8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 1/73You are here: Home / Insurance Planning / IRDA Incurred Claim Ratio-How to choose the best health Insurance?IRDA Incurred Claim Ratio-How to choosethe best health Insurance?January 12, 2015 by Basavaraj Tonagatti 201 CommentsWhen it comes to purchasing health insurance either for you or to family, then you will come across many moredoubts, like how much insurance is suffice for you, whether you can afford it or not, which one to buy and muchmore. The answer to this is a simple tool developed by POLICYADVISOR. Let us look how it works and helpyou.Before proceeding further, let us look at recent annual report of IRDA Annual Report 2013-14. This will alsogive you some inputs about whom to believe and how they are doing business.What is the Incurred Claims Ratio?It is the ratio of claim incurred by the insurance company to actual premium collected for that period. You mayalso say it as a net claim settlement cost incurred to the net premium collected for a given accounting period.Formula for calculating is as below.Incurred Claim Ratio=Net claims incurred/Net earned premium.For example, let us say an insurance companys incurred claim ratio is 90%. Then what it indicates is, forevery Rs.100 earned as premium, Rs.90 spent on the claims settled by the insurer. Therefore, Rs.10 is theHome Q&AForum AboutBasuNivesh Old-Articles ContactusI nsurancePlanning I nvestmentPlanning MutualFund EPFandPPF TaxPlanning BankingRealEstateShare 4Share 34Tweet 11Pin0 Share 0Share 08/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 2/73profit to the company. If this incurred claim ratio is over and above 100%, then it indicates that they suffered aloss in their business.What this ratio indicates?This indicates how much you can believe in insurance companies, when it comes to claim. Usually higher theincurred claim ratio then it is good for you. This is how the health insurance companys performance is gauged.However, when it comes to insurance company point of view, then if higher the incurred claim ratio means thecompany is in loss. That is the reason usually insurance companies load your premium when they incur ahigher loss in particular age group segment (even though you do not have any claims in previous years).What this ratio doesnt indicate?When company A and company B have a same incurred claim ratio then it is hard for you to judge who settledclaims quickly. So even though it may give a clear picture about an insurance company, but still hard to findwho is efficient in claim settlement.What is the difference between incurred claim ratios to claim settlement ratio?You can confuse yourself between incurred claim ratios to claim settlement ratio. The claim settlement ratio isthe ratio of settled claims to the total claims filed in a given accounting period. Therefore, if claim settlementratio indicates 90%, then it means that out of 100 claims filed 90 claims are settled. Remaining 10% claims areeither rejected or pending with the insurance company.Below is the latest IRDA Annual Report for 2013-14 for individual Health Insurance Companies IncurredClaim Ratio for 2013-14.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 3/73As I said above, this CIR will give you an indication of believing on these insurance companies. You may noticethat none of the private health insurance companies (including standalone health insurance companies) hasCIR of more than their collected premium.Now let us move to the next step of selecting the health insurance product by using the tool ofPOLICYADVISOR. Here in the first place you need to enter your date of birth and city you currently live. Thename of the city is important to identify the cost of health in these cities. They did some research on this toarrive at the final figures on this.Next, you need to enter your marital status, your monthly income, whether you want to add family membersor not. If yes, then add the number of members you want to cover in this policy.Last step is to specify whether you have any existing health insurance or not. This is required to arrive at therequired Sum Insurance. Along with that, you need to enter information about any health issues. Finally sharethe information, whether you have any major hospital expenses in last 1 year or so.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 4/73That is all what you need to do. The result will show you whether you require any health insurance or not(based on your current health insurance), ideal cover required for you (based on current requirement, the cityyou stay, family members you want to cover and your health status.) and the required cover which excludesthe existing insurance coverage.If you need quotes for this insurance, then you can fill up your personal data like name, email id and mobilenumber. This will give you the list of products.Few assumptions that were made to arrive at required quote are as below.You are the eldest member of the family.You have an annual surplus of 3% to 4% to pay towards your health insurance premium.You have not exhausted the Sec.80D limit.Your premium affordability may vary to actual calculation. However, it is considered based on industryaverage.This is not a final recommendation. Before buying a product, consult insurance adviser or financialplanner.I know that buying health insurance involves too many data like apart from said information you may requireinformation like co-payment clause, pre-existing diseases or many more. But by going through IRDA ICR andusing the POLICYADVISOR tool at least you may come to nearer of your selection.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 5/73AnonymousSimilar Stories...LICs Jeevan Vaibhav-ReviewOnline Term Insurance in India-Beware before buying !!!Video Tutor on how to buy online term plan of LICs e-TermMis-Selling in Insurance industry with exampleLICs Bonus rates for 2013-14 and ComparisonBasavaraj TonagattiI am a Certified Financial Planner by qualification and currently living in Bangalore. I am usingthis platform to spread knowledge about Personal Financial Planning. Hope you too join me inspreading this awareness :)Connect With Me : Facebook Google+ TwitterCommentssiddharth saysAugust 5, 2015 at 8:57 PMCould you suggest a good Health Insurance provider for myself ( 32 ) and my Brother ( 26) .ThanksSir.ReplyBasavaraj Tonagatti saysAugust 6, 2015 at 10:01 AMSiddharth-The list with data already available in above post.ReplySandeep Singh saysAugust 3, 2015 at 11:43 AMShare 4Share 34Tweet 11Pin0 Share 0Share 08/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 6/73Dear SirI want to buy health insurance for me & my wife. pl suggest which is best for for me keeping in mindservice, Claim settlement ratio, support & premium.I want following things to be covered :1. Minor operations like herina, cattract eye sight issues etc. ( immediately after 30 to 90 days after ibuy policy)In most of polices , this benefits they give after 24 months.2. Maternity benefits3. Critical illness coverage4. Pre diseases cover5. Reimbursement if i use non-network hospital like Fortis, PGI chandigarh etc.i have gone through Max Bhupa (family first plan )- for 15 lakh premium is 18222/- , it is too high.Apollo is also there but i do not know much about their service, performance. CIR etc.Pl give me ur valuable advice.regardsSandeep SinghReplyBasavaraj Tonagatti saysAugust 3, 2015 at 12:20 PMSandeep-It seems you are going for surgery or hospitalization soon and that is the reason lookingfor a health insurance. No one can protect you in such situations.ReplyGaurav Malik saysAugust 2, 2015 at 1:26 PM8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 7/73Sir,I have Max Bupa Gold Heartbeat Gold 10 Lakhs for 2 Adults ( 36 and 32) and one Child 2 Years. Mythis years premium is 27,500. I have checked our Religare the same is 16359 for Super No ClaimBonus. What would you advice? Max Bupa claims that within my policy they also cover Critical Illnessto the SA but I do not see it written anywhere within the policy. Please advice.Best RegardsGaurav MalikReplyBasavaraj Tonagatti saysAugust 2, 2015 at 4:12 PMGaurav-Dont combine critical illness with health insurance. Just buy it separately.ReplyGaurav Malik saysAugust 2, 2015 at 10:14 PMBut do you advice that I discontinue the Max Bupa and go in for the Religare Policy. I feel apremium for 27,000 is unjustified almost for a similar policy.RegardsReplyBasavaraj Tonagatti saysAugust 3, 2015 at 12:42 PMGaurav-I am not suggesting either to discontinue or continue. I just said separate thehealth insurance with critical. If the Religare is matching your features requirementand also within budget then you can go with Religare. You are the right person to judgeit.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 8/73ReplySrivatsav saysAugust 1, 2015 at 12:16 AMDear Basu,Thank you for this wonderful blog !Basu, Just need your adviceI am planning to take a family floater with Sum Assured of Rs 10 Lacs where the NCB could go upto20 Lacs if there is no claim ( 2 Adults + 1 Child )I have found Max Bupa Companion and Royal Sundaram Lifeline Supreme quite attractive. HoweverI am not quite sure of their services in the long run and I have also found their premium lowcompared to others.Whats your take on this ? Which one do you suggest or is there any alternative ?Regards,SrivatsavReplyBasavaraj Tonagatti saysAugust 1, 2015 at 10:06 AMSrivatsav-I am not sure about Royal Sundaram but I feel MaxBupa provides good service.