When you are not well and in a state of getting hospitalized, the last thing that you would want to worry about is your finances. At the same time, you would surely not want to spend all your hard-earned money. This is the kind of situation when a health insurance policy can help you the most. So, let us first try to know about it.
What is a health insurance policy?
A health insurance policy is a product offered by insurance companies. Once you have a health insurance policy, you will not have to worry about settling the hospital bills after your treatment has been done. You just need to update the health insurance company from which you have bought the health insurance policy about your hospitalization. If you opt for cashless hospitalization, the bill will be paid by the insurer. If you opt for reimbursement, you can pay the bill from your pocket and claim a reimbursement from the insurance company. However, to claim the sum assured, you have to keep paying the premiums consistently.
While looking for a health insurance policy, you need to make sure that you check the claim settlement ratio of the insurance company. By checking the claim settlement ratio, you can have an idea of the chances of your claim being settled by the insurance company.
Now if we talk about the insurance companies that are known for their promising health insurance policies, then we must mention IFFCO Tokio and Edelweiss Health Insurance. However, before finalizing any one, you must go through the IFFCO Tokio and Edelweiss health insurance reviews as well. Let us now discuss IFFCO Tokio vs Edelweiss Health Insurance.
- The numbers of health insurance plans offered by IFFCO Tokio Health Insurance are 13, while Edelweiss Health Insurance offers 6 health insurance plans.
- As we talk about the e-services, both IFFCO Tokio and Edelweiss Health Insurance provide Policy sale, Policy renewal, Online consultation, Claim settlement, customer support, and Branch locator24x7
- IFFCO Tokio Health Insurance has more than 20,000 branches across the country, while Edelweiss Health Insurance has more than 10 branches in the country
- The claim settlement ratio of IFFCO Tokio Health Insurance is 98.47%, while the claim settlement ratio of Edelweiss Health Insurance is79.82%
- The maximum time taken by IFFCO Tokio for claim settlement is not more than 24 hours, while Edelweiss Health Insurance settles claims within 72 hours
- As the network hospitals are concerned, IFFCO Tokio has more than 5000, while Edelweiss Health Insurance has over 2500.
The health insurance policies offered by both of these companies are more or less similar. However, to know about them properly, you must check each of the health insurance policies separately. Let us take examples of family floater policies of both companies:
The insurance company offers three family-centric health insurance policies which include Swasthya Kavach Policy, Family Health Protector Policy, and Health Protector Plus Policy. These policies
- Provide coverage charges for in-patient hospitalization, pre and post hospitalization
- Provide coverage for more than 160 daycare procedures
- Provide 7.5% of the sum insured for treatment of cataract
- provide coverage for ambulance cost
- Provide 20% of the sum insured for domiciliary hospitalization
Edelweiss Health Insurance
Edelweiss Health Insurance offers three family-centric plans as Silver Plan, Gold Plan, and Platinum Plan. These provide
- Sum insured amount of up to INR 10,000,000
- Coverage for in-patient hospitalization, pre as well as post-hospitalization charges
- Coverage of sum insured from daycare procedures, domiciliary hospitalization, and alternate (AYUSH) treatment
- Add-on critical cover, which is optional
- Maternity and recovery benefit
To know about all the other health insurance policies that are available in the market, you can visit the website of IIFL.