Download Comparison of Health Insurance Policies across 10 nationalized

Comparison of Health Insurance Policies across 10 nationalized banks in India. For more details, refer to individual bank’s prospectus.
Bank Name
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Name of scheme
AB Arogyadaan Scheme
BarodaHealth
BOI National Swasthya Bima policy
Mahabank Swsthya Yojana
Insurer
United India Insurance Co Ltd
National Insurance Co Ltd
National Insurance Co Ltd
United India Insurance Co. Ltd
Eligibility
Account holders only
Account holders only
Account holders, staff and
Account holders with initial deposit
cardholders
applicable to SB accounts
Policy type
Plan 1 - self, spouse, 2 dependent
Self and family (spouse+ 2 dependent
Self and family (spouse+ 2 dependent
Plan A – Account holder, Spouse and
children
children)
children)
2 dependent children (1+3)
Plan 2 - Plan 1 +Parents of prime
Plan B - Plan A + parents (1+5)
holder
Family floater coverage
Yes
Yes
Yes
Yes
Minimum entry age
5 years (3 months if both parents are
3 months
3 months
5 years (3 months if both parents are
covered concurrently)
covered concurrently)
Maximum entry age
60 years
65 years
65 years
65 years
Maximum age on renewal
80 years
80 years, at a premium loading of
80 years, at a premium loading of
80 years
25%
25%
Minimum Sum Assured
1,00,000
50,000
50,000
50,000
Maximum Sum Assured
5,00,000
5,00,000
5,00,000
5,00,000
Bank Name
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Premium per annum
Plan 1 - Rs.6,874
Upto 65 years - Rs. 4,734
Rs. 4,213 +Service tax
Plan A - Rs. 4,875
(for a sum insured of Rs. 3 lakhs)
Plan 2 - Rs.11,587
Upto 80 years - Rs. 5,917
Pre-hospitalization time period
30 days
30 days
30 days
30 days
Post-hospitalization time period
60 days
60 days
60 days
60 days
Pre-existing diseases coverage
3 years from start of policy, if there
3 years
3 years
3 years from start of policy, if there
Plan B - 8,120
is no hospitalization during this time
is no hospitalization during this time
Medical check-up
Not Specified
No
No
No, upto 65 years
Minimum hospitalization period
24 hours, subject to certain
24 hours
24 hours, subject to certain
24 hours
exceptions
exceptions
Waiting period
30 days
30 days except accidental injury
30 days except accidental injury
30 days
Cashless facility
Available in network hospitals
Available in network hospitals
Available in network hospitals
Available in network hospitals
Claim considered same illness if
Relapse within 105 days of date of
NA
Relapse within 45 days of date of last
NA
discharge
Maximum time to submit bills on
discharge
30 days
consultation with doctor
Not specified
Not specified
Not specified
Bank Name
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Expenses limit
1) Room, boarding, nursing: 1% of
1) Ambulance charges and Out of
1) Ambulance charges and Out of
1) Ambulance charges and Out of
sum insured per day
pockets expenses: Rs.1000/- each per
pockets expenses: Rs.1000/- each per
pockets expenses: Rs.1000/- each per
2) ICU: 2% of sum insured
policy period.
policy period
policy period
3) Specific sublimits for certain
2) Health check-up: 1% of sum
2) Health check-up: 1% of sum
2) Health check-up: 1% of sum
diseases
insured after completion of three
insured after completion of three
insured after completion of three
4) Pre&post hospitalization expenses:
continuous claim free years
Major exclusions
continuous claim free years
continuous claim free years
10% of sum insured
3) Maternity Benefit and Baby Care
3) Maternity Benefit and Baby Care
5) 20% of all admissible claims will
Expenses: 5% of the sum insured.