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 9/73Malhari salunkhe saysJuly 30, 2015 at 10:20 AMI want to buy Health Insurance for my Parents. Father Age 52 & Mother Age 49.Mother is having joint pain .is this considered in preexisting disease ?Please suggest which Insurance Provider is best for SI 4-5 lacks ?Shall i go with Religare or ICICI lomard ?ReplyBasavaraj Tonagatti saysJuly 30, 2015 at 12:31 PMMalhari-Joint pain is considered as existing disease. For me both are fine. Also, suggest to checkfor Apollo or some public sectors like National and New India.ReplyNitin saysJuly 28, 2015 at 3:06 PMMr Basavaraj,First, thank you for such informative post.I noticed, mostly youre suggesting buying health insurance from standalone companies e.g. Star,Apollo, Max or Religare even though their CIR is much less than other private sector companies e.g.ICICI, HDFC etc. I undersntad that public insurers can sustain on loss (with high CIR) but what arethe advantage you see going with standalone insurers compared to private insurers? I feel ICICI with93% CIR is very good compared to Apollos 65%.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 10/73Basavaraj Tonagatti saysJuly 29, 2015 at 12:32 PMNitin-First of all, I am not sticking my recommendations to any particular company. Secondthing is, CIR is not a sole criteria to select a company. There are millions of reasons for gettinghospitalized. Hence, we cant generalize and say that based on CIR we must buy an insurance.We have to look for efficiency in claim settlement (adopting fast approach), features we arelooking forward, premium affordability and comfort with company.ReplyNitin saysJuly 31, 2015 at 12:15 PMNo particular to a company but to group of standalone insurerstwo of your replies hereprove itBasavaraj Tonagatti saysJune 29, 2015 at 11:56 AMSujit-You can check with Star, Apollo, Max or Religare.Basavaraj TonagattiBasavaraj Tonagatti saysMay 6, 2015 at 10:14 AMSunny-Go with Apollo, Max or Religare (I am not aware about TTK). There is noadvantage. But in case of settlement they may be bit generous.ReplyBasavaraj Tonagatti saysJuly 31, 2015 at 1:51 PMNitin-I consider service as a major issue when it comes to health insurance. Hence, Iam fan of standalone companies. You may think of I am biased and you are free tointerpret it. Because I have any profit from recommending public, private orstandalone companies 8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 11/73ReplyNitin saysJuly 31, 2015 at 2:38 PMYes, youre not sticking a particular company but to group of standalone insurers. This isevident from your replies below. CIR is not only criteria but most important because delayin claim (public company) is better than denying claim (private standalone company). Willyou prefer efficiency in claim settlement than increasing probability of claim denial ?ReplyBasavaraj Tonagatti saysJuly 31, 2015 at 2:46 PMNitin-There are million reasons to be sick and at the same time insurance companieshave million reasons to reject. Hence, depending solely on CIR is not best. Also, forcompanies point of view, approving is easy than rejecting. Because rejecting leads toproper answer to client or in some cases either court or IRDA. Hence, they must takeinto notice of that point. The data which IRDA publishes itself not indicate what are themajor reasons for rejection. Then it is wrong to generalize and say that if a companyrejection ratio is more than it rejects your claim too. You are saying PROBABILITY.Hence, I will not indulge in predictions. For me what matters more is completedisclosure from my end, understand the plan features and exclusions.ReplyAmit Mo saysJuly 27, 2015 at 6:10 PM8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 12/73Hi, Do you have latest updated table of ICR published in current year?ThanksReplyBasavaraj Tonagatti saysJuly 27, 2015 at 7:08 PMAmit-This is the updated one.ReplyRavi saysJuly 26, 2015 at 1:51 AMDear Mr. Basavaraj,Thank you for the detailed guide on how to choose the best health insurance, which is of great valueto all of us.I have a question: I have a Religare Care floater policy for Rs.5 lakhs, which is one year old, and aReligare Enhance I floater policy for Rs. 5 lakhs which I have taken on 18 July 2015. Both thesepolicies are for me and my wife. The Enhance I policy has Deductible: Rs.5 lakhs.Now suppose that I or my wife incurs a medical expense of say Rs.8 lakhs , does Deductible meanthat I can claim Rs.5 lakhs from the Care policy, and the balance Rs.3 lakhs from the Enhance Ipolicy? This way can I claim the full Rs.8 lakhs from the two policies?Secondly, if say the other person in these policies have any medical expenses in the same year, howmuch will be left to claim for the other person in the same year?Your reply shall be highly appreciated. Just want to be clear about how these policies will operate.ThanksRavi KumarReply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 13/73Basavaraj Tonagatti saysJuly 26, 2015 at 12:43 PMRavi-Care policy is treated as separate than the Enhance. Please read the definition provided byReligare about Deductible as Deductible Plan works on the simple principle of Policy Deductible,which is the pre-defined amount that you will bear, through your own finances or any othersource, during a medical event Any amount over and above policy deductible will be borne by us.The pre-specified deductible can be reduced/exhausted using the principle of aggregation.Simply put, if you opt for a 6 lac Sum Insured with deductible of 2 lac, then 2 lac will be borne byyou and 6 lac over and above the deductible of 2 lac will be borne by us..Replyravi saysJuly 26, 2015 at 3:11 PMAs you said, Care policy is treated as separate from Enhance policy, but suppose that I ormy wife incurs a medical expense of say Rs.8 lakhs for hospitalisation, can I can claim Rs.5lakhs from the Care policy, and the balance Rs.3 lakhs from the Enhance policy? This is theidea of the Enhance policy, is it not, as a top-up policy?RaviReplyBasavaraj Tonagatti saysJuly 26, 2015 at 5:54 PMRavi-In case the claim amount is less than sum insured then there will not be anyproblem. You can approach any insurance company (in your case policy) and settle theclaim. However, if the claim amount is more than sum insured then insurancecompanies may raise the Contribution Clause will come into picture and insurancecompanies settle the claim based on the sum insured to % of cliam amount.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 14/73ravi saysJuly 26, 2015 at 6:40 PMthanks, but in the situation that I have mentioned, the claim of Rs.8 lakhs willexceed the Rs.5 lakhs of our Care policy, so can the balance of Rs.3 lakhs beclaimed against the Enhance policy, since Deductible in Enhance policy is Rs.5lakhs, and this Rs.5 lakhs I will claim against my Care policy.This is basically what I would like to know.RaviReplyBasavaraj Tonagatti saysJuly 26, 2015 at 7:09 PMRavi-Yes, you are right. But I still suggest you to confirm this example withReligare. Because whether Enhance deductible of Rs.5 lakh is treated onwhole claim amount of Rs.8 lakh or the left out claim amount (post claimsettlement from Care i.e Rs.3 lakh). If they consider on whole claim amountthen you can get it from Care and rest Rs.3 lakh from Enhance. However, ifenhance policy considered only Rs.3 lakh as claim amount which they need tosettle then they may turn up the claim stating that Rs.3 lakh will come underdeductable amount.ReplySudhakar saysJuly 18, 2015 at 2:24 PMHello Sir,8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 15/73Please suggest me a best Health insurance plan & company for coverage of my entire family??Me-27 yearsSpouse-23yearMy Son-8 monthsMy father-55 yearsMy mother-46 years old,Sir pls Can you help me guide on which policy can be benificial?ReplyBasavaraj Tonagatti saysJuly 18, 2015 at 7:16 PMSudhakar-In my view, better to separate your parents from you three. Let them have separateinsurance. One more insurance for you, wife and a kid. For this, I suggest to check out with Star,Apollo, Religare, National, New India.ReplySudhakar saysJuly 20, 2015 at 5:08 PMSir,Please suggest me a best Health insurance plan & company for coverage of my parents??ReplyBasavaraj Tonagatti saysJuly 20, 2015 at 8:44 PMSudhakar-First understand the requirement based on my earlier post Best SeniorCitizen Health Insurance in India-Product Comparison and then decide which isBEST.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 16/73anindya ghosh saysJuly 17, 2015 at 11:25 PMBasavaraj jee, I am continuing my mother health insuarance poliicy for last 6 yrs, with star healh redcarpet, she is 73 yrs old. Can the policy claim still be rejected saying p.e.d and suppression of materialfact?ReplyBasavaraj Tonagatti saysJuly 18, 2015 at 7:25 PMAnindya-It hard for me to say that they not reject. But at the same time, if you are with themsince 6 years, I feel they not reject (again it depends on case to case).ReplyKp saysJuly 11, 2015 at 6:17 PMHi,I want to buy a health insurance for my family(me,wife and 1 child). My and my wifes is age 31 andchild is 3 year old.I have already a corporate health plan of 3 Lac SA which is provided by Employer. But I want to takea personal one which i want to continue with whole life. I am living in Ghaziabad UP.I have lot of confusions for choosing a Health Insurance company1. Which Company i need to choose? like Public or Private2. If answer is Private comp, which is best one?3. What should be sufficient Sum Assured?4. If i will take a plan from private comp and after some years comp shutdown their health insurance8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 17/73unit.in this case can i continue my plan with other company OR I need to buy a fresh plan.Thanks in Advance.ReplyBasavaraj Tonagatti saysJuly 12, 2015 at 12:45 PMKP-1) In my view both are same. 2) NA 3) Ideal sum insured in case of health insurance must bearound 50% of your yearly income. 