years
2) Any disease within 30 days of start of policy except  accidental injury
3) Certain treatments done with 1 year of start of policy
4) Domiciliary hospitalization benefits
Oriental Bank of Commerce
1) Room, boarding, nursing: 1% of sum insured per day
2) ICU: 2% of sum insured per day or Rs. 10,000 whichever is less
3) Ambulance charges: 1% of sum assured per policy period
4) Hospital cash: Upto 1,000 per policy period
5) Funeral expenses: 1,000 during the policy period
1)Pre-existing diseases up to 3 years
2) Any disease within 30 days of start of policy, except injury out of accident
3) Certain treatments done with 1 year of start of policy
4) Expenses primarily for diagnosis
5) AIDS, Obesity and Adventure sports related issues
6) Dental treatments
7)  Treatment arising from or traceable to pregnancy (including voluntary termination of pregnancy) and child birth including caesarean section
Punjab National Bank
1) Room, boarding, nursing: 1% of sum insured per day of Rs. 5,000 whichever is less
2) ICU: 2% of sum insured or Rs.10,000 whichever is less
3) Ambulance charges: 1% of sum assured per policy period
4) Hospital cash: Up to 1,000 per policy period
5) Funeral expenses: 1,000 during the policy period
6) Domiciliary Hospitalisation – 10% of sum assured up to Rs. 25,000
1) Certain treatments done with 1 year of start of policy
2) Expenses primarily for diagnosis
3) Naturopathy treatment 
4) Dental treatments
5)  Treatment arising from or traceable to pregnancy (including voluntary termination of pregnancy) and child birth including caesarean section
6) Disease/Illness due to war, invasion
7) Genetic Disorders, Obesity, Adventure Sports, external equipment, AIDS and HIV related claims
SBI
1) Ambulance charges – 1% of SI or max Rs. 1500
2) Domiciliary hospitalization – 20% of SI or max Rs. 20,000
3) Co Payment of 10% on all claims
4) Room boarding, nursing and ICU: 1% per day for non ICU and 2% per day for ICU
1) 1 year waiting period for specified diseases and 4 years for pre existing diseases
2) Expenses incurred within first 30 days of policy
3) Issues related to Congenital conditions, AIDS, Intoxicating substances
4) Treatment arising from or traceable to pregnancy
5) Experiential and unproven treatment