Expenses: 5% of the sum insured.
be deductible towards co-payment of
4) Funeral expenses: Rs.1000/- over
4) Funeral expenses upto Rs 1,000/-
the claim.
and above the sum insured
in case of insured donating eye(s)
1)Pre-existing diseases upto 3 years
1)Pre-existing diseases upto 3 years
1)Pre-existing diseases upto 3 years
1)Pre-existing diseases upto 3 years
2) Any disease within 30 days of start
2) Any disease within 30 days of start
2) Any disease within 30 days of start
2) Any disease within 30 days of start
of policy
of policy, except injury out of
of policy, except injury out of
of policy
3) Certain treatments done with 1
accident
accident
3) Certain treatments done with 1
year of start of policy
3) Certain treatments done with 1
3) Certain treatments done with 1
year of start of policy
4) Alternative treatment
year of start of policy
year of start of policy
4) Naturopathy treatment
5) Dental treatments
4) Naturopathy treatment
4) Expenses primarily for diagnosis
5) Dental treatments
6) Pregnancy related
5) Dental treatments
5) Naturopathy treatment
6) Pregnancy related beyond 5% of
7) Domiciliary hospitalization
6) Pregnancy related
5) Dental treatments
Sum Insured
benefits
7) Benefits accrued under previous
6) Benefits accrued under previous
7) Domiciliary hospitalization
policies by any other insurance co
policies by any other insurance co
benefits
Bank Name
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Additional covers
Not Specified
1) Ambulance charges upto Rs.1000/-
1) Ambulance charges upto Rs.1000/-
1) Ambulance charges upto Rs.1000/-
per policy period.
per policy period.
per policy period.
2) Out of pockets expenses upto Rs.
2) Out of pockets expenses upto Rs.
2) Hospital cash upto Rs. 1000 per
1000 per year for hospitalisation of
1000 per year for hospitalisation of
year for hospitalisation of children
children below 12 years
children below 12 years
below 12 years
3) Health check-up: 1% of sum
3) Health check-up: 1% of sum
3) Health check-up: 1% of sum
insured after completion of three
insured after completion of three
insured after completion of three
continuous claim free years
continuous claim free years
continuous claim free years
4) Maternity Benefit and Baby Care
4) Funeral expenses upto Rs 1,000/-
Expenses: up to 5% of the sum
in case of insured donating eye(s)
insured.
5) Maternity benefits and baby care :
6) Funeral expenses: Upto Rs.1000/-
Upto 5% of sum insured if opted
over and above the sum insured
6) Treatment in Nepal/Bhutan in
7) Domiciliary hospitalization subject
Indian currency
to certain conditions
7) Personal accident - death benefits
8) Treatment of NRIs in Indian
included, subject to certain conditions
hospitals
9) Treatment in hospitals in Nepal
and Bhutan in INR
Bank Name
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Closing comment
This plan gives you the option of
Premium comparable among peers.
Premium is low and many additional
This plan gives you the option of
including your parents. However,
However, there is no option to
covers are available. Maternity
including your parents. Premium
compared to other plans, premium is
include parents. Also, there are no
benefits and domiciliary
comparable with peers. Many
higher for both the available plans.
maternity benefits available. No
hospitalization benefits are also
additional covers are available.
Further, though exclusions are in line
medical check-up needed for any age
available. However, parents are not
Maternity benefits and personal
with peers, there is a limit on various
of insured
included. No medical check-up
accident cover is also available.
needed for any age of insured
However medical check-up is needed
expense heads not normally seen in
peers. Maximum entry age for new
if you are above 65 years
policy is also among the lowest
VERDICT
Avoid due to high premium and other
Can be taken if parents need not be
Can be taken if parents need not be
restrictions
covered and no need for maternity
covered
benefits
Can be taken
Bank Name
Canara Bank
Corporation Bank
Indian Bank
Indian Overseas Bank
Name of scheme
CanMediclaim
Corp Mediclaim
IB Arogyaraksha
IOB Health Care Plus
Insurer
United India Insurance Co. Ltd
New India Assurance Company Ltd.
United India Insurance Co. Ltd
Universal Sompo General Insurance
Company Ltd
Eligibility
Account holders of the Bank i.e.