4) Yes, you can move to public sector companies usingportability option.Replysiva saysJuly 11, 2015 at 10:37 AMhello bro,Im 37yrs old and my wife 32 yrs we have 2 kids 3months old. pls suggest a best insurance plan formy whole family. I want 2 to 3 lahks cover. with critical illness rider and policy should be renewableto life long or maximum age. thanks. pls reply.ReplyBasavaraj Tonagatti saysJuly 11, 2015 at 1:02 PMSiva-Insurance is required on you but not on your wife (is she is not working) and in kids name.Ideal insurance coverage must be around 15-20 times of yearly income. Now think how muchyou need.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 18/73Jai saysJuly 11, 2015 at 9:07 AMHi basuI had national family floater 5 lac for last 5 yrs. I want portability to Apollo munikh optima restore 10lac as I cannot increase my sum insured with national policy. But 1 yr back I got some ear surgeryand my son had some kidney disease 3 yr back which is now cured. These diseases were not therewhen I had purchased national policy and I got claim for these two.My question is that if do portability to Apollo ..these two will be preexisting disease.if I need anyclaim for these two disease in future..will Apollo give claim..their customer care say Apollo will coverthese after portability as I am having previous running policy for 5 yrs..Will it be ok or Apollo will look any excuse to cancel claimShould I make it portable or keep these 2 policies for 3 years so that I take claim form national forthese 2 diseasesand then leave national ..after 3 yrs Apollo will in any case cover theseKindly suggestThanksReplyBasavaraj Tonagatti saysJuly 11, 2015 at 1:09 PMJai-Yes, apollo give claim and what they are saying is correct.ReplyDeepak saysJuly 3, 2015 at 5:15 PMHi,Please suggest me a best Health insurance plan & company for coverage of my entire family me, mywife and my parents?? Thanks.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 19/73ReplyBasavaraj Tonagatti saysJuly 3, 2015 at 6:24 PMDeepak-What are your requirements?ReplySubhasish saysJuly 2, 2015 at 10:33 PMHello sirI have purchased the heath insurance from religare i.e. Care for a sum insured of 5 lakhs. My age andmy spouse age are 25 each. My question is when shall i consider increasing the sum insured ?Both health condition are absolutely fine.Also whether my decision is right to go with religare?ReplyBasavaraj Tonagatti saysJuly 3, 2015 at 11:02 AMSubhasish-You can consider increasing sum insured at the time of next premium payment.ReplySubhasish saysJuly 6, 2015 at 3:51 PMActually i am covered under corporate insurance, so i decided to go for a lesser sum insuredplan.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 20/73ReplyBasavaraj Tonagatti saysJuly 6, 2015 at 6:44 PMSubhasish-Ideal insurance cover must be around 50% of your yearly income. If boththe corporate and Religare combining cover is that much then no need to increase.ReplySri saysJuly 1, 2015 at 2:00 PMHello BasavarajI follow your blogs actively. For health insurance, it is important to also share with the readers thatthe premium increases over time. This is based on my analysis of the Apollo Munich and the ICICILombard proposals. The premium table (as stated by the agent) is fixed when you take it for the firstyear for the insured amount and so the consumer has to pay higher premium when they move intothe next bracket as they age. This is unlike a term insurance where the premium remains fixed overthe period of coverage.It is likely that people end up paying an annual premium of Rs. 1 lakh for a coverage of Rs. 5 Lkahs.ThanksSriReplyBasavaraj Tonagatti saysJuly 1, 2015 at 3:36 PMSri-Yes, it is known fact. Because loading will be based on age bracket the proposer or insured8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 21/73fall.ReplySujit Roy saysJune 28, 2015 at 4:59 PMHello,I need your help for choosing a good health policy for me and my wife. I am 32 and my wife is 26. Wedont have any critical illness and any hospitalization before. Can you suggest me a good health policyin terms their easy claim settlement and less premium. I need 4 lacs sum assured policy.Thank you in advanceReplyBasavaraj Tonagatti saysJune 29, 2015 at 11:56 AMSujit-You can check with Star, Apollo, Max or Religare.Replysambhu n jha saysJuly 2, 2015 at 5:21 PMSujit, for you couple you can try best in terms of maternity claim settlment and ped coverageyou cna try national teller made planReply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 22/73Ashraf saysJune 26, 2015 at 12:39 PMHello,I want to buy Health Insurance for my Parents. Father Age 65 & Mother Age 60.Please suggest which Insurance Provider is best like: Star or Religare or any other option?ReplyBasavaraj Tonagatti saysJune 26, 2015 at 3:26 PMAshraf-Check first with public sector companies.Replysambhu n jha saysJuly 2, 2015 at 5:25 PMyou must go with govt companies i.e oriental, nationalReplyRavi Aswani saysJune 25, 2015 at 4:51 PMGreat, thanks a lot Basavaraj for speedy reply on my earlier query!Could you also suggest for below:1. Is critical illness better from Apollo, as it covers more no. of deseases? Or do you suggest someother company?8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 23/732. I have plan to take a total LI term cover of 2 Crores, out of which I have already taken 1 Cr. termcover of Aegon Religare and am planning to take 2 more insurers policies of 50 Lacs each todiversify. Could you please suggest which are better ones, considering low premium and better claimsettlement ratio?3. I have taken a personal health cover of 5 Lacs (Family Floater) from Religare (Care, Super NCB)policy due to its good features, especially Super No Claim Bonus (Super NCB) and recharge featurewherein SI is doubled if base cover exhausted. Hopefully this is good?Thanks.Br, RaviReplyBasavaraj Tonagatti saysJune 25, 2015 at 6:07 PMRAvi-If you feel it covers more illness then go with Apollo. Why not the further insurance fromAegon? I feel no logic in splitting your sum assured. I too have my health insurance with ReligareReplyRavi Aswani saysJune 25, 2015 at 3:04 PMHi Basavaraj,Thanks for sharing this valuable information. Could you please suggest which personal accident policyis better out of Apollo and Bajaj. Else, would you like to suggest any other better than these two?Is personal accident cover included in the health policies itself for companies (from statisticsperspective) as I could not find Personal Accidental policy statistics from IRDA site? Thanks inadvance.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 24/73Best Regards,Ravi AswaniReplyBasavaraj Tonagatti saysJune 25, 2015 at 3:14 PMRAvi-I prefer Bajaj.ReplyRaj Mehra saysJune 25, 2015 at 1:50 PMi want to take health insu. plan for my parents in which OPD should be cover.my father is 54 yrs. and mother is 49 yrs old. There is no nay pre-existing condition.i want to take 5 lacs cover for both. within 15-20 thousand,but not should be expensive more than20k.Please suggest me from which company i shoud take.ThanksReplyBasavaraj Tonagatti saysJune 25, 2015 at 2:03 PMRaj-No insurer will offer you and cover the pre-existing diseases.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 25/73sambhu n jha saysJuly 2, 2015 at 5:15 PMDear Raj, there is no any company whcih can wave you off ped waiting periodfo 4yrs and 3yrs .but if you talk about opd you can try with icici lombard,star health ,cigna .but i would suggest you also try for medhealth opd cards basically of opd onlyReplyAshish m saysJune 24, 2015 at 6:59 PMCan you tell me which is the best between RD & FDReplyBasavaraj Tonagatti saysJune 25, 2015 at 1:49 PMAshish-Both are meant for different usage. RD can used for monthly or quarterly investment.Whereas, FD for one-time investment. Therefore, it is hard for me to say which suites to you.ReplyAkshay saysJune 22, 2015 at 2:17 PMhi ,I am 60 years old , planning to buy health insurance plan for me and spouse from any of nationalized8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 26/73banks health insurance products.Can you please suggest is Andhra banks AB HEALTH Insurance product good to buy?ReplyBasavaraj Tonagatti saysJune 22, 2015 at 3:24 PMAkshay-Andhra Bank is not a General Insurance company.ReplyAshish m saysJune 24, 2015 at 6:40 PMWhich is the best health insurance,Private Or Public Sector.ReplyBasavaraj Tonagatti saysJune 25, 2015 at 1:49 PMAshish-Both.ReplySHAMBHBU saysJune 23, 2015 at 4:07 PMyOU CAN BUY NATIONL TELLER MADE POLICY WHERE PED WHOULD BE COVEREDAND PREMIUM WOULD BE VERY LESS IN COPMPARISON OF OTHER HEALTH8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 