Product crack | my:health Medisure Classic Insurance

L&T General Insurance Co. Ltd’s pays for hospitalization
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First Published: Mon, Nov 05 2012. 08 50 PM IST
What is it?
It is a health insurance policy that pays for hospitalization. Like its flagship product, Medisure Prime Insurance, the policy promises to restore the sum insured if it gets exhausted within a policy year.
What do you get?
In case you exhaust your cover limit, the policy will restore the sum insured. So if you have a policy of say Rs.2 lakh and you exhaust your cover, the policy will restore Rs.2 lakh which can be used only in the case of any subsequent hospitalization due to an accident. But if you don’t exhaust the cover, the policy will still restore itself to cover any subsequent hospitalization due to an accident.
What we don’t like
The basic version of this policy comes with sub-limits on room rent and nursing. The room rent and nursing expenses are limited to 1% of the sum insured limited to an upper limit of Rs.4,000 per day. In case of intensive care unit, this limit is 2%, up to Rs.6,000. So if you choose a higher room rent then not only will the insurer pay just the eligible amount but will also settle other costs associated with the room rent like doctor’s fees, diagnosis and consulting as per your eligibility. You can waive off this sub-limit with an add-on cover called waiver of room rent sub-limits.
What we like
This policy is renewable for life and there is no entry age barrier for the basic version. Also, the premium does not increase for the policyholder after 80 years of age.
There is an add-on critical illness cover, under which the cover will double itself for specified critical illnesses. It is not a defined benefit policy, which means it will not pay a lump sum but will only pay for the cost of hospitalization on account of nine critical ailments. These critical ailments include ailments cancer, kidney failure, major organ transplant and first heart attack. Remember that these critical illnesses should not be pre-existing in nature. The policy will cover the specified critical illness only once and the cover will terminate for that particular illness. Next year the cover will be applicable for other critical ailments. This cover can be bought till 65 years of age only but is renewable for lifetime.
Mint Money take
The basic version costs Rs.4,481 for a sum insured of Rs.5 lakh for a 35-year-old; this is the cheapest among the restore plans in the market. But if you add the waiver of sub-limits benefit to make this plan comparable with other products, it will come for Rs.5,736. Even at this price it remains competitive.
However, the biggest drawback is that it does not restore your sum insured for hospitalization on account of new ailments as is the case with other restore plans. If you pick up this plan, consider topping it up with the critical illness benefit.
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First Published: Mon, Nov 05 2012. 08 50 PM IST