Comparison of Health Insurance Policies Across 10 Nationalized Banks in India. for More

Comparison of Health Insurance Policies across 10 nationalized banks in India. For more details, refer to individual bank’s prospectus.

Bank Name Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra

Name of scheme AB Arogyadaan Scheme BarodaHealth BOI National Swasthya Bima policy Mahabank Swsthya Yojana

Insurer United India Insurance Co Ltd National Insurance Co Ltd National Insurance Co Ltd United India Insurance Co. Ltd

Eligibility Account holders only Account holders only Account holders, staff and Account holders with initial deposit cardholders applicable to SB accounts

Policy type Plan 1 - self, spouse, 2 dependent Self and family (spouse+ 2 dependent Self and family (spouse+ 2 dependent Plan A – Account holder, Spouse and children children) children) 2 dependent children (1+3) Plan 2 - Plan 1 +Parents of prime Plan B - Plan A + parents (1+5) holder

Family floater coverage Yes Yes Yes Yes

Minimum entry age 5 years (3 months if both parents are 3 months 3 months 5 years (3 months if both parents are covered concurrently) covered concurrently)

Maximum entry age 60 years 65 years 65 years 65 years

Maximum age on renewal 80 years 80 years, at a premium loading of 80 years, at a premium loading of 80 years 25% 25%

Minimum Sum Assured 1,00,000 50,000 50,000 50,000

Maximum Sum Assured 5,00,000 5,00,000 5,00,000 5,00,000

Premium per annum Plan 1 - Rs.6,874 Upto 65 years - Rs. 4,734 Rs. 4,213 +Service tax Plan A - Rs. 4,875 (for a sum insured of Rs. 3 lakhs) Plan 2 - Rs.11,587 Upto 80 years - Rs. 5,917 Plan B - 8,120 Bank Name Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra

Pre-hospitalization time period 30 days 30 days 30 days 30 days

Post-hospitalization time period 60 days 60 days 60 days 60 days

Pre-existing diseases coverage 3 years from start of policy, if there 3 years 3 years 3 years from start of policy, if there is no hospitalization during this time is no hospitalization during this time

Medical check-up Not Specified No No No, upto 65 years

Minimum hospitalization period 24 hours, subject to certain 24 hours 24 hours, subject to certain 24 hours exceptions exceptions

Waiting period 30 days 30 days except accidental injury 30 days except accidental injury 30 days

Cashless facility Available in network hospitals Available in network hospitals Available in network hospitals Available in network hospitals

Claim considered same illness if Relapse within 105 days of date of NA Relapse within 45 days of date of last NA discharge consultation with doctor

Maximum time to submit bills on 30 days Not specified Not specified Not specified discharge

Expenses limit 1) Room, boarding, nursing: 1% of 1) Ambulance charges and Out of 1) Ambulance charges and Out of 1) Ambulance charges and Out of sum insured per day pockets expenses: Rs.1000/- each per pockets expenses: Rs.1000/- each per pockets expenses: Rs.1000/- each per 2) ICU: 2% of sum insured policy period. policy period policy period 3) Specific sublimits for certain 2) Health check-up: 1% of sum 2) Health check-up: 1% of sum 2) Health check-up: 1% of sum diseases insured after completion of three insured after completion of three insured after completion of three 4) Pre&post hospitalization expenses: continuous claim free years continuous claim free years continuous claim free years 10% of sum insured 3) Maternity Benefit and Baby Care 3) Maternity Benefit and Baby Care 5) 20% of all admissible claims will Expenses: 5% of the sum insured. Expenses: 5% of the sum insured. be deductible towards co-payment of 4) Funeral expenses: Rs.1000/- over 4) Funeral expenses upto Rs 1,000/- the claim. and above the sum insured in case of insured donating eye(s) Bank Name Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra

Major exclusions 1)Pre-existing diseases upto 3 years 1)Pre-existing diseases upto 3 years 1)Pre-existing diseases upto 3 years 1)Pre-existing diseases upto 3 years 2) Any disease within 30 days of start 2) Any disease within 30 days of start 2) Any disease within 30 days of start 2) Any disease within 30 days of start of policy of policy, except injury out of of policy, except injury out of of policy 3) Certain treatments done with 1 accident accident 3) Certain treatments done with 1 year of start of policy 3) Certain treatments done with 1 3) Certain treatments done with 1 year of start of policy 4) Alternative treatment year of start of policy year of start of policy 4) Naturopathy treatment 5) Dental treatments 4) Naturopathy treatment 4) Expenses primarily for diagnosis 5) Dental treatments 6) Pregnancy related 5) Dental treatments 5) Naturopathy treatment 6) Pregnancy related beyond 5% of 7) Domiciliary hospitalization 6) Pregnancy related 5) Dental treatments Sum Insured benefits 7) Benefits accrued under previous 6) Benefits accrued under previous 7) Domiciliary hospitalization policies by any other insurance co policies by any other insurance co benefits Bank Name Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra

Additional covers Not Specified 1) Ambulance charges upto Rs.1000/- 1) Ambulance charges upto Rs.1000/- 1) Ambulance charges upto Rs.1000/- per policy period. per policy period. per policy period. 2) Out of pockets expenses upto Rs. 2) Out of pockets expenses upto Rs. 2) Hospital cash upto Rs. 1000 per 1000 per year for hospitalisation of 1000 per year for hospitalisation of year for hospitalisation of children children below 12 years children below 12 years below 12 years 3) Health check-up: 1% of sum 3) Health check-up: 1% of sum 3) Health check-up: 1% of sum insured after completion of three insured after completion of three insured after completion of three continuous claim free years continuous claim free years continuous claim free years 4) Maternity Benefit and Baby Care 4) Funeral expenses upto Rs 1,000/- Expenses: up to 5% of the sum in case of insured donating eye(s) insured. 5) Maternity benefits and baby care : 6) Funeral expenses: Upto Rs.1000/- Upto 5% of sum insured if opted over and above the sum insured 6) Treatment in Nepal/Bhutan in 7) Domiciliary hospitalization subject Indian currency to certain conditions 7) Personal accident - death benefits 8) Treatment of NRIs in Indian included, subject to certain conditions hospitals 9) Treatment in hospitals in Nepal and Bhutan in INR Bank Name Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra

Closing comment This plan gives you the option of Premium comparable among peers. Premium is low and many additional This plan gives you the option of including your parents. However, However, there is no option to covers are available. Maternity including your parents. Premium compared to other plans, premium is include parents. Also, there are no benefits and domiciliary comparable with peers. Many higher for both the available plans. maternity benefits available. No hospitalization benefits are also additional covers are available. Further, though exclusions are in line medical check-up needed for any age available. However, parents are not Maternity benefits and personal with peers, there is a limit on various of insured included. No medical check-up accident cover is also available. expense heads not normally seen in needed for any age of insured However medical check-up is needed peers. Maximum entry age for new if you are above 65 years policy is also among the lowest

VERDICT Avoid due to high premium and other Can be taken if parents need not be Can be taken if parents need not be Can be taken restrictions covered and no need for maternity covered benefits Bank Name Canara Bank Corporation Bank Indian Bank Indian Overseas Bank

Name of scheme CanMediclaim Corp Mediclaim IB Arogyaraksha IOB Health Care Plus

Insurer United India Insurance Co. Ltd New India Assurance Company Ltd. United India Insurance Co. Ltd Universal Sompo General Insurance Company Ltd Eligibility Account holders of the Bank i.e. Account holders only Account holders Saving bank, Cumulative deposit Deposits as well as loan, including Account holders, including NRIs employees, ex-employees and Cancard holders

Policy type Plan A – Account holder, Spouse and Self and family (spouse+ 2 dependent Self and family (spouse+ 2 dependent Self and family (spouse+ 2 dependent 2 dependent children (1+3) children) children+parents) children); Parents can be included for Plan B - Plan A + parents (1+5) 4 Plans depending on the age of the 3 Plans as under: additional premium senior most member of the family i) Plan A upto 35 years* ii) Plan B upto 65 years* iii) Plan C upto 80 years* (* Based on the age of the eldest person in the group)