27/73INSURANCE COMPANIESReplyVaibhav saysJune 21, 2015 at 6:38 PMHiMy retired parents have taken OBC mediclaim or 5 lacs in 7k. But i think limit is less ,especially 1%sublimitsPlease advise another policy of 5-10 lacs. We are most worried about claim settlementReplyBasavaraj Tonagatti saysJune 22, 2015 at 4:00 PMVaibhav-You can check first with public sector companies.ReplySHAMBHU JHA saysJune 23, 2015 at 4:12 PMiF WORRIED ABOUT CLAIM SETTLEMENT PLEASE YOU CAN CONSIDER l&t,cIGNA,mAXAND ICICI,AND IN PUBLIC SECTOR NATIONAL AND ORIENTALReplyRAJESH SHETH saysJuly 18, 2015 at 4:26 PMI want no which company is best in health policy ICICI Lombard or Religar .8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 28/73ReplyBasavaraj Tonagatti saysJuly 18, 2015 at 7:15 PMRajesh-I personally feel Religare offers more features than ICICI.Replymeena saysJune 18, 2015 at 12:12 PMHello Sir,I want to take policy for me and my husband.We both are diabetic and below 30 yrs.pls suggest we want to take health cover.We both diagnosed this disease bcoz of some financialproblems in family.can u pls suggest best for us.Companies cover pre existing disease after 3 yrs thats no problem for us but they need to takemedical of us if we mentioned diabetes in this age medical they take ???if any company covers after 36 mnths & 48 mnths we are ok with that but the claims we getafterwards if any complications ariseAs u know diabetes are not having complications in early ages if we hide and we need claim after 10years then how company willa ble to diagnose etc..but we want to be honest but good claim settlement.Pls suggest your approach in our case.waiting your valuable feedback.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 29/73Basavaraj Tonagatti saysJune 18, 2015 at 12:23 PMMeena-I suggest you to check with first through public sector companies. In private sector, myrecommendations are Apollo, Religare or MaxBupa. I personally have insurance with Religare.ReplyPal saysJune 22, 2015 at 3:17 PMDear Basavaraj Tonagatti,you must check the claim settlement ratio of religare, I am not commenting you, pleasecheck it, it have lowest claim settlement ratio. also never recommend apollo munich to anycustomer its a fraud company, Apollo Munich can increase premium any time according tothere policy wording in addition to age group. recently they have increased the premium to40% and at your age of 50yrs the premium of customer will be rs 2.7lakhs for sum insuredof Rs 3Lakhs, Always ask your customer to buy health insurance from public sectorinsurance companies like oriental, new india, united and national if you are really a goodfinancial planner.ReplyBasavaraj Tonagatti saysJune 22, 2015 at 3:20 PMPal-How efficient are these PUBLIC SECTOR biggies when it comes to responding toemergencies? I know how they behave. Regarding Apollo, if the feature of planmatching you and the claim is within purview of the insurance contract then even GODcant stop. Please note that, claim incurred ratio is not a single criteria to select aproduct.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 30/73SHAMBHBU saysJune 23, 2015 at 4:08 PMyOU CAN CAN TRY FOR CIGNA AND ROYAL SUNDARAM .IF THEY WILL REJECT THENLAST OPTION NATIONAL TELLERMADEReplySHAMBHU JHA saysJune 23, 2015 at 4:15 PMmEENA U CAN TRY WITH CIGNA ,l&t ,rOYAL sUNDRAM,AND NATIONAL TELLER MADEReplyGaurav Gupta saysJune 12, 2015 at 2:33 PMHi,Thanks for nice blog.Want to confirm if executive of any company make a false commitment and make us to buy policy. Ishe doing the violation of IRDA rules and do we have any chance to challenge the company based onthis fact.Notable thing is, every time conversation is on Recorded line but that is for company only. consumerdont have any access to that.ReplyBasavaraj Tonagatti saysJune 12, 2015 at 7:06 PM8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 31/73Gaurav-If you have valid proof then you can go ahead and compalin. But the problem is, in mostcases you fail to produce the proof.ReplyJai saysJune 3, 2015 at 11:18 AMDear basu. I have corporate medical insurance of. 5 lac from new india insurance and a family floaterpolicy from national insurance for 5 lac ( one member can use only 2.5 lac ) .i want to add topup tothese. I have shortlisted apollo Munich but then all policies will be from different cowill it beproblematic at time of claim if I need claim from two co. Will it be more useful to take topup from newindia co itself ..In top up policy if claim is rejected by first company ( like new india, national ) then the companywhich is supposed to pay the topup ( like Apollo munikh ) above certain sum will reject rest of sum oftopup or will always pay the topup irrespective of first companyThanksReplyBasavaraj Tonagatti saysJune 3, 2015 at 1:36 PMJai-For comfort and ease better to use the same insurer. However, it is not mandatory to holdboth under one insurance company. Because what if you change job and new company notoffering the insurance with New India? It is your comfort with a company that matters.Regarding rejection, they may or they may not. Because it is purely a decision based on case tocase.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 32/73Pal saysJune 13, 2015 at 12:55 PMDear basu and jai,never buy insurance from any private company specially from Appollo Munich, these companiesalways hide required information from customer, Appollo Munich have increased the premiumrecently upto 40% by taking permission from IRDA, and according financial planners for a sumassured of Rs 3 lakhs at age of 60yrs the premium will be as belowaccording to company after every 3 yrs (may be every years according to policy terms) apollomunich will increase premium to 40 % and let us make calculations for sum assured of 3 lakhs atage of 33 yrs premium is 10000/- approx, if ur aspect-ed age is 80 yearstotal number of yrs for premium 80-33= 47 yearstotal number of times premium increases 47/3= 16 timespremium increases 1st time 40%> 10000@40%= 4000/- total premium of next 3 yrs=4000+10000=14000/-and 2nd time increase in premium 14000*40% =5600/- total premium of next 3 yrs=5600+14000=19600/-and soon upto 16 or 17 times in ur lifein addition to this regular premium increase according to age group 36 to 45=5000/-46 to 50=7000/-50 to 55=23000-/-56 to 60=32000/-61 t0 65=70000/-Now gross premium paid by you at age of 36=4000+10000+5000=19000/-after 3 year with 40% increase in premium to 39 5600+14000+7000=26600/-and so on.at age of 60 years ur gross premium will be= 2.7 lakh for a sum assured of Rs 3lakh and at age of75yrs premium will be 6 lakhs for sum insured of rs 3 lakhsthis is how apollo munich optima restore plan lot the Indian people by a other country companyand also optima restore option will not act effectively at that age and no other company will giveu an option to by any other plan.. its premium increases exponentially after age of 45 yearsReplyBasavaraj Tonagatti saysJune 13, 2015 at 1:30 PMPal-Premium will increase based on the age slab (irrespective of companies). Apollo mayhave some different slab. But fixing the premium is entirely the company decision.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 33/73ReplySHAMBHU JHA saysJune 23, 2015 at 4:22 PMDear BAsu What i would suggest you can try Super toup of L&T ,cigna or i.e. royal which isunique in industry.And one thing if your base company rejects any claim then also you can not claim from topupalsoReplysudhadar saysJune 1, 2015 at 11:26 PMsiri want to purchase a health insurance policy for 5-6 lakhs. which company should i prefer publicsector or private sector. name some good companies and policiesReplyBasavaraj Tonagatti saysJune 2, 2015 at 10:28 AMSudhadar-To me all are good companies. Hence, first understand your requirement like apartfrom sum insured what other features you are looking, premium budget and comfort with acompany.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 34/73SHAMBHU JHA saysJune 23, 2015 at 4:25 PMYou can go for ICICI Lombard health smart,max health companion,cigna plus,royal supremeReplysakshi saysJune 1, 2015 at 12:08 AMMr basu I would like To tell you that max bupa company has permanently excluded ulcerative colitisand crohns disease.Im really shocked that max bupa has permanently excluded ulcers in largeintestine. I have read this thing in their policy wordings and they are saying that these are geneticdisease.but when I visited mayo clinic website there it is written ulcerative colitis often occurs tothose who do not have this disease in their families.max bupa is clearly violating the terms andconditions of irdaReplyBasavaraj Tonagatti saysJune 1, 2015 at 10:48 AMSakshi-May I know which terms and conditions of IRDA is MaxBupa violating?Replypradipta saysMay 31, 2015 at 10:31 PMHi Basu,I am a IT professional and have 3 lakh mediclaim policy from employer.I want to take another supertop up policy(family floter 2+2) 3 lakh deductible with more than 7 lakh sum insured.I know how8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 35/73topup and super topup policy works. I choosen United India(SUPER TOP UP MEDICARE POLICY)and L&T (Medisure SuperTopUp policy). L&T offering little less premium than United India.Alsooffering pre and post hospitalization.But pre and post hospitalization is not covered in United indiascase.Even in L&T case, 12 lakh sum insured possible with low premium.But as per your chart, United india has better claim and revenue than L&T. Is govt company is betterthan private? L&T has coomited to give better response at the time of claim settlement.But I doubtabout Gove case.Could you please review these two policies and guide me which one is better. I am looking for onlysuper top up plan.Thanks,PradiptaReplyBasavaraj Tonagatti saysJune 1, 2015 at 10:49 AMPradipa-When it comes to service, then private players always respond lately. Hence, if that isyour core concern, then I suggest to go for L&T.Replypradipta saysJune 30, 2015 at 11:21 PMDear Basu,I want to share one incident with all the readers.Recently I wanted to take super top hearth policy, so I approached many companies andfinally decided to take from L&T health insurance for 3 lakh deductible to 12 lakh suminsured. They approached many times.When I declared that my wife has preHypertension for last 1 year and no issue as of now,they told to take medical test. After that when I agreed and asked them to schedule thetest, I did not get any answer from them, even they didnot replyed my mail. So they wantonly healthy person to take insurance.