Aegon Religare has launched its online health insurance plan for its customers. Offering online health insurance policies has become good option for the companies. Already few of the companies offering the online health insurance policies, now Aegon Religare has joined the elite group. One advantage of buying insurance through online is that the premium would be very cheap compared to buying through an agent. The reason is the expenses incurred for marketing the policy is reduced because of the online medium. In this post I will review the Aegon Religare iHealth product with its features and cost of the policy. If you have any thoughts, please post it in the comments section.
Who can be covered in the policy?
This policy has few advantages over other policies like covering your in-laws. The below image represents clearly who can be covered under one policy.
Benefits in this policy
AEGON Religare iHealth Insurance Plan is available in 2 variants viz. Gold & Platinum. The benefit amounts under both these plans are
Daily Hospitalisation Cash Benefit (DHCB)
This option is provided by all the policies. The amount offered under this category would be different of each policy depends on the premium amount. Under this category, a fixed amount is paid to the policy holder for each day admitted in the hospital. The basic requirement is that policy holder must have stayed in the hospital for atleast 24 hours. This payment is additional to the other cach benefits like surgical cash benefit.
Surgical Cash Benefit (SCB)
If you undergo any major surgeries, you are eligible for the lump sum amount as the surgical expenses which will be paid for the listed surgeries in the policy document. In most of the cases, all important diseases would be covered under this category. In the Aegon Religare iHealth Insurance plan, surgeries are classified under the 6 categories depending upon the type and severity of each surgery as follows:
- Heart bypass; Knee joint replacement
- Heart angioplasty; Open heart; Liver tumour
- Brain & Spine operation; Bone tumour
- Ankle fracture; Bone grafting; Cataract
- Bone open fracture (screw & plates);Gastrointestinal; Glaucoma
- All surgeries not covered under grade 1 to 5 and carried out along with 24 hours hospitalisation.
849 surgeries are in the defined list. These surgeries are classified in category 1 to 5 (List of the surgeries falling under categories 1 to 5 is available in Annexure 1). The remaining surgeries which do not form a part of the list are covered under category 6 except for the exclusion mentioned herein. The surgeries covered under Category 6 require 24 hours of continuous hospitalisation.
Aegon Religare iHealth Insurance plan offers two variations as Gold and Platinum. The higher level summary of the the benefits provided by both the policies are highlighted in the below table.
Eligibility for Aegon Religare iHealth Insurance
With the quote provided in their website, premium amount calculated is 4600 for the policy owner with the age 32 who opted the Gold plan. The Daily Cash Benefit under gold plan is Rs. 180000 for one year. Total surgical benefit is Rs. 300000 for one year. If he also wants to buy rider for the Critical Illness (CI), he has to pay the extra Rs. 347 for one year.
Other Points to Consider
- Free Look Option – If you are not satisfied with the terms and conditions of the policy, you have an option to cancel the policy stating the reason within 15 days from the date of receipt of the policy bond/document. Upon such cancellation, you will be paid back the premiums after deducting stamp duty and medical examination charges, if any.
- A waiting period of 90 days from the date of commencement of the policy is applicable for all benefits payable under this cover.
- You are allowed a grace period of 30 days for payment of your renewal premium from the last premium due date. The insurance
- coverage continues during the grace period. In case of a claim during the grace period, premium due will be debited from the benefits payable. No new Waiting Periods or Fresh Underwriting will apply if premium is received during the Grace Period.
- In case you are up to age 45 and in good health, your cover begins immediately. If your age is more than 45, you would under go a health check up.
- You can avail of the Cashless facility (no need to pay any money for the treatment) in more than 3,000 key hospitals across the country. Please refer to the “Easy Claim Process” explained below.
- You are guaranteed a lifelong renewal of your health cover. The premium applicable on renewal will depend upon the attained age.
- You benefit from a fixed premium rate for 3 years. This means even if you have a claim in year 1 or 2, the premium will not increase.
- Your benefit amount increases by 10% for every no claim year (the maximum increase will be capped at 50%).
Premium amount for individual is little higher in this policy. But, it is not big difference compare to other insurance policies. The advantage of this policy is that policy holder can add their in-laws into the coverage with additional premium. By looking into the benefits and coverage, it covers most of the illness and offers the daily cash benefits in the good range. Since the cost of medical is growing every day, this policy would protect you from the major health expenses. I would recommend Aegon Religare iHealth Insurance policy for your family.