Account holders only
Account holders
Deposits as well as loan, including
Saving bank, Cumulative deposit
Account holders, including NRIs
employees, ex-employees and
Cancard holders
Policy type
Plan A – Account holder, Spouse and
Self and family (spouse+ 2 dependent
Self and family (spouse+ 2 dependent
Self and family (spouse+ 2 dependent
2 dependent children (1+3)
children)
children+parents)
children); Parents can be included for
Plan B - Plan A + parents (1+5)
4 Plans depending on the age of the
3 Plans as under:
additional premium
senior most member of the family
i) Plan A upto 35 years*
ii) Plan B upto 65 years*
iii) Plan C upto 80 years*
(* Based on the age of the eldest
person in the group)
Family floater coverage
Yes
Yes
Yes
Yes
Minimum entry age
5 years (3 months if both parents are
3 months
3 months
NA
covered concurrently)
Maximum entry age
60 years
65 years
80 years
65 years
Maximum age on renewal
80 years
70 years
80 years
80 years
Bank Name
Canara Bank
Corporation Bank
Indian Bank
Indian Overseas Bank
Minimum Sum Assured
50,000
50,000
50,000
50,000
Maximum Sum Assured
5,00,000
5,00,000
10,00,000 (subject to certain
5,00,000
restrictions for Plan C)
Premium per annum
Plan A - Rs. 4,870
Plan 1: Age of senior most family
Not Specified
Rs. 6,261
(for a sum insured of Rs. 3 lakhs)
Plan B - 8,131
member -35 years: Rs. 3,526
(For a family of four, without
Plan 2: Age of senior most family
Personal Accident cover; Age of
member- 36-45 years: Rs. 3,832
senior most family member: 36-45
Plan 3: Age of senior most family
years)
member- 46-55 years: Rs.4,873
Plan 4: Age of senior most family
member- 56-65 years: Rs. 5,605
Plan 5: Age of senior most family
member- 66-70 years: Rs.6,752
Premium is for four family members
and is exclusive of service tax and
Rs.250 bank charges
Pre-hospitalization time period
30 days
30 days
NA
NA
Post-hospitalization time period
60 days
60 days
NA
NA
Pre-existing diseases coverage
3 years from start of policy, if there
4 years from start of policy, if there
3 years from start of policy, if there
3 years from start of policy, if there
is no hospitalization during this time
is no hospitalization during this time
is no claim during this period
is no claim during this period
No
No, upto 55 years
No
No
Medical check-up
Bank Name
Canara Bank
Corporation Bank
Indian Bank
Indian Overseas Bank
Minimum hospitalization period
NA
NA
NA
NA
Waiting period
30 days
30 days except accidental injury
30 days except accidental injury
30 days except accidental injury
Cashless facility
Available in network hospitals
Available in network hospitals
Available in network hospitals
Available in network hospitals
Claim considered same illness if
Relapse within 105 days of date of
NA
NA
NA
Not specified
Not specified
Not specified
Not specified
1) Ambulance charges and hospital
1) Ambulance charges upto Rs.1000/-
Not specified
1) Ambulance charges and out of
cash: Rs.1000/- each per policy
per policy period.
discharge
Maximum time to submit bills on
discharge
Expenses limit
pocket expenses: Rs.1000/- per
period.
policy period.
2) Health check-up: 1% of sum
2) Health check-up: 1% of sum
insured after completion of three
insured after completion of three
continuous claim free years
continuous claim free years
3) Funeral expenses: Rs 1,000/- in
3) Maternity Benefit and Baby Care
case of insured donating eye(s)
Expenses:5% of the sum insured.
5) Maternity benefits and baby care :
4) Funeral expenses:Rs.1000/- over
5% of sum insured
and above the sum insured
Bank Name
Canara Bank
Corporation Bank
Indian Bank
Indian Overseas Bank
Major exclusions
1)Pre-existing diseases upto 3 years
1)Pre-existing diseases upto 4 years
1)Pre-existing diseases upto 3 years
1)Pre-existing diseases upto 3 years
2) Any disease within 30 days of start
2) Any disease within 30 days of start
2) Any disease within 30 days of start
2) Any disease within 30 days of start
of policy
of policy except accidental injury
of policy except accidental injury
of policy except accidental injury
3) Certain treatments done with 1
3) Certain treatments done with 1
3) Certain treatments done with 1
3) Certain treatments done with 1
year of start of policy
year of start of policy
year of start of policy
year of start of policy
4) Naturopathy treatment
4) Naturopathy treatment
4) Domiciliary hospitalization
5) Dental treatments
5) Dental treatments
benefits
6) Treatment arising from or traceable
6) Treatment arising from or traceable
to pregnancy (including voluntary
to pregnancy (including voluntary
termination of pregnancy) and child
termination of pregnancy) and child
birth including caesarean section
birth including caesarean section
7) Domiciliary hospitalization
7) Domiciliary hospitalization
benefits
benefits
Bank Name
Canara Bank
Corporation Bank
Indian Bank
Indian Overseas Bank
Additional covers
1) Ambulance charges upto Rs.1000/-
1) Ambulance charges upto Rs.1000/-
Maternity expenses after 9 months of
1) Ambulance charges upto Rs.1000/-
per policy period.
per policy period.
taking first policy – for the first two
per policy period.
children only
2) Out of pockets expenses upto Rs.