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 36/73So in this case what we can do.?So Im thinnking, i will not declare anything now, and declareafter 3/4 years of continuous renewal that i am suffering from that disease since last 1 year.As there is no alternative.Thanks,PradiptaReplyBasavaraj Tonagatti saysJuly 1, 2015 at 10:27 AMPradipta-Is it right from you to hide only because they avoided the business of risky?Let them not approach you, but you can approach and submit the proposal. If theyreject the proposal then let them provide valid reasons for that. If they are doingwrong then why you too doing wrong by hiding the medical conditions? It may cost youin different way. Please dont do.Replyramreddy saysMay 23, 2015 at 2:48 PMhi,i would like to take a health insurance policy for my family. myself, wife and my baby of 1 year old. iwould likr to inform that my baby was born with one kidney and he is fine . will i be able to add him inthe health insurance policy, will it be considered PED.kindly clarifyregardsRamreddyReply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 37/73Basavaraj Tonagatti saysMay 23, 2015 at 8:57 PMRamreddy-This is unique case, I suggest you to discuss the same with insurance company.ReplySHAMBHU JHA saysJune 23, 2015 at 4:27 PMYou can try with cigna and RoyalReplyAakash saysMay 22, 2015 at 8:25 PMA very good article. I was looking precisely for claim settlement ratio but incurred claim ratio is anadded bonus. Im personally looking to migrate from New India Insurance health policy.Looking at this , i believe one should take into consideration is incurred claim ratio. It should ideallybe between 80-90%, anything more than that and there would be chances of premium beingincreased in the future years.ReplyRajeev saysMay 18, 2015 at 5:40 PMHello Sir,I am at the age of 36 going to have family floater (2A + 2C )from Max.I am having slightly hypothyroidism which is under controlled due to medicine and did not have anyissue because of it at present.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 38/73I used to take tobacco 2 years back but quitted since 2012.Please suggest me should I disclose Under Active Thyroid and Tobacco consumption to insurerbefore taking health insurance or this will automatically treated in PED?Should I avoid to disclose?Does premium will increase if tell them?Kindly suggest meReplyBasavaraj Tonagatti saysMay 18, 2015 at 5:45 PMRajeev-Better disclose it. However, I am not sure whether they increase the premium or not.ReplyRajeev saysMay 18, 2015 at 6:20 PMThanks for getting back to me.Just one clarification sir.If someone hide it and disease occur due to hidden fact but after 5years, ( after PED waiting time) then also insurer can raise issue?ReplyBasavaraj Tonagatti saysMay 18, 2015 at 6:49 PMRajeev-In theory no, but in practical insurers look for reasons to reject the claim Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 39/73Sanchita Ganguly saysMay 15, 2015 at 10:56 PMI have medical insurance from New India Assurance. I have a coverage of 2 lakhs. I am 43years now,and want to buy a super top up plan for myself. for 10 15 lakhs. Please advice which one I should gofor.Thank You.ReplyBasavaraj Tonagatti saysMay 16, 2015 at 11:43 AMSanchita-New India Assurance offers this plan. You can buy from them.ReplyRamaKrishna saysMay 15, 2015 at 1:01 PMHello Sir,I am 32 , married and i have a kid. I already (since 2009 Mar) have a term policy of tata aia for 20Land a ULIP of 18 lakhs. Also, i have a health insurance policy of 3L from Apollo Munich since 2012Nov.I am diagnosied with Asthama 2 years back. Now, i want to close the existing policies and take freshpolicies of term plan to 1 cr and health insurance to 10L. I want to disclose my health condition but iam not sure if insurance companies are going to decline the policy. Please suggest. Thank you verymuch for your suggestion !Thanks,RamaReply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 40/73sakshi saysMay 14, 2015 at 6:46 PMMr basu u r a promoter of religare health insurance companyReplyBasavaraj Tonagatti saysMay 14, 2015 at 6:51 PMSakshi-Not at all. Because if I promote or not, I will not receive any benefit from that.ReplyJai saysMay 7, 2015 at 2:01 PMHiIn continuation with previous question If I add some other policy to national family floater and keepboth..if at any time my hospital bill cross limits of one policy.. Can I get rest of billing from othercompanyHow bills are divided if there r two policies and bill crosses limit of policies individually.Thank you in anticipationAppreciate urs helpReplyBasavaraj Tonagatti saysMay 8, 2015 at 8:50 AMJai-You can claim. Initially, you approach one company for the claim. Once they approve theclaim then take the photocopies of bills and settlement summary and submit it to anotherinsurer for approval of remaining cost. Otherwise, you can inform to the hospital about yourmultiple insurance companies. Hospital will send the request for approval to all insurers andaccordingly it will be settled directly with the hospital.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 41/73ReplyJai saysMay 7, 2015 at 1:40 PMHiI have parihar mediclaim family policy from national insurance for myself 41 yr wife 35 yrs twosons 8 and 5 yr for sum of 5 lac. I find it inadequate. I have this policy for 5 yrs. if I want to shift tosome private insurance co or some other govt insurance co ( who give more sum assured like orientalfor 10 lacs )will the benefits accrued after 3 yrs of policy will be granted to me in new policy or not.If I take policy from national itself for all members individually ..will the same benefits be granted tous.How many companies offer 1 adult + 1 child type policies..will these better if I need higher insurancecoverThanxJaiReplyBasavaraj Tonagatti saysMay 8, 2015 at 8:53 AMJai-First check for moving to the different plan in National only. In that case your existingbenefits will get transferred to the new plan. Otherwise, you can use portability option to movefrom National to the different insurer.ReplySunny Jain saysMay 5, 2015 at 7:03 PMHi,8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 42/73I was looking at Religare, TTK, Max and Apollo.. and all of them looks good to me Can you pleasesuggest me one..Is there any advantage of public sector companies like national.I have only one requirement.. Company which settle claims and the process is simpleReplyBasavaraj Tonagatti saysMay 6, 2015 at 10:14 AMSunny-Go with Apollo, Max or Religare (I am not aware about TTK). There is no advantage. Butin case of settlement they may be bit generous.ReplyT janakiraman saysApril 29, 2015 at 3:42 PMWe are having health insurance at new india assurance myselfage31 father64mother55for 3 lake eachwith accumulated bons 30000 each now I feel new India peri mum is high I want to change companyfor the fast 10 years with new India so tell me which one best in public sector pls mail me thank uReplyBasavaraj Tonagatti saysApril 29, 2015 at 5:39 PMJanakiraman-I suggest to continue with same insurer.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 43/73Sunendra saysApril 27, 2015 at 12:29 PMHello,I need health insurance coverage of my parents (father age 65 yrs & mother age 59 yrs). pleaseadvise options of good and best health plans and scheme.Regards,SunendraReplyBasavaraj Tonagatti saysApril 27, 2015 at 6:37 PMSurendra-I request to go through my earlier post Best Senior Citizen Health Insurance inIndia-Product Comparison.ReplySreenivasulu saysApril 24, 2015 at 12:53 PMDear sir as per claim ratio and services and future of policy which is better please send reply fromthese below companies Apollo, Cignattk, Marbury, Star health and RiligareReplySreenivasulu saysApril 24, 2015 at 12:54 PMApollo, Cignattk, Maxbupa, Star health and RiligareReply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 44/73Basavaraj Tonagatti saysApril 24, 2015 at 5:11 PMSreenivasulu-I prefer Apollo, Star and Religare. I am not aware about Cigntattk.ReplySreenivasulu saysApril 25, 2015 at 6:56 AMDear sir, please send reply immediately I want term insurance policy which is better for claimratio and services and low cost premium my age 37 and I want term maximum how much isthere that requires and give priority 1to 6 Companies sequence give names and please sendreply THANQ SreenivasuluReplyBasavaraj Tonagatti saysApril 25, 2015 at 8:52 AMSreenivasulu-You can go with LIC, HDFC, LIC, SBI, Max, Bajaj enough?ReplySuresh saysApril 10, 2015 at 5:21 PMHiMy father age is 72 Years old kindly advise for if any medical policy available either for his. or8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 45/73attached with my family flotter plans.RegardsSureshReplyBasavaraj Tonagatti saysApril 10, 2015 at 6:02 PMSuresh-You can opt National Insurance.ReplyKaushik saysApril 6, 2015 at 3:31 PMHi,Great article.Can you also help me with my query: I need to buy health insurance for my father (age 69 years) andmother (age 58). Which policy would you recommend for a SI of Rs 3 lacs each.Thanks,KaushikReplyBasavaraj Tonagatti saysApril 6, 2015 at 6:05 PMKaushik-You can check with Star and Apollo senior citizen plans. If you need lesser suminsurance then go for National Insurance.