Family floater coverage Yes Yes Yes Yes

Minimum entry age 5 years (3 months if both parents are 3 months 3 months NA covered concurrently)

Maximum entry age 60 years 65 years 80 years 65 years

Maximum age on renewal 80 years 70 years 80 years 80 years

Minimum Sum Assured 50,000 50,000 50,000 50,000

Maximum Sum Assured 5,00,000 5,00,000 10,00,000 (subject to certain 5,00,000 restrictions for Plan C) Bank Name Canara Bank Corporation Bank Indian Bank Indian Overseas Bank

Premium per annum Plan A - Rs. 4,870 Plan 1: Age of senior most family Not Specified Rs. 6,261 (for a sum insured of Rs. 3 lakhs) Plan B - 8,131 member -35 years: Rs. 3,526 (For a family of four, without Plan 2: Age of senior most family Personal Accident cover; Age of member- 36-45 years: Rs. 3,832 senior most family member: 36-45 Plan 3: Age of senior most family years) member- 46-55 years: Rs.4,873 Plan 4: Age of senior most family member- 56-65 years: Rs. 5,605 Plan 5: Age of senior most family member- 66-70 years: Rs.6,752 Premium is for four family members and is exclusive of service tax and Rs.250 bank charges

Pre-hospitalization time period 30 days 30 days NA NA

Post-hospitalization time period 60 days 60 days NA NA Pre-existing diseases coverage 3 years from start of policy, if there 4 years from start of policy, if there 3 years from start of policy, if there 3 years from start of policy, if there is no hospitalization during this time is no hospitalization during this time is no claim during this period is no claim during this period

Medical check-up No No, upto 55 years No No

Minimum hospitalization period NA NA NA NA

Waiting period 30 days 30 days except accidental injury 30 days except accidental injury 30 days except accidental injury

Cashless facility Available in network hospitals Available in network hospitals Available in network hospitals Available in network hospitals

Claim considered same illness if Relapse within 105 days of date of NA NA NA discharge Bank Name Canara Bank Corporation Bank Indian Bank Indian Overseas Bank

Maximum time to submit bills on Not specified Not specified Not specified Not specified discharge

Expenses limit 1) Ambulance charges and hospital 1) Ambulance charges upto Rs.1000/- Not specified 1) Ambulance charges and out of cash: Rs.1000/- each per policy per policy period. pocket expenses: Rs.1000/- per period. policy period. 2) Health check-up: 1% of sum 2) Health check-up: 1% of sum insured after completion of three insured after completion of three continuous claim free years continuous claim free years 3) Funeral expenses: Rs 1,000/- in 3) Maternity Benefit and Baby Care case of insured donating eye(s) Expenses:5% of the sum insured. 5) Maternity benefits and baby care : 4) Funeral expenses:Rs.1000/- over 5% of sum insured and above the sum insured

Major exclusions 1)Pre-existing diseases upto 3 years 1)Pre-existing diseases upto 4 years 1)Pre-existing diseases upto 3 years 1)Pre-existing diseases upto 3 years 2) Any disease within 30 days of start 2) Any disease within 30 days of start 2) Any disease within 30 days of start 2) Any disease within 30 days of start of policy of policy except accidental injury of policy except accidental injury of policy except accidental injury 3) Certain treatments done with 1 3) Certain treatments done with 1 3) Certain treatments done with 1 3) Certain treatments done with 1 year of start of policy year of start of policy year of start of policy year of start of policy 4) Naturopathy treatment 4) Naturopathy treatment 4) Domiciliary hospitalization 5) Dental treatments 5) Dental treatments benefits 6) Treatment arising from or traceable 6) Treatment arising from or traceable to pregnancy (including voluntary to pregnancy (including voluntary termination of pregnancy) and child termination of pregnancy) and child birth including caesarean section birth including caesarean section 7) Domiciliary hospitalization 7) Domiciliary hospitalization benefits benefits Bank Name Canara Bank Corporation Bank Indian Bank Indian Overseas Bank

