Diabetes health insurance market in India
If you want to buy a health insurance plan and are suffering from diabetes, then it will be eligible as a pre-existing condition and subject to a certain waiting period (usually a few years) according to the terms and conditions of the policy. . In the worst case scenario, the insurer may reject the policy for you.
ICICI Prudential Life was the first insurer to start a diabetic-specific health insurance plan called ICICI Pru Diabetes Care (Closed). Star Health Insurance ‘Di star diabetes safe’ and a few years ago, Apollo Introduced a dedicated diabetes product called ‘Energy’. Apart from this, the National Regular Family Flutter Health Insurance Scheme ‘Family’ also gives preference to patients with diabetes and high blood pressure.
Comparison of diabetes health insurance products in India
After reviewing brochures and policy terms related to related products, below is a comparison table, where plans are compared against some key criteria:
Some of the following key findings can be drawn from the following analysis:
• All three products can cover diabetes from 1 day. In case of National, a small additional premium is payable for it. For diseases other than diabetes, Apollo has a short waiting period of 3 years which is a plus.
• There are at least sub-limitations and capping of Apollo and which is covered and not covered, in terms of clarity in policy terms, it is completely out of the other two.
• Apollo offers the highest sum insured of RS. 10 lakhs and / or also have mentioned clearly the increase in the sum insured in the words of their policy.
• Only the Star is offering a restoration facility in the Diabetes Policy. Although this is a plus, it can not be the sole determinant.
• The National Organ Donor does not cover expenses.
• In Apollo case, the age is very low for 18 years, which is positive for the younger generation and cases of pre-diabetes.
• On the issue of renewal, stars and national policies increased the renewal age according to their brochures. It is against the 2013 IRDA Health Insurance Regulations and the Policyholder who can dispute this condition.
Therefore, if we look at the overall perspective, Apollo Munich Energy is the best option, which can be considered. With 20% co-payment, the option of silver plan can bring the premium down to manageable level, if the budget is an obstacle.
What are the other options?
As we can see, the options are quite limited in terms of dedicated health insurance plans. If you choose these plans, however, if you receive the day-1 cover, you should stand outside for other facilities such as high amount assurance, restoration and multiplier, coverage for the treatment of select diseases outside India, etc. Besides, besides the national, both. Other plans are individual plans and therefore you can not include all family members in a policy and get the benefit of lower premiums.
Therefore, if you are young (i.e. less than 35 years) and recently detected diseases, then there is no need to have 1 diabetes cover in one day. Instead, you can consider a regular health insurance plan with a short waiting period. E.g. The waiting period of Relegate Care Freedom is only two years.
Likewise, in the case of senior citizens, when they examine diabetes specific schemes, it is also understood to compare senior citizen schemes that cover diabetes and hypertension (e.g. National External Mediclaim) or other plain vanilla which is less on premium and high on features like Apollo Munich Optima Sr.
From the point of view of financial planning, even if you have got a health policy, you should maintain a dedicated medical fund to deal with things such as delays, rejection and cost of non medical expenses.