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50 Lakh Cover for Rs 7,123/-. Too good to be true ?

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hs23new said:
1) Correct, bank has confirmed the same. It will continue after 60. Only condition is that if you close the ICICI savings account then policy cannot be renewed.

2) ICICI has discontinued policy less then 25L. 25L is minimum.

3) For modern surgeries, capping is 50% off the SI. This is still better then other policies which cap to base SI as this 25L policy is cheaper then 10L policy.

4) If you are under 35, the policy is practically free when you consider the extensive free health check up included. Health check up with most other policies does not include radiology.
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icici lombard says it stops at 60 since they are the provider of this policy .please confirm
 
APT said:
icici lombard says it stops at 60 since they are the provider of this policy .please confirm
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When it comes to insurance IRDAI is the regulator.

As per it's comprehensive guidelines on its website, all general insurance companies will have an entry age of 18 to maximum at least 65 (this insurer has set its own, should be challenged)

Entry age means the age when one can join the insurance. However, once insured it must continue, no insurance company can just drop you after a certain age or condition, that will be against IRDAI guidelines.
 
a_tease said:
So, I wanted to take a health insurance and decided to check policies and premiums. The huge difference is making my mind go nuts. what am I missing?

Policy 1: ICICI Lombard Health Shield 360, 50 Lakh health cover for 1 Adult is 7,123 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRc6CiDpMnqF52fH?e=0X7cxT

Policy 2: HDFC Ergo Optima Secure, 50 Lakh cover for 1 adult is 69044 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRgMULZF5jwu2WPT?e=3ZmYmo

The difference in premium is too much. Anyone else came across the same ?
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I undestand that it's been long, however, would it be possible for you to make these links working again or re upload and share? TIA
 
APT said:
icici lombard says it stops at 60 since they are the provider of this policy .please confirm
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They cannot stop for renewal post 60 as it's then against IRDAI guidelines. They can only have restrictions on entry age.
 
Has anyone successfully made a claim without encountering any issues? I’m curious about the actual claim process. Thank you in advance.
 
technoguru said:
Has anyone successfully made a claim without encountering any issues? I’m curious about the actual claim process. Thank you in advance.
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It will go through for sure. No need to worry about the brand. I wish anybody never has to use that insurance. 😀
 
a_tease said:
So, I wanted to take a health insurance and decided to check policies and premiums. The huge difference is making my mind go nuts. what am I missing?

Policy 1: ICICI Lombard Health Shield 360, 50 Lakh health cover for 1 Adult is 7,123 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRc6CiDpMnqF52fH?e=0X7cxT

Policy 2: HDFC Ergo Optima Secure, 50 Lakh cover for 1 adult is 69044 rupees.
https://1drv.ms/b/s!Aj-KtmxrLYJ1jRgMULZF5jwu2WPT?e=3ZmYmo

The difference in premium is too much. Anyone else came across the same ?
Click to expand...
Policy 1 is ICICI's group policy and not the retail policy.

If you are already covered by your emploer for health policy then I will suggest to buy retail policy instead of group policy.

Difference between group and retail policy.
www.ethika.co.in

Which one is better to opt – Retail Health Insurance or Group Mediclaim

Nothing is right or wrong it is always relative. The same is the case with Group Health Insurance and Retail Health Insurance. To answer the question of which among the two is best it would be good to know what it offers and what is not and under what circumstances, then choose what best suits...
www.ethika.co.in www.ethika.co.in

# Pros and Cons of group policy.
 
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Patil007 said:
Policy 1 is ICICI's group policy and not the retail policy.

If you are already covered by your emploer for health policy then I will suggest to buy retail policy instead of group policy.

Difference between group and retail policy.
www.ethika.co.in

Which one is better to opt – Retail Health Insurance or Group Mediclaim

Nothing is right or wrong it is always relative. The same is the case with Group Health Insurance and Retail Health Insurance. To answer the question of which among the two is best it would be good to know what it offers and what is not and under what circumstances, then choose what best suits...
www.ethika.co.in www.ethika.co.in

# Pros and Cons of group policy.
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The url you linked mentions about group insurance (funded) by employer. ITT, we are discussing group insurance policy for ICICI bank customers.
 
sadhunath said:
The url you linked mentions about group insurance (funded) by employer. ITT, we are discussing group insurance policy for ICICI bank customers.
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Yes, but still this policy is group policy only and not the retail. That is the only reason for this much lower premium.

There are many advatages in this policy at very cheap premium.

Disadvanatges:
Portability in future
If tied up breakdown between ICICI and Lombard then we need to buy new policy and then premium will be very high due to age factor and waiting period for all disease applies.
 
Patil007 said:
Disadvanatges:
Portability in future
If tied up breakdown between ICICI and Lombard then we need to buy new policy and then premium will be very high due to age factor and waiting period for all disease applies.
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As per IRDAI, group to retail portability possible within same insurer, then retail to retail to any insurer from second year. Everything carries forward, except no new NCB.
 
Max said:
I had been a part of a similarly priced ICICI Group Insurance plan for my college alumni - the problem with such plans is, they can be withdrawn unilaterally by the insurer anytime, or pricing increased which is what happened in our case after 2 years (post COVID hit in Apr 2021). So be mindful of this fact, as any insurer can withdraw a plan anytime, just that likelihood is higher in such plans with promotional pricing.
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Yes That is the major disadvantage of group policy.
 
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