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 46/73Bappaditya Mondal saysApril 7, 2015 at 6:20 PMHI Basavaraj,First of all thanks for sharing such useful article.I have gone through your other comments based on people queries.I am a bit confused here. As you said in your article higher the incurred claim ratio then itis good for you. From the above table Apollo Munich is having 65.59% of ICR where asOriental is having 115.23 %. But for few people you suggested to go for Apollo Munich. Canyou please elaborate the reason behind it. And If I want to take a new health policy, whichone should I go for. I dont have any issue with a higher premium, but I need the best claimsettlement and service.The second part is , My wife is a Cancer survivor. Four year back She got diagnosed withbreast Cancer. Its god grace that it was in very initial stage. We did the complete treatmentin Tata Memorial and now she completely cured. Last three years there is no re-occurrenceof cancer and she is not going under any medication. Is any Health policy available for her .(I asked almost all insurance company, but everyone denied tough even I am fine with thewaiting period)Waiting for your earliest responseThanksBappadityaReplyBasavaraj Tonagatti saysApril 7, 2015 at 7:47 PMBappaditya-I recommended Apollo based on the requirment and looking at thefeatures of plans. Do remember that, considering incurred claim ratio for plan selectionis one creteria but not the sole creteria. Hence dont look too much on this data. Theremay be many reasons for hospitalization and there may be many reasons forrejections, which not known to us. Hence if the plan suites to you and premium within abudget then go ahead. Regarding your wifes insurance, check with public sectorinsurers than private insurers. I am not sure who issues. Because it is purely a decisionof insurers.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 47/73ReplyMohan saysApril 21, 2015 at 9:42 AMHi Basavaraj,I want to a family floater health policy pls. suggest any best policy,how is HDFCErgo based on service and claim?ReplyBasavaraj Tonagatti saysApril 21, 2015 at 11:00 AMMohan-You can go ahead with HDFC. No issues.ReplyAnil lohia saysApril 25, 2015 at 7:42 PMDear ,In Health Insurance Sector claim ratio means the profit and loss of the company.the higher it is, the higher the loss.it is just opposite of the Life Insurance Companies.please buy a policy from the company which has lower claim ratio.RegardsAnil LohiaReply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 48/73Basavaraj Tonagatti saysApril 26, 2015 at 1:13 PMAnil-You mean to say the company the company which settles higher claims andbe under loss is not good? In that case all Public Sector companies are totally BADfor you right?ReplyAbhishek saysApril 3, 2015 at 9:55 AMHi Basu,Thanks for sharing such a valuable article.Looking for a health insurance plan for my Father(63) and mother (57). I have selected floaterReligare Health insurance Pan due to some of its unique features like no sub limit on Room and ICUcharges, Auto recharge of the policy Sum Insured if exhausted,No Claim based loading ever & GetLifetime renewability,Get health check-ups for insured members every year.I am concerened with its low Incurred Claim ratio as compared with PSU and some privatecompanies having TPA.Also have seen lot of negative reviews abouth Religare during claimsettlement.Whats your take on this?Looking for Company having hassle free cashless treatment and smooth claim settlement when itsrequired.Which is better option to buy a Policy ,to buy policy through company itself of through financialwebsite like PolicyBazar,etc.Please guide me.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 49/73ReplyBasavaraj Tonagatti saysApril 3, 2015 at 11:39 AMAbhishek-I have policy with Religare. Better to go directly to Insurance Companies. I dontbelieve neither financial websites nor policybazaar.ReplyNKP saysApril 3, 2015 at 6:20 PMDear AbhishekI had also almost finalised a religare policy for parents (aged 57 & 54) . All other features aregood compared to other companies. Only shortcoming is Religare doesnt cover the cost incurredtowards prosthesis. I dropped religare at that point of time. These days after 50 years, knee/hipjoint replacement are not uncommon. Cost of prosthesis is very high.Take a decision based on family history.ReplyNKP saysApril 3, 2015 at 6:36 PMDear AbhishekYou please download the policy wording from Religare website and go through it word-by-word. It make take some time but its worth doing.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 50/73Raghavendra saysMarch 31, 2015 at 4:36 PMDear Basavaraj,I am a 30 year old software engineer working in bangalore. I dont have any pre-existing illness.Below are my existing policies:Oriental Family Floater Silver Plan (Myself, Spouse and My Mother) : Sum assured of 6 LakhsHDFC CLick to Protect Plus Term Insurance (Myself) : Sum assured of 1 croreI am thinking of going for a critical illness plan for myself and policy bazaar recommend me ReligareAssure and after reading the product brochure it sounds good.Could you please suggest me can i rely upon Religare Assure or should i go for Max Bupa or BhartiAxa?What sum assured should i go for or how do i know how much sum assured i should go for?Should i go for Individual/Family when it comes to critical illness?And finally am i insured sufficiently with my existing insurance portfolio or do you recommend anyother extra add on to my insurance portfolio?Many thanks for your assisstance in advanceThanks and Best Regards,Raghavendra PReplyBasavaraj Tonagatti saysMarch 31, 2015 at 5:56 PMRaghavendra-If Religare plan features attractive to you then go ahead. How much you need andwhether the current life and health insurance are suffice or not depends on many things. So Icant say in one word. Better you buy family floater critical illness cover.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 51/73prasanna saysMarch 30, 2015 at 10:18 AMHello Basavaraj,In 2014 article (http://www.basunivesh.com/2014/05/12/best-health-insurance-companies-in-india-based-on-irda-data/) you tabulated the health insurance based on Individual/Family/Group.My question is what does the above table ICR specify for Individual/Family/Group?Because i see Religare ICR is 67.8%, 70.23% & 108.61% respectively for Individual/Family/Group.This variation is huge for HDFC ergo.~CheersPrasannaReplyBasawaraj saysMarch 28, 2015 at 10:30 AMDear Mr.Basavaraj,I , Am 37 Years Old , Looking For A New Medical Insurance For Me And My Family. Wife Is 33 YrsAnd Son 5 Yrs. Looking For A Cover Of Around 10 Lakh Rupees. I Have Zeroed In On Religare- Care, Star- Optima , ICICI Complete , And Max Bupa Heart Beat( Its Expensive). Could U PleaseSuggest Which One is Better. Many Thanks In Advance.Basawaraj Tegnoor.ReplyBasavaraj Tonagatti saysMarch 28, 2015 at 2:12 PMBasawaraj-I prefers Religare and Apollo.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 52/73shweta aggarwal saysMarch 23, 2015 at 2:20 PMi have checked the claim settlement ratio and claim incurred ratio of new india assurance. both thepercentages are very good.Replypradeep saysMarch 22, 2015 at 12:20 AMMr basu you will yourself know that religare never replies for customer queries .totally inefficientstaffReplyBasavaraj Tonagatti saysMarch 23, 2015 at 1:25 PMPradeep-But in my case it is not like that Replypradeep saysMarch 22, 2015 at 12:16 AMMr basu u have purchased your health policy from religare .if u go for hospitalization they will neverpay uBelieve my wordsI wish u get your claim when u are in most need of moneyReply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 53/73Basavaraj Tonagatti saysMarch 23, 2015 at 1:26 PMPradeep-In my case no such bad experience.Replyvishal saysMarch 28, 2015 at 10:18 PMbrother you are very rite chor hai sale kutte. mera 73000 ka claim reject kr dia or no replyReplyBasavaraj Tonagatti saysMarch 29, 2015 at 8:46 AMVishal-Please use a proper language. I will not allow such harsh words.ReplyMahi saysMarch 19, 2015 at 1:31 AMHi Basu,Very Interesting blog.I have a 6 Lakhs cover from Reliance General Insurance and I liked their services so far.In none of your blogs, I could read Reliance. Do you suggest to change from my existing insurer tosome other company.