2) Hospital cash upto Rs. 1000 per
year for hospitalisation of children
1000 per year for hospitalisation of
below 12 years
children below 12 years
3) Health check-up: 1% of sum
3) Health check-up: 1% of sum
insured after completion of three
insured after completion of three
continuous claim free years
continuous claim free years
4) Funeral expenses upto Rs 1,000/-
4) Maternity Benefit and Baby Care
in case of insured donating eye(s)
Expenses: up to 5% of the sum
5) Maternity benefits and baby care :
insured.
Upto 5% of sum insured if opted
6) Funeral expenses: Upto Rs.1000/-
6) Treatment in Nepal/Bhutan in
over and above the sum insured
Indian currency
7) Personal Accident death cover is
7) Personal accident - death benefits
available for additional premium.
included, subject to certain conditions
8) Treatment of NRIs in Indian
hospitals
9) Treatment in hospitals in Nepal
and Bhutan in INR
Bank Name
Canara Bank
Corporation Bank
Indian Bank
Indian Overseas Bank
Closing comment
This plan gives you the option of
Premium depends on age of the senior
Parents are included in this plan, but
Parents can be included in this plan,
including your parents. Premium
most member in the family. It works
premium depends on age of the
but premium depends on age of the
comparable with peers. Additional
out cheaper than other plans if you
insured. Maternity benefits are
insured. Premium is on the higher
covers include Maternity benefits and
are below 45 years. However, service
available, subject to certain
side compared to peers, for similar
personal accident cover. However,
tax and bank charges are applicable
conditions. The maximum age of
age group. Personal accident-death
domiciliary hospitalization benefits
over n above the premium amount.
entry is higher compared to other
cover available at additional cost.
are not available. No medical check-
Further the maximum age for renewal
policies. A unique feature is the high
Maternity benefits are available,
up needed for any age of insured.
of the policy is lower than other
amount of cover which can be taken
subject to certain conditions. But
policies. The pre-existing diseases
(Rs. 10 lakhs)
domiciliary hospitalization benefits
waiting period is higher than other
are not available. No medical check-
policies and medical check-up is
up needed for any age of insured.
needed above 55 years. Maternity and
domiciliary hospitalization benefits
also not available
VERDICT
Can be taken. Avoid if you need
Can be taken for lower age, due to
Can be taken if you want high cover,
domiciliary hospitalization benefits
lower premium. Else avoid due to
else avoid
high premium and other restrictions
Avoid due to high premium
Bank Name
Oriental Bank of Commerce
Punjab National Bank
Name of scheme
Oriental Bank Mediclaim
Royal Mediclaim
Insurer
Oriental Insurance Company Ltd
Oriental Insurance Company Ltd
Eligibility
Account holders only
Account holders and employees
Policy type
Self and family (spouse+ 2 dependent children)
Self and family (spouse+ 2 dependent children)
Comment
Option to include parents available with: Andhra Bank,
Bank of Maharashtra, Canara Bank, Indian Bank, IOB
Family floater coverage
Yes
Yes
Minimum entry age
3 months
3 months
Maximum entry age
79 years
80 years
Higher entry age for Indian Bank, Oriental Bank of
Commerce and Punjab National Bank; Lower age for
Andhra Bank, Canara Bank
Maximum age on renewal
79 years
80 years
Minimum Sum Assured
1,00,000
1,00,000
Maximum Sum Assured
5,00,000
5,00,000
Highest sum assured option available with Indian Bank
Bank Name
Oriental Bank of Commerce
Punjab National Bank
Comment
Premium per annum
Rs 4,620
Rs. 4,536
Most banks charge a flat premium irrespective of age;
Andhra Bank - Premium comparatively high
(for a sum insured of Rs. 3 lakhs)
Corporation Bank and IOB charge premium according to
age- high premium in Corporation Bank if you are above
55 years
Indian Overseas Bank - premium is high compared to
peers
Cheapest premium available with Bank of Baroda, Bank
of India, Punjab National Bank and Oriental Bank of
Commerce
Pre-hospitalization time period
30 days
30 days
Post-hospitalization time period
60 days
60 days
Pre-existing diseases coverage
3 completed years
NA
Corporation Bank has higher time period for pre-existing
diseases
