You will be bit surprised to know that Royal Sundaram is the first private general insurance company in India. That is one of the reasons we are reviewing Royal Sundaram Health Plans but before that..
How to select a health insurance plan
Unlike life insurance, there is no straight formula to assess how much health insurance coverage you should have. You need to understand the type of policies available and then match any of them with your perceived medical needs. Even there are health plans tailored to meet various needs from those of a student to those of elderly people. Each of these is beneficial at different stages of your life cycle. So, you should evaluate plans according to the phase you are in.
While considering Royal Sundaram Health Plans or any other health insurance policies, ask yourself the following basic questions with respect to the plans you consider –
- What will it cost you to cover all the members of your family?
- How much must you pay from your pocket, if at all, while putting in a claim?
- What are the limits imposed on various illnesses?
- What hospital network is available?
- What if you must take treatment from a hospital outside the company network?
- Does the policy offer to cover the cost of a second opinion?
Royal Sundaram Health Plans
Royal Sundaram has different plans for health insurance. We look at two of the company’s health insurance plans here.
1) Royal Sundaram LifeLine Health Insurance Plan
Royal Sundaram’s Lifeline health insurance policy can be taken as an individual plan or as a family floater plan. It has three variants –
- Lifeline Classic Health Insurance Plan
- Lifeline Supreme Health Insurance Plan
- Lifeline Elite Health Insurance Plan
- Sum Assured extends from Rs. 2,00,000 to Rs. 1,50,00,000 depending on the variant chosen
- Inpatient care, all day expenses, organ donor expenses and domiciliary hospitalization are covered.
- Ayush treatment is covered up to Rs. 50,000 if the treatment is done in a government hospital.
- Pre-hospitalization is covered from 30 days to 60 days and post hospitalization is covered from 60 days to 180 days depending on the variant chosen.
- Ambulance coverage is from Rs. 3,000 to Rs. 10,000.
- For Pre-existing diseases waiting period is 3 years.
An individual above 18 years is eligible to buy the plan. Dependents between 91 days and 25 years of age can be included in the family floater plans.
- For the Classic Health plan, no claim bonus can be availed from 10% to 50% of the sum assured. In the other two plans, it can be availed from 20% to 100% of the sum assured.
- An annual health check up and one second opinion for 11 critical illnesses during the policy are available for the Supreme and Elite Insurance plans.
- Worldwide Emergency Hospitalization, International Treatment for 11 critical illnesses, OPD treatment, maternity coverage, vaccination is available for the Elite plan.
- Some other benefits like Hospital cash (Rs. 1000 – Rs. 5000 per day), vaccination for animal bites, preventive health care and wellness advice are available for all variants
- Reload of sum assured is also possible for all variants
Policy Details –
|Sum Assured||Rs. 20,00,000.|
|Policy Type||Supreme Plan for a family of 2 adults and 2 children.|
|Age of Eldest person covered is 35 years old||35 years|
|Premium Payable per year||Rs. 23, 049|
It does not cover skin cancer, angioplasty, certain tumours, infertility, obesity, HIV/AIDS, registration/admission charges and spectacles related treatment.
2) Royal Sundaram Smart Cash Health Insurance Plan
This is another health insurance policy from Royal Sundaram. It provides cover for daily expenses during hospitalization like transport (of members taking care of the patient), food, accommodation etc. It is a daily cash benefit plan.
It has three variants –
- Smart Cash Silver
- Smart Cash Gold
- Smart Cash Platinum
On proposer is hospitalization of proposer, the cash is given to proposer or nominee if proposer has expired.
- Provides cash benefit for planned and emergency hospital admission for illnesses and injuries.
- Medical check up is required only for people over 60 years old when taking the policy.
- Daily cash from Rs. 500 to Rs. 10,000 is available depending upon policy and sum assured chosen.
- Joint hospitalization is also covered (for e.g. if two people covered under the policy are involved in an accident).
The Minimum entry age is 91 days and the maximum entry age is 70 years for the Gold and Platinum options. There is no restriction on the Silver option. Policy can be renewed lifelong.
- Accident Hospitalization benefit from 5 to 15 days, Convalescence benefit is available for hospitalization beyond 15 days in the Gold and Platinum variants. Critical Illness benefit are available from Rs. 10000 to Rs. 20000 depending on the plan for 7 illnesses specified.
- Optional personal accident benefit available for sum assured from Rs. 10,00,000 to Rs. 25,00,000.
- Family discount is available if cover is for 3 or more persons.
- Cash for Childbirth and pre-existing illnesses available in Gold and Platinum variants.
- Cash for Intensive care, parental accommodation, and emergency family member visit are available in the platinum variant.
Policy Details –
|Daily Cash Benefit||Rs. 3,000.|
|Policy||Smart Cash Plan – Gold for a family of 2 adults and 2 children.|
|Age of Eldest perso covered is 35 years old||35 years|
|Premium Payable per year||Rs. 14, 591|
These are the exclusions:
- Diseases contracted within 30 days of policy commencement.
- Hospitalization for diagnostic and/ or evaluation purposes
- Obesity, Psychiatric disorders, Psychosomatic disorders and alternative medicines and treatment
- Congenital diseases, Venereal diseases, and suicide.
Both Royal Sundaram Health Plans are comprehensive and have many benefits. If you require a health insurance policy or daily cash benefit plan, you can consider these plans after discussing with your advisor.
If you already have Royal Sundaram Health Plans – please share your experience that will also help other readers.