Additional covers 1) Ambulance charges upto Rs.1000/- 1) Ambulance charges upto Rs.1000/- Maternity expenses after 9 months of 1) Ambulance charges upto Rs.1000/- per policy period. per policy period. taking first policy – for the first two per policy period. 2) Hospital cash upto Rs. 1000 per children only 2) Out of pockets expenses upto Rs. year for hospitalisation of children 1000 per year for hospitalisation of below 12 years children below 12 years 3) Health check-up: 1% of sum 3) Health check-up: 1% of sum insured after completion of three insured after completion of three continuous claim free years continuous claim free years 4) Funeral expenses upto Rs 1,000/- 4) Maternity Benefit and Baby Care in case of insured donating eye(s) Expenses: up to 5% of the sum 5) Maternity benefits and baby care : insured. Upto 5% of sum insured if opted 6) Funeral expenses: Upto Rs.1000/- 6) Treatment in Nepal/Bhutan in over and above the sum insured Indian currency 7) Personal Accident death cover is 7) Personal accident - death benefits available for additional premium. included, subject to certain conditions 8) Treatment of NRIs in Indian hospitals 9) Treatment in hospitals in Nepal and Bhutan in INR Bank Name Canara Bank Corporation Bank Indian Bank Indian Overseas Bank

Closing comment This plan gives you the option of Premium depends on age of the senior Parents are included in this plan, but Parents can be included in this plan, including your parents. Premium most member in the family. It works premium depends on age of the but premium depends on age of the comparable with peers. Additional out cheaper than other plans if you insured. Maternity benefits are insured. Premium is on the higher covers include Maternity benefits and are below 45 years. However, service available, subject to certain side compared to peers, for similar personal accident cover. However, tax and bank charges are applicable conditions. The maximum age of age group. Personal accident-death domiciliary hospitalization benefits over n above the premium amount. entry is higher compared to other cover available at additional cost. are not available. No medical check- Further the maximum age for renewal policies. A unique feature is the high Maternity benefits are available, up needed for any age of insured. of the policy is lower than other amount of cover which can be taken subject to certain conditions. But policies. The pre-existing diseases (Rs. 10 lakhs) domiciliary hospitalization benefits waiting period is higher than other are not available. No medical check- policies and medical check-up is up needed for any age of insured. needed above 55 years. Maternity and domiciliary hospitalization benefits also not available

VERDICT Can be taken. Avoid if you need Can be taken for lower age, due to Can be taken if you want high cover, Avoid due to high premium domiciliary hospitalization benefits lower premium. Else avoid due to else avoid high premium and other restrictions Bank Name Oriental Bank of Commerce Punjab National Bank Comment

Name of scheme Oriental Bank Mediclaim Royal Mediclaim

Insurer Oriental Insurance Company Ltd Oriental Insurance Company Ltd

Eligibility Account holders only Account holders and employees

Policy type Self and family (spouse+ 2 dependent children) Self and family (spouse+ 2 dependent children) Option to include parents available with: Andhra Bank, Bank of Maharashtra, Canara Bank, Indian Bank, IOB Family floater coverage Yes Yes

Minimum entry age 3 months 3 months

Maximum entry age 79 years 80 years Higher entry age for Indian Bank, Oriental Bank of Commerce and Punjab National Bank; Lower age for Andhra Bank, Canara Bank

Maximum age on renewal 79 years 80 years

Minimum Sum Assured 1,00,000 1,00,000

Maximum Sum Assured 5,00,000 5,00,000 Highest sum assured option available with Indian Bank Bank Name Oriental Bank of Commerce Punjab National Bank Comment

Premium per annum Rs 4,620 Rs. 4,536 Most banks charge a flat premium irrespective (for a sum insured of Rs. 3 lakhs) of age; Andhra Bank - Premium comparatively high Corporation Bank and IOB charge premium according to age- high premium in Corporation Bank if you are above 55 years Indian Overseas Bank - premium is high compared to peers Cheapest premium available with Bank of Baroda, Bank of India, Punjab National Bank and Oriental Bank of Commerce

