Health insurance is one of the most important general insurance policies in the insurance market. It not only helps you stay healthy but also saves you from the financial losses incurred due to an ailment. After the pandemic of Covis-19, people have become more conscious about health insurance policies and the growing demand for medical plans has made the insurers come up with multiple health plans that have unique benefits and facilities to cater to the individual needs of the insured people.
When we are talking about health insurance policies, we cannot overlook two insurers, namely, Star Health Insurance and ICICI Lombard Health Insurance. Both companies have presented a bucket full of medical plans that are designed keeping in mind the needs of the policyholders. These health policies not only offer tax benefits but also immune people from the financial burden incurred due to a disease or medical condition. They also help to safeguard the health of the insured person with multiple benefits. To know more about these two policies, have a look at the following mentions.
Comparison between Star Health Insurance and ICICI Lombard Health Insurance
The following table gives you a glimpse of Star Health Insurance and ICICI Lombard Health Insurance and their differences.
| Parameters | Star Health Insurance | ICICI Lombard Health Insurance |
| Number of plans | 22 plans | 9 plans |
| Type of the insurer | Stand-alone health insurer | Private sector insurer |
| Claim settlement ratio as per the IRDAI Annual Report 2021-22 (Health Sector) | 87.06% | 91.67% |
| Cashless facility | Available | Yes, available at network hospitals |
| Number of network hospitals | 14000+ across India | More than 7500 healthcare providers |
| Preventive health check-up | Free annual health check-up is available for some policies | Available |
| Separate senior citizen health plan | Available | Yes, available |
| Add-on covers | Available, at an extra cost | Available, for that one has to pay an additional premium. |
| Worldwide health cover | Available, but for specific policies. | Available under ICICI Lombard MaxProtect health insurance, and Personal Protect policy |
| Separate policy for women | Available Star Women Care Insurance Policy | Not available |
| Gross premium amount within India (Health sector) | Rs. 11463.47 crores in 2021-22 | Rs. 4006.91 crores in 2021-22 |
| Critical illness | Covered. There are many dedicated policies for critical illnesses | Covered |
| Wellness Program | Yes, available | Available |
| Quick claim facility | No separate quick claim facility | Quick claim intimation through their IL Take Care app |
| Specific policy for children | Available | Not available |
| Covid-19 treatment facility | Available | Yes, available |
| Modern treatment | Covered for a specific plan | Covered for a specific plan |
| Restoration benefit | Available as an in-built cover for certain plans | Available as an add-on cover |
| Teleconsultation | Available | Available |
Star Health Insurance Company
Headquartered in Chennai, Star Health and Allied Insurance Co Ltd, one of the leading health insurance companies in India has come up with more than 20 health policies. The health policies can be divided into various groups such as senior citizen plans, individual policies, family floater policies, critical illness benefit plans, and child plans. Under the special category, there are several plans such as Diabetes Safe Insurance, Star Special Care, etc which are benefit or disease-specific. The restored benefit is a unique benefit of the policy that ensures that one can get 100% of the sum insured restored whenever needed, once in a policy year. This benefit is available for some specific plans. For obtaining a Star health policy, a pre-policy health check-up is not always required.
Major Benefits of Health Policies Under Star Health Insurance
Here are the important mentions.
- For availing of the cashless facility of the company one has to get admitted in one of the network hospitals of the company. This insurer has more than 14000 network hospitals spread across the country. Therefore, at the time of emergency one can easily find out the network hospital within his/her vicinity.
- Cashless facility is available with this insurer. So, one can easily get the medical treatments done at the network facility of the insurer without worrying about the finances or without burning his/her pocket.
- Scan centres for women’s care is one the striking features of this insurer where women can avail of separate scan centres for their needs. If you are a woman and you have a health insurance plan from this insurer, then you are eligible for this benefit.
- This company has more than 850 official branches spread all over the country along with more than 6 lakh registered and licensed agents. Therefore, getting the Star Health Policies is an easy affair.
- The company is well-connected to its customers. Their customer care service is open 24×7 to solve any problem or query of the customers. Therefore, whenever you want, you can get help from this insurer.
- With this company, one can enjoy the benefit of virtual consultation with doctors, can secure health scorers, and can even play health quizzes. These health points will help the insured person to get a premium discount.
- Health calculators are a special tool of this company that helps to keep track of the health scores and health condition. You can earn these health scores staying at your home, at your own pace.
- The company has been there in the insurance market for almost two decades. Therefore, with this time, the insurer has built up its reputation and has become famous among policy-seekers due to the nature of its policies.
- One can also get rewards for leading a healthy lifestyle. The insurer has introduced wellness benefits and these programmes are digitalised. One can earn these rewards at his/her own pace, staying at his/her home.
ICICI Lombard General Insurance Company
ICICI General Insurance Company was established in 2001. Since then, over two decades it has been ruling the general insurance market successfully, specialised in the health insurance sector. The health plans of this insurer are customisable and tailor-made so that they can fit into the demands and needs of the policyholders. The company has come up with numerous special benefits, apart from the basic health advantages such as telecommunication, with the doctors, routine diagnosis, pharmacy benefits, etc. additional sum insured for every claim-free year is another striking benefit of this insurer. All the health plans of this company are eligible for tax benefits as well.
Key highlights of health policies offered by ICICI Lombard General Insurance Company
The important benefits are as follows.
- Cashless treatment facility is available with this insurer. For that, there are around 7500 network hospitals and healthcare providers available for this company, spread all over the country.
- The health plans available with this insurer are eligible for availing of the tax benefit according to the Income Tax Act of India, 1961 under section 80D.
- The medical policies of this insurer have the benefit of Clovis-19 cover which is in-built cover. Therefore, the company does not have to issue a separate Covid-19 dedicated policy.
- Most of the pre-existing diseases are covered under the health plans. Once the waiting period is over, one can start getting coverage for pre-existing diseases. This waiting period may vary from one policy to another.
- If you have a claim-free year, then you can also enjoy the additional sum insured facility for certain health policies available under this insurer.
- Top-up health plans of this insurer act as a cushion if you exhaust your sum insured amount. It helps you to stay protected always against ailments and diseases.
- If you want complete OPD coverage, then you should go for the ICICI Lombard Befit plans as it offers covers for teleconsultation, pharmacy and diagnostic tests.
- The plans of this insurer have come up with comprehensive and extensive coverage so that you can be covered on the face of almost every health risk and ailment.
- The wellness programmes of this company help to stay healthy and protected. There are several wellness programmes available such as joining yoga, and gym centres, going for a routine check-up, participating in a wellness activity, etc.
Star Health Insurance and ICICI Lombard Health Insurance, which one should you opt for?
When the question comes to choosing between Star Health Insurance and ICICI Lombard Health Insurance, it becomes difficult to answer because both companies have come up with various health plans that are made keeping in mind the necessities of the insured person. If someone wants a disease-specific health plan, or a variety of options to choose from, then Star Health Insurance is a better option. On the other hand, if you want a wide range of sum insured options, even of Rs. 1 crore, then it is ICICI Lombard for you. However, it depends on the policy-seeker what he/she wants. Multiple factors can influence your choice such as your budget, entry age, family background, medical history, pre-existing diseases, requirements, etc. No matter what you choose, always go through the policy schedule carefully, the inclusions, exclusions, terms and conditions, etc. so that it cannot create any problems in future.