Medical check-up
No
No
Minimum hospitalization period
24 hours, subject to certain exceptions
24 hours, subject to certain exceptions
Waiting period
30 days
30 days
Cashless facility
Available in network hospitals
Available in network hospitals
Bank Name
Oriental Bank of Commerce
Punjab National Bank
Comment
Claim considered same illness if
Relapse within 105 days of date of discharge
Relapse within 105 days of date of discharge
Most banks are silent on this; Bank of India has a shorter
time period for 'new illness' but it is from the date of last
consultation with the doctor, which can be beneficial
Maximum time to submit bills on
7 days
7 days
1) Room, boarding, nursing: 1% of sum insured
1) Room, boarding, nursing: 1% of sum insured
Expenses limit more stringent in Andhra Bank; most
per day
per day of Rs. 5,000 whichever is less
other banks have similar expense limit restrictions
2) ICU: 2% of sum insured per day
2) ICU: 2% of sum insured or Rs.10,000
3) Ambulance charges: 1% of sum assured per
whichever is less
policy period
3) Ambulance charges: 1% of sum assured per
4) Hospital cash: Upto 1,000 per policy period
policy period
5) Funeral expenses: 1,000 during the policy
4) Hospital cash: Upto 1,000 per policy period
period
5) Funeral expenses: 1,000 during the policy
discharge
Expenses limit
period
Bank Name
Oriental Bank of Commerce
Punjab National Bank
Comment
Major exclusions
1)Pre-existing diseases upto 3 years
1) Certain treatments done with 1 year of start
Maximum exclusions under Andhra Bank, Corporation
2) Any disease within 30 days of start of policy,
of policy
Bank and Canara Bank
except injury out of accident
2) Expenses primarily for diagnosis
Pregnancy related benefited excluded from Andhra Bank,
3) Certain treatments done with 1 year of start of
3) Naturopathy treatment
Bank of Baroda, Canara Bank, Corporation Bank,
policy
4) Dental treatments
Oriental Bank and PNB
4) Expenses primarily for diagnosis
5) Treatment arising from or traceable to
Domiciliary hospitalization benefits excluded from
5) Naturopathy treatment
pregnancy (including voluntary termination of
Andhra Bank, Bank of Maharashtra, Corporation Bank,
6) Dental treatments
pregnancy) and child birth including caesarean
Indian Overseas Bank
7) Treatment arising from or traceable to
section
pregnancy (including voluntary termination of
pregnancy) and child birth including caesarean
section
Additional covers
1) Ambulance charges upto Rs.1000/- per policy
1) Ambulance charges upto Rs.1000/- per
Maximum additional covers under Bank of India, Indian
period.
policy period.
Overseas Bank, Bank of Maharashtra and Canara Bank
2) Out of pockets expenses upto Rs. 1000 per
2) Hospital cash upto Rs. 1000 per policy
policy period
period
3) Funeral expenses: Upto Rs.1000/- over and
3) Health check-up: On completion of four
above the sum insured
continuous claim free years, maximum of 1%
4) Domiciliary hospitalization subject to certain
of average sum insured of the four years
conditions
4) Funeral expenses: Upto Rs.1000/- over and
above the sum insured
4) Domiciliary hospitalization subject to certain
conditions
Bank Name
Oriental Bank of Commerce
Punjab National Bank
Closing comment
Premium comparable among peers. However,
Premium comparable among peers. However,
there is no option to include parents. Maximum
there is no option to include parents. Maximum
entry age is the highest among peers. No medical
entry age is the highest among peers. No
check-up needed for any age of insured. However
medical check-up needed for any age of
there are expense restrictions on room, boarding,
insured. However there are expense restrictions
nursing and ICU charges. Maternity benefits are
on room, boarding, nursing and ICU charges.
not available. Further, if you take treatment from
Maternity benefits are not available. Further, if
a non-network hospital, you should submit bills
you take treatment from a non-network
within 7 days.
hospital, you should submit bills within 7 days.
Health check-up costs reimbursed after
completion of 4 claim free years, compared to 3
years among peers.
VERDICT
Can be taken if parents need not be covered and
Can be taken if parents need not be covered and
no need for maternity benefits
no need for maternity benefits
Comment