Pre-hospitalization time period 30 days 30 days

Post-hospitalization time period 60 days 60 days Pre-existing diseases coverage 3 completed years NA Corporation Bank has higher time period for pre-existing diseases

Medical check-up No No

Minimum hospitalization period 24 hours, subject to certain exceptions 24 hours, subject to certain exceptions

Waiting period 30 days 30 days

Cashless facility Available in network hospitals Available in network hospitals

Claim considered same illness if Relapse within 105 days of date of discharge Relapse within 105 days of date of discharge Most banks are silent on this; Bank of India has a shorter time period for 'new illness' but it is from the date of last consultation with the doctor, which can be beneficial

Maximum time to submit bills on 7 days 7 days discharge Bank Name Oriental Bank of Commerce Punjab National Bank Comment

Expenses limit 1) Room, boarding, nursing: 1% of sum insured 1) Room, boarding, nursing: 1% of sum insured per day Expenses limit more stringent in Andhra Bank; per day of Rs. 5,000 whichever is less most other banks have similar expense limit 2) ICU: 2% of sum insured per day 2) ICU: 2% of sum insured or Rs.10,000 whichever is restrictions 3) Ambulance charges: 1% of sum assured per less policy period 3) Ambulance charges: 1% of sum assured per policy 4) Hospital cash: Upto 1,000 per policy period period 5) Funeral expenses: 1,000 during the policy 4) Hospital cash: Upto 1,000 per policy period period 5) Funeral expenses: 1,000 during the policy period

Major exclusions 1)Pre-existing diseases upto 3 years 1) Certain treatments done with 1 year of start of policy Maximum exclusions under Andhra Bank, 2) Any disease within 30 days of start of policy, 2) Expenses primarily for diagnosis Corporation Bank and Canara Bank except injury out of accident 3) Naturopathy treatment Pregnancy related benefited excluded from 3) Certain treatments done with 1 year of start of 4) Dental treatments Andhra Bank, Bank of Baroda, Canara Bank, policy 5) Treatment arising from or traceable to pregnancy Corporation Bank, Oriental Bank and PNB 4) Expenses primarily for diagnosis (including voluntary termination of pregnancy) and child Domiciliary hospitalization benefits excluded 5) Naturopathy treatment birth including caesarean section from Andhra Bank, Bank of Maharashtra, 6) Dental treatments Corporation Bank, Indian Overseas Bank 7) Treatment arising from or traceable to pregnancy (including voluntary termination of pregnancy) and child birth including caesarean section Bank Name Oriental Bank of Commerce Punjab National Bank Comment

Additional covers 1) Ambulance charges upto Rs.1000/- per policy 1) Ambulance charges upto Rs.1000/- per policy period. Maximum additional covers under Bank of period. 2) Hospital cash upto Rs. 1000 per policy period India, Indian Overseas Bank, Bank of 2) Out of pockets expenses upto Rs. 1000 per 3) Health check-up: On completion of four continuous Maharashtra and Canara Bank policy period claim free years, maximum of 1% of average sum 3) Funeral expenses: Upto Rs.1000/- over and insured of the four years above the sum insured 4) Funeral expenses: Upto Rs.1000/- over and above the 4) Domiciliary hospitalization subject to certain sum insured conditions 4) Domiciliary hospitalization subject to certain conditions

Closing comment Premium comparable among peers. However, Premium comparable among peers. However, there is no there is no option to include parents. Maximum option to include parents. Maximum entry age is the entry age is the highest among peers. No medical highest among peers. No medical check-up needed for check-up needed for any age of insured. However any age of insured. However there are expense there are expense restrictions on room, boarding, restrictions on room, boarding, nursing and ICU charges. nursing and ICU charges. Maternity benefits are Maternity benefits are not available. Further, if you take not available. Further, if you take treatment from treatment from a non-network hospital, you should a non-network hospital, you should submit bills submit bills within 7 days. Health check-up costs within 7 days. reimbursed after completion of 4 claim free years, compared to 3 years among peers.

VERDICT Can be taken if parents need not be covered and Can be taken if parents need not be covered and no need no need for maternity benefits for maternity benefits