Comparison amongst the Best Insurance Companies – New India Assurance and Oriental Insurance

There are number of successful player in insurance sector. Some are known for its wide range of customers’ base and some are known as a most trusted brand in the market. Every person who wants to buy any insurance policy wishes to know about the best insurance provider in the market.

I am sure after reading this article, you will be able to find the best insurance company available in the market.

We all are aware of the two most renowned insurance companies in insurance sector; New India Assurance and Oriental Insurance. Let us compare the benefits and coverage offered under the health insurance plan of both the companies; New India Assurance and Oriental Insurance.

Comparison Factors	New India Assurance	Oriental Insurance
Sum Assured	2 – 8 lakh	2 – 5 lakh
Cashless Hospitalization	It also provides cashless benefits overseas	It offers cashless hospitalization facility at more than 1800 network hospitals.
Family Floater Plan	It covers up to 6 family members	It covers up to 7 family members
Pre-existing Disease	It covers pre-existing disease after 4 claim free year	It covers pre-existing disease after 4 claim free year
Co-Pay	The policy needs 10% of the claim amount as a Co-pay	The policy needs 10% of the claim amount as a Co-pay
Ambulance Charges	It covers the ambulance charges up to 1 % of sum assured	It covers the ambulance charges up to 3000

 

Health insurance offers several other benefits and coverage, which are different under different medical insurance policies. Check out the comparison between some best health plans offered by New India Assurance Health Insurance and Oriental Health Insurance.

New India Mediclaim Policy

• Eligibility – The entry age for New India Mediclaim policy id 18 years to 65 years. It provides coverage o children only up to the age of 25 years.
• Coverage – It offers cashless hospitalization only when the hospital stay exceeds 24 hour. It also offers coverage for pre and post hospitalization expenses.
• Sum assured – The sum assured under New India Assurance Mediclaim policy rages between 1 to 8 lakh. You can increase the amount at renewal time for the policyholder who is under the age of 65 years.
• Premium – It also offers 10% discount for plans taken on an individual basis.
• Extra benefits – The plan offers lifetime renewability option to the policyholders. It also offers cashless hospitalization facility across the globe. It offers tax benefits under section 81 D of income tax. It also offers No-claim bonus award after every claim- free year.

Oriental Individual Mediclaim Health Insurance

• Eligibility – The only eligibility criteria of Oriental Insurance Mediclaim policy is a medical test after the age of 45 years.

• Coverage - Hospitalisation expenses for a minimum stay of 24 hours. It also covers the following:

v  Room expenses up to 1% of sum assured.

v  ICU expenses up to 2% of sum assured.

v  Ambulance charges up to 1% of the sum assured.

v  Organ donor hospitalisation expenses.

v  Pre-existing diseases after completion of a 4 claim free years

v  Domiciliary Hospitalisation.

v  Post-hospitalisation expenses up to 60 days.

 

• Sum assured – The sum assured for Oriental insurance Individual Mediclaim Health Insurance is between 50000 to 5 lakh.
• Extra Benefits – It offers the reimbursement option which allows the policyholder to get reimbursement for the 1% of sum assured. This policy includes tax benefits under section 81D of income tax. Oriental insurance health plan offers cashless hospitalization at network hospitals. It offers No-Claim bonus for after 4 claim-free years.

Well! It’s a Tough Competition

But what we can conclude is oriental insurance health plan provides better plan in the market. As it offers sum assured value from INR 50000 to 5 lakh. It offers several other benefits against expenses incur other than hospitalization. Before buying any policy, it makes sense to compare the annual premium and minimum sum assured to check the insurance you are planning to buy actually meets your requirements, budget and needs.