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 54/73Basavaraj Tonagatti saysMarch 19, 2015 at 10:12 AMMahi-If you satisfied with their service then why to change?ReplyAnirban saysMarch 14, 2015 at 6:16 PMFirst of all thanks for such valuable information.I am looking for a health insurance, Comparing with these three: Apollo Munich, Max Bupa andReligare? Which One you recommend although i know you have Religare for yourself. But i am littlebit confuse about these threes claim settlement. My Age: 27, Wife:26. Lived in Gurgaon, Looking for2lac Yearly Packages for two member. No pre existing diseases to both.RegardsAnirbanReplyBasavaraj Tonagatti saysMarch 15, 2015 at 8:35 AMAnirban-But look at current year data at IRDA Incurred Claim Ratio-How to choose the besthealth Insurance? and then decide ReplyKss saysMarch 27, 2015 at 9:57 PMdont go for apollo munich,it cheats customers8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 55/73ReplyRahul saysMarch 3, 2015 at 5:36 PMDear Basavaraj,Need a suggestion. I am 36yrs, planning to get a health insurance for myself for a cover of 5 Lakhs. Iam thinking to split the sum insured in half and go with 2 different company. One with Private player,other with Govt firm. Reason being that govt players settlement/claim ratio is always higher thanprivate players, but at the same time private players have more better coverage for cashlesshospitalization. So basically putting money in 2 basket approach. Is this planning correct or better gowith one firm? In that case which one will be better govt or private.Secondly Which private players you would suggest I have shortlisted ICICI Lombard Butpremium too high; Religare dont know if its reliable + claim ratio very avg/low ; Apollo Munich Claim Ratio again very very low.Public player United Insurance ; Oriental.Please help in the following matter.ReplyBasavaraj Tonagatti saysMarch 3, 2015 at 7:28 PMRahul-I dont think it is wise to split. You can check with ICICI, HDFC, Bajaja, and thecompanies you mentioned.ReplyRahul saysMarch 4, 2015 at 11:57 AMSo you are suggesting me to better go with a Private player. Any specific reason for that(since this suggestion will really help me in purchasing, as I am about to buy a health8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 56/73insurance today).Secondly Religare settlement ratio is on the lesser side and thats a stand alone firm, will itadviseable to purchase it.ReplyBasavaraj Tonagatti saysMarch 4, 2015 at 3:17 PMRahul-I have not specified any particular company. First you must understand yourrequirement, premium budget, company existence and service part. Then go aheadwith buying. I prefer standalone companies mainly because of expecting claims settledat earliest.ReplyRahul saysMarch 4, 2015 at 10:29 PMSo this is where my problem of selection is coming. Premium is fine with me, butservice is a major aspect, where I am not getting that comfort with Public firm,but then their claim settlement ratio is probably the best.Now for example In private player, Religare is giving a product which is valuefor money; but their sustainability in the insurance business is a question mark.Whereas ICICI is a stable company, but their product has lot of loop holes.So what should I do, please help.ReplyBasavaraj Tonagatti saysMarch 5, 2015 at 8:16 AMRahul-A hint to go ahead I personally have my insurance with Religare.Because of its features, affordability and service they provided.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 57/73Replyatul dhumal saysFebruary 23, 2015 at 8:14 PMHello ,I want to take General Insurance agency ,with whom i can go New India Assurance or Religare.Regards,Atul9595452646ReplyBasavaraj Tonagatti saysFebruary 25, 2015 at 3:37 PMAtul-It is hard for me to suggest.Replysunil saysFebruary 21, 2015 at 6:58 PMi would like to know your views on the following with regard to health insurance.1. for a family of 4 (2adults and2 children), instead of taking a single family floater policy, would it bewiser to go for 2 floater policies each for 1A+1C. logic is the chances of adults getting ill is more withage.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 58/732. your opinion about top up/super topup plans.3. which of the 3 is bettera) single plan with large sum insured say 10 to 15lakh coverage or b) oneplan for 10L and a top up of another 5 to 10lakhs or c) one small plan, family floater of 2 to 3 lakhs tocover small illness and a top up orseperate policy for a larger sum.4. there are conflicting opinion regarding need of critical illness plan. your take on that.i am presuming a small healthy middle aged family of 35 to 40 yrs with no history or predisposition toany major illness for self or in familyReplyBasavaraj Tonagatti saysFebruary 21, 2015 at 11:01 PMSunil- 1) What about the cost? 2) Its good option. 3) It depends on your requirement andaffordability. 4) Yesbecause it is complicated product. Also I suggest to you have if you haveany family history of such critical deceases.ReplySumi saysFebruary 20, 2015 at 3:36 PMDear Sir,I am 35 years of age and I want to go for the Happy Family Floater of Oriental Health Insurance. Iwant to cover my mother, 60 years of age and my sister (31 years) and brother (25 years). We donnot have any preexisting illness but my father has cancer, detected on 2011 who cannot be coveredunder the plan now. The IRDA chart provided by you gives a good policy claim percentage to OrientalInsurance but is it hassle free? I have read certain online reviews which say that in Oriental theinsurer has to run from pillar to post during claim settlement and hence private companies like Starand Religare are the better ones during settlement. Kindly provide me your suggestion regarding thismatter. Public sector companies have less premium which suits my budget as my fathers treatmentneeds a good amount of money.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 59/73Basavaraj Tonagatti saysFebruary 21, 2015 at 2:41 PMSumi-No need to worry about Oriental. But it concerns you then opt Star or Religare (both arebest and I personally have insurance with Religare).ReplyRamakrushna saysFebruary 13, 2015 at 2:38 PMDear Mr. Basavaraj,I am Ram. .My age is 26 Years. (Single)Fathers age 63 Years. (existing disease blood pressure)Mothers age 52 Years (Asthma but not been in any major treatment)Currently I am having health insurance for self of 2Lakhs and family health insurance of cover 3Lakhs for parents from one of the corporate plan from mediassist ,From coming march i want to opt for one private company health insurance of cover 5 Lakhs or morefor me and my parents either individually for me or group wise.Please suggest me on this.BR,RamReplyBasavaraj Tonagatti saysFebruary 13, 2015 at 6:28 PMRamkrushna-Is there any specific reason for opting of private insurer?Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 60/73Uttam Sahu saysFebruary 10, 2015 at 7:57 PMDear Mr.BasavarajI am very much impressed on this financial planning blog.At present ,I dont have any healthinsurance.I have decided that I would like to buy Apollo Munich family floater plan in online mode.Toresolve my query,one support staff called me and described the query.He also said that insurer donot require to send any document regarding KYC,no photo whereas in offline mode Kyc would beaccepted.Would it be better to buy without Kyc and photograph and no signature in online mode?Waiting for your valuable suggestion.ReplyBasavaraj Tonagatti saysFebruary 10, 2015 at 9:47 PMUttam-Nothing wrong in this. At the time of claim you need to produce the ID Proof.ReplyNeil G saysFebruary 10, 2015 at 6:46 PMHi Sir,Pls advise on this Money Back plans from AXA Bharti AXA Aajeevan Sampatti Whether this is agood product to buy benefit ot expense ratio ? pls advise looking forward to your suggestion on this.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 61/73Vijay saysFebruary 3, 2015 at 9:53 PMHi Mr.Basavraj,I am 35 yrs of age based at Chennai & would like to take a family floater policy for 10 lakhs ( wife-28yrs of age & Son 07 yrs & daughter 03 yrs ).No pre existing deseases. Have short listed ApolloMunich and ICICI lombard.But confused between these two due to the Incurred claim ratio dataavailable at IRDA. Request your valuable suggestion regarding these 02 policies.ReplyBasavaraj Tonagatti saysFebruary 4, 2015 at 11:13 AMVijay-In my view both are good. So you can go ahead any one of your choice.ReplySudheer saysJanuary 21, 2015 at 9:27 PMHi basu season greetings.I would like to invest Rs. 20000/ in NFO from BIRLA SUN LIFE MANUFACTURING EQUITYFUND. Bcoz I am thinking that it would be advantageous to invest now in such funds as campaigningis going on MAKE IN INDIA during MODI term.what ll u suggest. Is it wise to invest in such funds? Pl share your knowledge.ReplySudheer saysJanuary 23, 2015 at 12:37 PMHi basu pl I am waiting for ur reply.