HDFC ERGO vs ICICI Lombard Health Insurance

HDFC ERGO Vs. ICICI Lombard Health Insurance

No one plans to fall sick, but most people will need medical care at some point in their life. Right from the first doctor’s visit to the lab tests, and pharmacy bills, the mounting expenses pertaining to full treatment can be burdensome. A health insurance policy is a financial safety shield that protects you and your family during medical emergencies. It comes with several benefits, such as paying your medical bills, including pre and post-hospitalization expenses, protecting your savings, and getting tax benefits. HDFC ERGO and ICICI Lombard are the popular tycoons in the insurance industry. Both companies have come up with a number of health insurance products keeping in mind the varied needs of various individuals. To know more about the health insurance products of these two companies and their differences, have a look at the following mentions.

What is HDFC ERGO Health Insurance?

HDFC ERGO General Insurance has secured over 1.5 Crore+ happy customers right from offering comprehensive car insurance to a wide range of health insurance plans. Under this insurer, one can get up to Rs. 75000 tax exemptions. This company also offers free health check-ups within 60 days from the date of the renewal of the health policy. The company is well connected to the customers and their customer service is open 24×7 to serve the needs of the individuals. Cashless Home Healthcare for medically necessary treatment of Illnesses is available if prescribed by a treating medical practitioner. The company has been serving customers for a long period of time and has gained immense popularity for its health insurance products.

Know about ICICI Lombard Health Insurance

ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance companies in India offering insurance coverage for motor, health, travel, home, student travel, and more. Health policies can be purchased and renewed online as well. ICICI Lombard has a network of 7500+ Healthcare providers where one can avail of a cashless facility. Add-ons are available under their health insurance. One can enhance his/her cover by purchasing add-ons such as critical illness cover, hospital daily cash, etc. One can also Add-ons that are available under health insurance. You can enhance your cover by purchasing add-ons such as critical illness cover, hospital daily cash, etc. There is no co-payment clause under ICICI Lombard Health AdvantEdge as well.

Key Benefits of going with HDFC ERGO Health Insurance

One can get multiple policies and a sack full of benefits if he/she has settled for HDFC ERGO health insurance plans. A few important mentions are as follows. 

Hospitalization Expenses:

Just like every other health insurance plan, HDFC ERGO also covers hospitalization expenses such as room rent, ICU, investigations, surgery, doctor consultations, etc., due to illnesses and injuries seamlessly.

Mental Healthcare:

The company believes mental healthcare is just as important as hospitalization due to physical illness or injury; hence, it covers hospitalization expenses incurred for treating mental illnesses.

Recovery Benefit:

If one stays in a hospital for more than 10 days at a stretch, then the company pays for other financial losses. It helps to take care of other expenses during the hospitalization.

Lifelong Renewability:

Once you get yourself secured with, the company’s health insurance plan there is no looking back. HDFC ERGO health plan continues to secure the medical expenses for your entire lifetime on break-free renewals. 

Healthcare Network:

More than 12000 cashless healthcare providers are there under this company.

No Cost Installment Benefit:

Under this company, one can avail of installment benefits in terms of paying a premium amount without paying any extra money for that.

Easy Claim Settlement Process:

One buys a health insurance product so that he/she can get financial benefit for that. With this company, the claim settlement process is super easy, and one can even register a claim online at his/her own convenience. 

Online Facility:

One can avail of many online facilities such as paying policy premiums, renewal of the policy, buying a policy, claim intimation, and many more.

Major Highlights of ICICI Lombard Health Insurance

The company has offered a number of benefits and facilities to its customers to keep them safe and secure. The important mentions are as follows. 

Covers Complete OPD Requirements:

ICICI Lombard’s Befit plan is tailored to cover the expenses of all your minor and severe health concerns, including teleconsultation with the doctor, pharmacy, and routine diagnostics on a cashless basis.

Covers Pre and Post-Hospitalization:

One of the key benefits of a health insurance policy is that it covers your medical expenses incurred just before and after hospitalization. 

Provides Cashless Treatment:

At the time of hospitalization, one does not have to worry about arranging cash to pay the hospital bill as ICICI will settle it directly with the hospital if it is in their network hospital.

Covers Pre-existing Diseases:

The company covers the insured person for a pre-existing disease once he/she has completed the waiting period mentioned in the policy certificate. 

Provides Additional Sum Insured:

Keeping healthy has its own benefits. With this insurer, one can enjoy an additional sum insured for every claim-free year as per the policy certificate of your health plan.

Discount on Premium:

One can save up to 12.5% on the company’s Health Booster policy by paying the premium for 3 years in one go. 

AYUSH Treatment:

Their health insurance policy will also pay for the in-patient AYUSH treatment undertaken in a government hospital or in any institute that is government-recognized or accredited by the Quality Control Council of India or the National Accreditation Board on Health.

HDFC ERGO Health Insurance and ICICI Lombard Health Insurance - Comparison

The following table will give you an idea about these two policies and their differences.

Parameters HDFC ERGO Health Insurance ICICI Lombard Health Insurance
Number of policies

Four

Optima Secure

My: Health Suraksha

My: Health Women Suraksha

Critical Illness Insurance

Nine

Health AdvantEdge

MaxProtect

Health Booster

Personal Protect

Arogya Sanjeevani Policy, ICICI Lombard

Corona Kavach Policy, ICICI Lombard

Saral Suraksha Bima, ICICI Lombard

Golden Shield

iShield

Cashless healthcareMore than 750012000+
Gross direct premium13,497.55 crores in the financial year 2021-2022 according to IRDAI annual report.From the same source, Rs. 17,976.87 crores
Incurred Claim settlement ratio97.47%91.67%
Pre and post-hospitalization expenses

Pre-hospitalization – 60 days

Post-hospitalization – 180 days

Pre-hospitalization – 60 days

Post-hospitalization – 90 days

Preventive health check-upFree health- check-up at renewalICICI Lombard Health AdvantEdge plan provides you with a complimentary health check-up coupon per policy year.
Digital platformDIAIL Take Care app
Day care treatmentsCovered150 procedures covered
Additional sum insuredThis benefit adds to the Sum Insured, an amount equivalent to the claim amount, up to the basic sum Insured, on subsequent Hospitalization.Up to 10% of the base sum insured
Special cover for womenMy: Health Women Suraksha is a dedicated policy for womenNot available
Critical illnessCritical Illness Insurance is a dedicated policy that provides protection against 15 specified critical illnesses.Can be bought separately as an add-on cover

HDFC ERGO Health Insurance vs. ICICI Lombard Health Insurance, which one is better?

Both companies have designed their health plans to cater to the needs of individuals so that the customers can keep their families financially protected. Additionally, the optional benefits and add-ons have made the plans stronger. However, though all the plans are health insurance plans and have been crafted keeping in mind the same purpose, but inherently they are not identical, rather way different from each other. While HDFC ERGO Health Insurance offers Recovery Benefits and Mental Healthcare, ICICI Lombard Health Insurance provides a benefit and wellness program. All the plans are potent and strong enough to serve the needs of the individuals on the basis of their requirements. One needs to choose any of these plans, only keeping in kind the necessities of him/her. Therefore, it would be an injustice to identify one insurer as the best because it would be decided by the customer which one will satisfy his/her needs.

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