Bank Name

Additional Covers 

Closing Comment 


Andhra Bank
Not specified 
This plan gives you the option of including your parents. A new super top up variant has been introduced which makes it attractive if you want higher sum assured options. The premium is slightly more compared to other policies. Though exclusions are in line with peers, there is a limit on various expense heads not normally seen in peers.
Bank of Baroda
1) Ambulance charges up to Rs.1000/- per policy period.
2) Out of pockets expenses up to Rs. 1000 per year for hospitalisation of children below 12 years
3) Health check-up: 1% of sum insured after completion of three continuous claim free years
Premium comparable among peers. However, there is no option to include parents. Also, there are no maternity benefits available. No medical check-up needed for any age of insured
Bank of India
1) Ambulance charges upto Rs.1000/- per policy period.
2) Out of pockets expenses upto Rs. 1000 per year for hospitalisation of children below 12 years
3) Health check-up: 1% of sum insured after completion of three continuous claim free years
4) Maternity Benefit and Baby Care Expenses: up to 5% of the sum insured.
6) Funeral expenses: Up to Rs.1000/- over and above the sum insured 
7) Domiciliary hospitalization subject to certain conditions
8) Treatment of NRIs in Indian hospitals
9) Treatment in hospitals in Nepal and Bhutan in INR
Premium is low and many additional covers are available. Maternity benefits and domiciliary hospitalization benefits are also available. However, parents are not included.  No medical check-up needed for any age of insured
Bank of Maharashtra
1) Ambulance charges up to Rs.1000/- per policy period.
2) Hospital cash up to Rs. 1000 per year for hospitalisation of children below 12 years
3) Health check-up: 1% of sum insured after completion of three continuous claim free years
4) Funeral expenses upto Rs 1,000/- in case of insured donating eye(s)
5) Maternity benefits and baby care : Upto 5% of sum insured if opted
6) Treatment in Nepal/Bhutan in Indian currency
7) Personal accident – death benefits included at 100% for account holder, 50% for spouse and 20%/10% for children; parents not covered. 
This plan gives you the option of including your parents. Premium comparable with peers. Many additional covers are available. Maternity benefits and personal accident cover is also available. 
Canara Bank
1) Critical Illness cover:  Additional indemnity cover of Rs. 50,000 for defined critical illnesses at additional cost
2)  Personal Accident cover:  Cover for Rs. 100,000 for every insured member in the policy at additional cost
3) Coverage for organ transplant
4) Emergency ambulance upto Rs. 2,000 per hospitalization
5) Domiciliary expenses upto the sum insured
6) Daily cash of Rs. 500 for twin sharing accommodation/for accompanying insured child
7) Annual health check-up
8) Ayush treatment upto 5% of hospitalisation sum insured
Single premium rate across ages, No pre-policy check-up,  No Sub-limit on hospital room rent,  No Co-payment and Lifelong renewal benefit. 
Corporation Bank
1) Ambulance charges up to Rs.1000/- per policy period. 
Premium depends on age of the senior most member in the family and is comparatively more expensive than plans of other banks, especially for older age bracket. Further the maximum age for renewal of the policy is lower than other policies. The pre-existing diseases waiting period is higher than other policies and medical check-up is needed above 55 years. Maternity and domiciliary hospitalization benefits also not available
Indian Bank
Maternity expenses after 9 months of taking first policy – for the first two children only 
Free medical check up after 3 claim free years up to 1% of average Sum Assured
Personal Accident cover included up to the Sum Assured for the policy holder, 50% of that for spouse and 25% each for the children under policy cover. This is subject to terms and conditions the Personal Accident policy.
Parents are included in this plan, but premium depends on age of the insured. Maternity benefits are available, subject to certain conditions.  A unique feature is the high amount of cover which can be taken (Rs. 10 lakhs)
Indian Overseas Bank
1) Ambulance charges up to Rs.1000/- per policy period.
2) Out of pockets expenses up to Rs. 1000 per year for hospitalisation of children below 12 years
3) Health check-up: 1% of sum insured after completion of three continuous claim free years
4) Maternity Benefit and Baby Care Expenses: up to 5% of the sum insured.
6) Funeral expenses: Upto Rs.1000/- over and above the sum insured 
7) Personal Accident death cover is available for additional premium.
8) Treatment of NRIs in Indian hospitals
9) Treatment in hospitals in Nepal and Bhutan in INR
Parents can be included in this plan, but premium depends on age of the insured. Premium is on the higher side compared to peers, for similar age group. It increases with higher age. Personal accident-death cover available at additional cost. Maternity benefits are available, subject to certain conditions. But domiciliary hospitalization benefits are not available. No medical check-up needed for any age of insured.
Oriental Bank of Commerce
1) Ambulance charges up to Rs.1000/- per policy period.
2) Out of pockets expenses up to Rs. 1000 per policy period
3) Funeral expenses: Up to Rs.1000/- over and above the sum insured 
4) Domiciliary hospitalization subject to certain conditions

Premium comparable among peers. However, there is no option to include parents. Maximum entry age is among the highest among peers. No medical check-up needed for any age of insured. However there are expense restrictions on room, boarding, nursing and ICU charges. Maternity benefits are not available. Further, if you take treatment from a non-network hospital, you should submit bills within 7 days.
Punjab National Bank
1) Ambulance charges up to Rs.1000/- per policy period.
2) Hospital cash up to Rs. 1000 per policy period
3) Funeral expenses: Up to Rs.1000/- over and above the sum insured 
4) Domiciliary hospitalization subject to certain conditions
Premium comparable among peers. However, there is no option to include parents. Maximum entry age is the highest among peers. No medical check-up needed for any age of insured. However there are expense restrictions on room, boarding, nursing and ICU charges. Maternity benefits are not available. Further, if you take treatment from a non-network hospital, you should submit bills within 7 days. 
SBI
1) Ambulance charges
2) Domiciliary hospitalization
3) Chemotherapy, Radiotherapy and Dental Surgery (due to accident) are covered.
4) Ayurvedic, Unani and Homeopathic treatments can be covered for additional premium.
There is no option to include parents. Maximum entry age is among the lowest among peers. There are sub limits on major expense heads.

Bank Name

VERDICT

Reference Links


Andhra Bank
Can be considered 
Bank of Baroda
Can be taken if parents need not be covered and no need for maternity benefits 
Bank of India
Can be taken if parents need not be covered 
Bank of Maharashtra
Can be taken 
Canara Bank
The premium is not age dependent. Can be taken for Individual plans.
Corporation Bank
Can be avoided 
Indian Bank
Can be taken if you want high cover, else avoid
Indian Overseas Bank
Avoid due to high premium 
Oriental Bank of Commerce
Can be taken if parents need not be covered and maternity benefits are not required.
Punjab National Bank
Can be taken if parents need not be covered and no need for maternity benefits 
SBI
Can be avoided 

For the purpose of comparison, If you prefer to download the Excel file, please click here
The above analysis is valid on the date of last update. Please refer individual policy prospectus/contact your nearest branch to find out the updated features of the policy concerned.

First published on: November 6th, 2012
Previous Update on: November 11th, 2013
Next Update on: December 9th, 2014
Last Update on: March 1, 2017  (By Vidya Kumar)

Smitha Hari
Team GettingYouRich.com

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