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 62/73ReplyBasavaraj Tonagatti saysJanuary 23, 2015 at 12:55 PMSudheer-Investing based on political gimmick? what if the next day BJP outs Modi from PCchair? Be optimistic. But not over optimistic on political issues. Because anything canhappen when it comes to politics. Instead think of long term growth. Stay away from NFOs.Instead choose the fund which is consistent performer. NFOs are meant for agentslucrative business module but not investors.ReplySudheer saysJanuary 23, 2015 at 6:29 PMThanks basu. U r right.ReplySachin saysJanuary 21, 2015 at 3:20 PMHi Basavaraj ,Thanks for sharing such a valuable information to all of us. thanks a lot.Need your valuable advise to continue with same company or change it and sum assured needs toincrease or continue with same.I am 30 years old, spouse and 2 kids. Income: 30-35 K/Month1. Life insurance : LIC policy Jeevan saral , Period: 20 years, Sum assured 5 Lacks, Premium halfyearly 12.5 k .. pl. advise continue with same plan or buy any new plan from LIC only.suggest8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 63/73sum assured also.2. Health Insurance: Iffco Tokio SKP (Family Health Policy), Persons covered : 4 ,1 year (renewal lifetime) , Sum assured 3 Lacks , Premiun 5 K Yearly . pl. advise continue withsame plan and company or buy a new one from any other company (please suggest company nameand plan).3. Term Insurance: Bharti AXA eProtect , 1 year (renewal lifetime) , Sum assured 50 Lacks , personscovered , 1, Premiun 5 K Yearly . pl. advise continue with same plan and company or buy a new onefrom any other company (please suggest company name and plan).Father and Mother : Need separate health and life insurance plan for both.Father age: 54 Years till 20th March 2015, Mother age: 52 Years.1. Life insurance : LIC policy Jeevan saral and Money Back , Period 20 years , Sum assured 5 Lacks.pl. advise if needs to buy any new plan from LIC only.suggest sum assured also.2. Health Insurance: Iffco Tokio (Individual Health Policy) : Persons covered : 2,1 year (renewal lifetime), Sum assured 2 Lacks , Premiun 5 K Yearly . pl. advise continue with sameplan and company or buy a new one from any other company (please suggest company name andplan).3. Term Insurance: NO term insurance. . pl. adviseReplyBasavaraj Tonagatti saysJanuary 21, 2015 at 9:58 PMSachin-I cant plan your life planning by commenting.ReplyDidagur saysJanuary 21, 2015 at 8:33 AMI am lucky to come across your blog three days ago while surfing.I am really impressed.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 64/731)I do not have any health insurence for me and family.Suggest me best one which coversfamily,spouse & 2 kids.Suppose I do not claim anything for 5 years in a row how the premium will becalculated.2)I also do not have any term plan as I was not aware either its importance,heeded to advices offriends and relatives who happen to be LIC agents and took many policies like plus,money back andrecently Jeevan anand for 10lac cover with yearly premium 80k.Is it possible to reduce this to 5lac,close,surrender or post paid(wait for maturity without paying now).kindly advice.Many thanks.ReplyBasavaraj Tonagatti saysJanuary 21, 2015 at 12:49 PMDidagur-You can buy the health insurance from any of the public sector or in private sectors, Iprefer star, apollo of maxbupa. First understand how much insurance you need. Check thepremium affordability and features. Then go ahead. Regarding term insurance, you can go withLIC (online), HDFC, ICICI, SBI or MaxLife. I dont think you can reduce the sum assured. Butstill suggest you to contact LIC branch and discuss the same with them (avoid agents for this).ReplyDidagur saysJanuary 26, 2015 at 5:35 AMGrateful to you Basavaraj,Many many thanks for the advice.ReplyDidagur saysJanuary 26, 2015 at 7:01 AMDear Basu,But can you tell me wheather I can surrender or stop paying premiums of JeevanAnand and wait for the policy to mature. I have paid 4 years with 80k/annumpremium.This is huge on me and that too with low returns.Or will you advice me tocontinue?Kindly reply ,your advice and guidance appreciated.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 65/73Thanks again.ReplyBasavaraj Tonagatti saysJanuary 27, 2015 at 11:45 AMDidagur-First visit LIC office. Check for both surrender and paid up value. Sharewith me then we discuss.ReplyDidagur saysJanuary 30, 2015 at 7:10 AMThank you Basavaraj.Sure I will visit LIC office,I am on official assignment for few months abroad.(I could visit many sites including yours,the best one, to know about finacialmanagement during my free time)I am grateful to you for guiding me.Somany eye-openers for me after going through your blog.Love to meet upwith you once.Many Thanks again.ReplyBasavaraj Tonagatti saysJanuary 30, 2015 at 7:59 PMDidagur-Pleasure Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 66/73sevan saysJanuary 14, 2015 at 11:45 AMSir,In such scenario is it not better to take an health insurance from a company which does not haveclaim based loading?ReplyBasavaraj Tonagatti saysJanuary 14, 2015 at 6:47 PMSevan-It is hypothetical also to say that loss making companies load the premium. It is just anassumption or one way of filling their loss.ReplyAtul Shirodkar saysJanuary 14, 2015 at 10:19 AMHi, I am looking for a mediclaim policy for my senior citizen parents. The yave a pre history of diabetsand BP. I have gone through many policies for now bu confused now. Can you help me guide on whichpolicy can be benificial?ReplyBasavaraj Tonagatti saysJanuary 14, 2015 at 6:44 PMAtul-You go through my earlier post Best Senior Citizen Health Insurance in India-ProductComparison8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 67/73ReplyDev saysJanuary 13, 2015 at 4:53 PMThe link to policyadvisor is and affiliate link which is not explicitly mentioned. While using affiliate linkis okay but in the interest of transparency such details should be mentioned.ReplyBasavaraj Tonagatti saysJanuary 13, 2015 at 6:39 PMDev-I understand your concern. But I am not promoting myself that one must use their facility.If you found interesting and customer friendly then why cant use it?ReplyNagaraja saysJanuary 13, 2015 at 9:12 AMDear Basu hope all is well. Now I am doing Mutual Funds i full fledge. NOw my AUM crossed 5 Lakhs.Just in 5 months. All from your guidance. NJ welath providing good service and technology. thankyou.I am still in confusion about Health Insurance. Let us say I am doing X company Health Insurance.which CIR is 67.21%. Is that worth doing business with that company.Thank you.Nagaraj.Reply8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 68/73Basavaraj Tonagatti saysJanuary 13, 2015 at 5:59 PMNagaraja-Nothing wrong. Let your client be disclosed all facts and if claims are genuine then whyto worry?Replysandeep saysJanuary 12, 2015 at 11:38 PMGood to know. Thanks for the information.So, the public sector companies are in loss..:)Does it also mean that they can recover the loss by rejecting some of the cases?Thanks SandeepReplyBasavaraj Tonagatti saysJanuary 13, 2015 at 5:53 PMSandeep-They not recover the loss by rejecting claims, but every possibility that of loading yourpremium next time.Replysatyendra kumar singh saysJanuary 12, 2015 at 1:30 PMi want know about policy.8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 69/73ReplyBasavaraj Tonagatti saysJanuary 12, 2015 at 9:54 PMSatyendra-Policy of what???Replysashikumar saysJanuary 12, 2015 at 9:54 AMDo u have any data Claim settlement ratios ?For a layman the incurred claim ratios doesnt make any sense ??ReplyBasavaraj Tonagatti saysJanuary 12, 2015 at 10:07 AMSashikumar-For General Insurance companies, usually the data will be Incurred Claim Ratiorather than claim settlement ratio. I stated the difference between two. Claim Settlement ratiowill be for Life Insurance companies. This is how the data is compiled and presented by IRDA.Replyshweta aggarwal saysMarch 23, 2015 at 2:02 PMhelloi am 30 years old and was looking for a health plan for my family.. my husband and 2 kids.out of various options i have short listed two companies religare and new india assurance.can you suggest me which would be a better option. which company would be more efficient8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 70/73in settling my claims?ReplyBasavaraj Tonagatti saysMarch 23, 2015 at 2:08 PMShweta-Frankly to say, both are good. But first understand who fulfills your planfeatures or premium budget. Then go ahead.Replyshweta aggarwal saysMarch 23, 2015 at 2:39 PMobviously religare is providing better features but , but my concern is aboutfaith in case if any emergency arises who will full fill my needs better religare ornew india assurance.. can you list out few dis advantages of new india assurancewhich i m not able to find outReplyLeave a ReplyYour email address will not be published. Required fields are marked *Name *Email *8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 71/73WebsiteCommentYou may use these HTML tags and attributes: POST COMMENT8/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 72/73JOIN OURNEWSLETTERSUBSCRIBESearch this websiteEnter Your NameEnter Your EmailPopular Recent CommentsEmployee Provident Fund (EPF)-Changed rules from 1st Sept 20148/10/15 IRDA Incurred Claim Ratio-How to choose the best health Insurance?www.basunivesh.com/2015/01/12/irda-incurred-claim-ratio-how-to-choose-the-best-health-insurance/ 73/73 Copyright 2011-2015 BasuNivesh All Rights Reserved Privacy Policy | Copyright and Disclaimer | Hosting and Customizationby Best Hosting And Design.Next Check EPF (EmployeeProvident Fund)balance throughMobile Phone SMSIRDA ClaimSettlement Ratio 2013-2014-Which is bestLife InsuranceCompany?How EPF (EmployeesProvident Fund)interest is calculated?EPF Online TransferClaim Portal (OTCP) -Transferring is nowonline !!!