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Comparing Health Insurance Companies in India

Take the time to compare not only the prices of medical insurance in India but also compare the policy documents and read the fine print. Otherwise you may be disappointed when it comes time to get paid by your medical insurance company.

Here is an example:

 

ICICI Lombard are one of the companies that are offering medical insurance in India and of course advertising to NRIs to buy policies for their families in India.

So I decided to check their medical insurance policy. They indicate on the front page that their policy would cover the following:

Policy Coverage (as shown on ICICI Lombard website)
The policy covers medical expenses:

Incurred as an inpatient during hospitalization for more than 24 hours, including room charges, doctors / surgeons fee, medicines, diagnostic tests, etc.

30 days prior to hospitalization.

60 days post hospitalization.

Pre-existing disease can be covered after the 4th year provided the policy is renewed with us for four consecutive years.

Technologically advanced treatment that do not need 24-hour hospitalization but are covered under this policy are:

 


- Cataract
- Lithotripsy (Kidney Stone Removal)
- Tonsillectomy
- Eye Surgery
- Dialysis
- Dilatation & Curettage
- Chemotherapy
- Radiotherapy
- Coronary Angiography
- Cardiac Catheterization

So are all of the above covered? without reading  the full policy one would think so, however when you check many items mentioned above are not covered for the first two years! See next column. 

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Check Policy Exclusions - Reading the Fine Print

Reading the above one would believe all of the above (provided they were not pre-existing) would be covered by the policy. However, if one bothers to check the details before signing up for the policy, they would find that some of the above are not covered for two years.

When you actually read the policy wording in section 3.4 you will find the following clarification.

3.4 Expenses incurred on treatment of following diseases within the first two years from the commencement of the Policy, will not be payable:

  • Cataract

     

  • Benign Prostatic Hypertrophy

  • Hernia, Hydrocele

  • Fistula in anus, Piles

  • Arthritis, gout, rheumatism

  • Joint replacements unless due to accident

  • Sinusitis and related disorders

  • Stones in the urinary and biliary systems

  • Dilatation and curettage

  • Skin and all internal tumors/ cysts/nodules/ polyps of any kind including breast lumps unless malignant/ adenoids and hemorrhoids.

  • Dialysis required for chronic renal failure

  • Surgery on tonsils and sinuses

  • Gastric and Duodenal ulcers

With the above example I am not trying to pass the impression that ICICI Lombard medical policies are inferior in any way compared to other Insurance companies operating in India.

I am just trying to impress upon readers the necessity of finding a company whose policy suits your need and offer no surprises to you when, God forbid you or your loved ones need medical help.

Don't make assumptions and if in doubt get it in writing. Spend a few minutes when buying a policy rather than face problems when you are ill and need help.

Always check Fine Print for EXCLUSIONS in policy wording that may be written deep inside the policy.