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My health insurance plan

Updated: Oct 26, 2021

I have a health insurance plan for last 16 years. The sum insured value increased from Rs 10 lakh to Rs 25 lakh.

I ported by insurance from Oriental Insurance to Apollo Munich on advise of an agent. I recollect my communication with the agent committing me higher sum assured upto 50% for every ‘no claim’ year. By God’s grace after 2010, I have not made a single claim on my insurance policy.

Despite all of this my premium contribution has increased from Rs 15k per annum to Rs 35k per annum. My next renewal is due this month and I received a reminder from a new health insurance company that took over the company I bought the health plan from.

I browsed web to port to a new health insurance company considering the fact the sum insured value has not increased despite ‘no claims’. My experience on browsing web to decide on a insurance plan:

a. Ambiguous content with asterisk (*) Next to all relevant details.

b. Lot of content to read that still does not help me zero down on any policy

c. Exclusions from coverage not mentioned

d. “No Limit on ICU charges”- My common sense suggests this is subject to Sum Insured. But it is not mentioned explicitly.

I was looking for following details to decide on a policy but were missing:

a. What pre-existing diseases are covered?

b. What is not covered?

c. Is floater allowed?

d. Can we have multiple claims in family under the same insurance plan with no limit on sum insured?

e. What constitutes premium?

f. What is projected premium outflow for next five years with increase in Sum Insured under “no claims” premise?

But sadly, none of the details are available without sharing my contact details on the portal. Post which I will be swamped with tele-callers to further confuse me.

I hope Insurtech companies are going to be different despite I being skeptical of Lemonade’s buzz on revolutionizing Insurance business.

PS: Over the next two days when I was scribbling this on my Notes, I called Agent to explain me the attachment I received on email from my health insurance company. He says, “Multiplier column is excluding the “sum insured” column. Wow! Atleast I have doubled my coverage for a nominal increase in claim.

From my personal experience, I see a perfect use case for artificial intelligence: given my profile why was I sent a statement that confused me more?

And please, all of this possible without the need for an ever hungry algorithms for more data.

A blog post that was needed to be posted here but hopefully someone gets a perspective out of it.

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