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Mint SecureNow Mediclaim Ratings 2018

Identify the best-rated health insurance:

  • All health insurance products rated
  • Price, product features and claims scored
  • Based on public information
  • Sixth year of consistent ratings
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Mint SecureNow Mediclaim Ratings – Features

Comprehensive
All products in the market are rated. This covers 25 insurers and over 100 products. All the plans of each insurance company whether individual or family floater have been considered.
Transparent
The criteria and scores of individual products are published on the Mint website. These can be independently verified. Only publicly available information is used for the ratings.
Balanced Criteria
Weightages are given to all relevant criteria – premium, product features and claims. The weight differs slightly for senior citizens.No one criterion can swing the scores.
Independent
The ratings are independent and not sponsored by insurers. These ratings, now in the sixth edition, provide a strong independent and comprehensive pespective to customers and insurers.

Rating Criteria

Premium

Premium is an important but not the only criterion considered. It has an overall weight of 30% for age groups 60 and below. For higher ages we have reduced the weightage of premium to 25% because certain product features become relatively more important for seniors. The scoring for premium uses the quartile approach, with the highest marks to products in the top quartile.

Product features

The overall score for product features is the sum of scores for individual features. The maximum weight is given to pre-existing disease exclusions and limits on room rent. Other features that have been scored are the maximum no-claim bonus, wellness cover and restore benefits. For each feature the minimum standards have been clearly specified. The total score is 40% for ages 60 and below. For seniors we have introduced co-pay into the rated features and increased the overall score to 42%.

Claims

Claims information is available in the public disclosures and we have given this a high 30% weight. Most of this, 25%, is to claim settlement ratio and the remaining 5% to claims grievances. The settlement ratio is positive claims decisions taken over the total decisions taken. Grievances are expressed as claim complaints per 10,000 registered claims. A slightly higher weightage of 33% has been given to claims for senior citizens.

Why SecureNow

Deep
Product Knowledge

We have specialized health underwriters who can give specific recommendations to you.

Cost-effective
Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Proposal forms and medical tests are quickly turned around. We follow up with insurers to make sure the insurance is issued fast.

Strong Claim Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value Added
Services

We support you if you need to get medical tests done or would like access to our wellness programmes.

Policy Administration
System (PAM)

See all your insurances and renewal information in one place. Place service requests on PAM.

FAQs

The ratings include all health insurance products available in the market. Participation is not optional. A few products are excluded because they have not been launched nationally.
All the products are divided into 3 categories – A, B and C. A is the highest rated. Products that score 65% or more are A rated, 45% or more are B rated and less than 45% are rated C. A rated products are always good to buy. B and C may be okay in some specific situations.
We have covered over 24 insurers and 107 products.
All important product features like pre-existing exclusion, sub-limits on room, no-claim bonus, wellness and restore benefits have been given weightage. Pre- existing exclusion and sub-limits on room have been given the highest weightage. Some features such as OPD, international care have been left out. This is because the tangible delivery of these features varies significantly by insurer and we have still not seen the level of claims incidence in these areas.
These weightages are based on our sense of what should matter to buyers of health insurance. These have been fine-tuned over the past five years based on our on-the-ground experience and feedback from insurers and customers.
All the information has been sourced from public data. In the case of premiums from the website, product features from the policy wordings and claims from the public disclosures. This information has then been cross-checked with the insurers.
We have considered four ages for rating – 30, 45, 60 and 75 years. The sum assured ranges from Rupees 5 Lacs, 10 Lacs, 20 Lacs and 50 Lacs. These combinations provide a comprehensive view of customer needs.
For age 30, we have considered a family of three, including one child. For age 45, we have considered a family of 4. Ages 60 and above are individual insurances.
We have not considered maternity because our youngest age is 30 years. Public information suggests that a small proportion of women have children after 30. Since most products have a waiting period for maternity claims this means that even if a person buys an insurance at age 30 they will be eligible for a maternity claim after a few years. So, this benefit was not relevant for our selected segments.
Anybody over the age of 65 is considered a senior. The reason for this is that as per insurance laws all products must allow a maximum age of entry of 65 years. Many insurers do not issue insurances above that age which means that specific products have to be identified for people over 65. The ratings identify these products and rate them.
The main difference is that the weightage for premium is reduced slightly from 30 to 25%. And the weightage for product features has been increased by 5%. Within product features we have scored features such as co-pay and disease waiting periods that are not included in people under 65. Our rationale was that getting products that actually pay out claims with minimum restrictions is relatively more important for seniors. We have also dropped the weightage on no-claim bonus because seniors are likely to hold the insurance for fewer years and are a little less affected by long term inflation.
Most products restrict entry age to 65 years. So, we have considered only those products which are available for first time purchase at the age of 75. The additional challenge that seniors face in buying insurance is that they often have chronic ailments and insurers either reject the proposal or load the premiums in such cases.
Yes. Although the options are limited. Insurers are adept at factoring in well managed chronic diseases. Seniors can also buy specific diseases plans or top-up plans that are issued more easily.
For some insurers the premium varies by area of residence. In such cases we have taken Delhi as the location for premium calculations. Delhi is typically, but not always, the most expensive zone.
We have not considered Raheja QBE’s products and Bharti Axa's Individual health plan. Raheja QBE’s products have not been considered because they are not available nationally yet and there is no claims history. For Bharti Axa, we have not considered individual health insurance because the premiums were not available on the website nor provided by the company.
No, we have not deducted online discounts or other specific discounts from premium. The exception we made was to consider discounts given to “go-green” which is to not use paper copies of the insurance policy or renewal notices.
We have taken four most commonly used sum insureds: Rs 5 Lac, 10 Lac, 20 Lac and 50 Lac. But some insurers do not provide these exact amounts. For example, Reliance Health Gain, has available sum assured of Rs 6 Lac, 9 Lac and 18 Lac, so we have considered them in our ratings for Rs 5 Lac, 9 Lac and Rs 20 Lac. Similarly, for Cigna TTK, a sum assured of Rupees 5.5 lakhs has been considered in the Rupees 5 lakhs category. And, for IFFCO Tokio, In the category of Rs 20 lakhs family floater we have used a sum assured of Rs 16 lakhs. Generally we try to find the closest match provided the differences are not large.
Some Insurers vary their premium rates by gender. In such cases we have considered the premiums for males. There is no gender bias in this - our rationale is that premiums are set by the age of the oldest person in the family, most often a male.
Premium assumes TPA charges. Where there is an option to buy the insurance without a TPA we have considered the option with TPAs.

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