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Health Insurance - An Overview
The term Health Insurance is generally used to describe a form of insurance that pays for medical
expenses. It is sometimes used more broadly to include insurance covering Disability or Long Term
Nursing or Custodial Care needs.
Under the Insurance Act, 1938, insurance against sickness & medical treatment is not part of
the Life Insurance Business but comes under miscellaneous insurance business, which is part
of General Insurance business. In many country including India it comes under both business.
Critical Illness Plans: Provide coverage against critical illnesses such as heart attack, organ transplants,
stroke, and kidney failure among others.
Such as CRISIS COVER,
HEALTH ASSURE PLUS.
CARE FIRST
It is three year Health Insurance Plan providing comprehensive health cover with a life
insurance plan. This plan covers the Six Plans that’s why it called as 6 in 1 plan.
Maturity Payable in health assure plus plan Does not provide such benefit
benefit if no claims made during policy
term
Surgery Hospital care gives this benefit Max Rs 50,000 per policy year
benefit depending on surgery grade
Entry age Min 1 year & max 60 yrs Min 18 yrs & max 57 yrs
throughout its different plans throughout its different plan
Basis ICICI Prudential Bajaj Allianz
Special It has special plan for diabetes & Such plans are not available
condition plans Cancer . here
Hospital 4583 hospitals allover India 2000 hospitals allover India
networks
Multiple claim One can make multiple claim It also provide multiple claim
during a policy term but it should benefit for various surgical ,
not exceed the benefit limit hospital cash and post
hospitalization benefits
Cashless Only in network hospitals Only in network hospitals
hospitalization
Tax benefit As per the tax laws under section As per the tax laws under
80C & 80D section 80C & 80D
Maximum age 80 yrs in hospital care, 75&65 in 65 in all of the plans
of ceasing critical illness plan 70 in all
special condition plan
Renewal In most of the plans Policy term Necessary after 3 yrs to
are quite long to cease the continue the policy to the next
maximum age, but wherever 3 yrs
needed plan can be renewed
CONCLUSION
From the point of view of consumers both the companies
have
mostly common plans with common benefits. But ICICI Pru life
have some more advantages over BajajAllianz life insurance in
the following ways:-