Home / Money / Personal-finance /  Methodology for Mint SecureNow Mediclaim Ratings

We have rated products for 23 non-life companies, including stand-alone health insurance companies. We have removed health plans offered by life insurance companies because according to the health insurance regulations of 2016, life insurance companies are no longer allowed to sell indemnity health plans. In fact, the ones that do will have to phase those policies out in the next three months.

So, in all we have rated about 400 policy options of 65 policies across 18 different categories in individual and family-floater segments. A family floater considers the entire family as one unit, so if one member makes a claim, the cover reduces by that much for all the members in the policy year. In the floater segment, we have rated plans for a sum insured of 10 lakh and 20 lakh for a family of four in two age categories: eldest member being 35 years and 45 years of age. For senior citizens who are 65 years of age, we have considered a family of two.

For individuals we have four age categories—35 years, 45 years, 65 years and 70 years—and we have taken a sum insured of 5 lakh, 10 lakh and 20 lakh for each of them. We have rated these products across three broad features: price, product features and claims experience. The data was gathered from the insurers’ websites, product brochures and public disclosures, and was sent to the insurers for verification.

Each of these broad categories has been assigned a weightage. So, price gets a weightage of 30%, product features get a combined weightage of 45% and claims get a combined weightage of 25%. These categories are then broken down further into parameters, as are the weightages. Each product is measured against these parameters and a weighted score is calculated. This is then added up for the final score that can range between 0 and 100%.

Policies with most of these essential features have been rated A and their score lies between 65% and 100%. Subsequently, policies shift to B with a score of between 45% and 65%, and the rest get pushed to the C category.

While A-rated products include policies that have done well broadly on all the three essential parameters, we recommend you don’t stop with the top rated products alone.

You can find the complete range of product ratings here. Spend some time there and go through the granular ratings, in which each parameter has been explained. You not only get to see the premiums of each policy under different categories of age, but you can also see the product features and claims experience of the insurance companies.

Do take out time to read through the footnotes as well as, we have mentioned some extra features such as maternity benefits and out-patient treatment cover that some of these plans offer. While affordability may be a key concern, we recommend you pick a plan that’s less restrictive.

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