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.
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
|
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: Rest of India: |
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
|
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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