Mint SecureNow Mediclaim Ratings 2019
To give you a ready comparison between health insurance policies, we have designed Mint SecureNow Mediclaim Ratings (MSMR), giving ratings of A, B and C to various plans.

To know how these ratings are calculated, click here

To find out how these policies were rated on individual parameters, click here
Knowledge Partner
To know how these ratings are calculated, click here

To find out how these policies were rated on individual parameters, click here
  1. Only products listed on insurers’ website have been considered

  2. na: not applicable
  3. GST of 18% included in premiums

  4. Co-pay related assumptions:

    a.Rated “Yes” if:
    1.There is co-pay on multiple claims. So, if a co-pay kicks in on the second claim, then this is rated as Yes
    2.Co-pay is charged on non-network hospitals or reimbursement claims
    3.There is co-pay for higher room category
    4.There is co-pay if treatment is taken in a different zone
    
 b.Rated “No” if:
    1.Co-pay is optional
    2.There is co-pay on Ayurvedic or OPD but not on hospitalization
    3.Co-pay kicks in at an age higher than entry age

    c.Optional discounts, for example to use network hospitals or opt for co-pay, have not been given weightage

    d.Where co-pay and without co-pay options are available we have taken without co-pay product variants.

  5. Room rent related assumptions

    a. Rated “No limit” if:
    1. Any single room available in the hospital is allowed 

    b. Rated “With limits” if:
    1. There is a restriction on getting the most basic single room in the hospital
    2. AC rooms are not allowed

  6. No-claim bonus

    a. If no-claim bonus does not increase sum insured but reduces premium, we have not considered it because the purpose of a no-claim bonus is to increase the sum insured in line with inflation
  7. Wellness benefits
    a. These have been rated “Yes” if there is a monetary benefit for the insured to maintain good health. The monetary benefit may be lower premium or redeemable points

    b. Health check-ups or discounts on purchases are not considered as wellness programmes. Partly, this is because health check-ups are standard features now and the health check-ups offered tend to be basic. Discounts on OPDs and diagnostics are also easily available without insurance 

  8. We have not considered certain product features for the following reasons:

    a. OPD, International treatment: The tangible benefits vary significantly across products in amount and claim process. Also, we do not have public information on the use of these features, and our view is that the use will be limited 

    b. Built-in critical illness, personal accident benefit: These benefits are, typically, bundled with considerable restrictions on the sum insured and the number of diseases. Also, we do not have public information on how often and to what extent these are used 

    c. Maternity: Our youngest age is 30. Those buying insurance at 30 will be eligible for maternity benefits only a few years later. Public data suggests that child births in India after the age of 30 are limited. This is why we have not given any weightage to maternity. For younger age groups, in the 20s, this is a relevant benefit

  9. Where rates differ by gender we have considered male rates

  10. For the age category 75 years, we have rated only those policies that can be bought at 75 years. Policies that need to be bought before 65 years but continue until 75 are not considered

  11. Only insurers with over 10,000 settled claims in a year have been considered. This excludes Edelweiss General, Kotak General Insurance, Magma HDI General Insurance, Raheja QBE and Reliance Health. 

  12. For Bharti AXA General Insurance, we have not considered individual health insurance because the premiums were not available on the website nor provided by the company

  13. New India Assurance’s Asha Kiran Policy has been considered only at age 30 because it is a family floater available only at that age for a family with one girl child

  14. Premium ratings have been done based on the averages of current and future premiums. So, if entry age for individual insurance is 30, then the average premiums for ages 30, 45 and 60 are considered. If entry age is 45, then the average for 45 and 60 is considered. This factors in future premium increases. In the case of family floaters, only ages 30 and 45 are considered for this averaging because when parents turn 60, the children are likely to have their independent insurance policies and are unlikely to be covered under family floater.

  15. Claims

    a. Claims ageing data, claims settled, claims complaints per 10,000 claims data are taken from NL-24 (4 quarters), NL-25 (4 quarters) and NL-41 (4th quarter), respectively

    b. Claims settlement = claims settled/(claims settled + claims closed + claim repudiated)

    c. Where there is a difference between public disclosures and company-provided information, we have taken public disclosures

    d. Star Health and Allied Insurance and Aditya Birla Health Insurance have disclosed claim complaints per 10,000 policies. This is inconsistent with the way claim complaints are reported by other insurers— on a base of claims rather than policies. So, we have recast these ratios to make the denominator total claims rather than total policies

    e.For National Insurance, New India Assurance and Oriental Insurance, claims grievance rates were not published and have been estimated from Quarter 4 disclosures

    f. For SBI General Insurance, claims settlement for Quarter 3 was not published so we have used an average for the remaining three quarters

  16. Selection of sum insured where exact matches are not available:

    a. Reliance Health Gain: For the ₹10 lakh category, a sum insured of ₹9 lakh has been considered; for the ₹20 lakh category, a sum insured of ₹18 lakh; a sum insured of ₹6 lakh has been considered for the ₹5 lakh category. Exact matches are not available

    b. Max BUPA GoActive: It has not been rated in the ₹20 lakh category because they have sums insured of ₹15 lakh or ₹25 lakh. There is no close match to ₹20 lakh 

    c. For ManipalCigna Health Insurance, a sum insured of ₹5.5 lakh has been considered in the ₹5 lakh category

  17. For Max BUPA Health Insurance, Family First Gold in the family floater categories of ₹5 lakh, ₹10 lakh, ₹20 lakh and ₹50 lakh we have considered a combination of ₹1 lakh sum insured per person and a floater of ₹3 lakh, ₹10 lakh, ₹20 lakh and ₹50 lakh, respectively.
  18. Date of birth for each category has been considered 1 April 

  19. For National Insurance’s Parivar Mediclaim Plus, we have rated the restore feature as “No” because restore is narrowly defined and available only in case of road accidents 

  20. Where pricing of products varies by zone, we have considered Delhi as the location. This is, typically, but not always, the most expensive zone

  21. The premiums we have selected assume TPA (third-party administrator) services

  22. Optional benefits have not been considered
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