Star Health Insurance Vs ICICI Lombard Health Insurance

Star Health Insurance Vs ICICI Lombard Health Insurance

The Indian health insurance industry is poised for remarkable growth in the coming years. A large proportion of India’s population is devoid of any health insurance and since the pandemic, more and more people are opting for health insurance making the industry’s outlook and growth potential in the country extremely robust. A health insurance policy helps to get comprehensive protection against different ailments, diseases, and other health risks.

When we are talking about health plans, we cannot forget two of the best health insurers in this market, namely Star Health Insurance Company and ICICI Lombard General Insurance Company. Both companies have come up with a sack full of different health policies to cater to the varied needs of the various policy-seekers. tax benefit is the common advantage of all health insurance plans. Apart from that one can choose the most suitable health plan according to his/her needs from the available plans of these two insurers. To know more about this, have a look at the following mentions.

Comparison between Star Health Insurance and ICICI Lombard Health Insurance

The below table gives you a brief idea about the health policies of these two insurers and their differences.

ParametersStar Health InsuranceICICI Lombard Health Insurance
Type of the insurerStand-alone health insurerPrivate sector insurer
Number of plans22 plans9 plans are available
Cashless facilityAvailableYes, available at network hospitals
Number of network hospitals14000+ across IndiaMore than 7500 healthcare providers
Claim settlement ratio as per the IRDAI Annual Report 2021-22 (Health Sector)87.06%91.67%
Separate senior citizen health planAvailableYes, available
Preventive health check-upFree annual health check-up is available for some policiesAvailable
Add-on coversAvailable, at an extra costAvailable, for that one has to pay an additional premium.
Separate policy for women

Available

Star Women Care Insurance Policy

Not available
Worldwide health coverAvailable, but for specific policies.Available under ICICI Lombard MaxProtect health insurance, and Personal Protect policy
Critical illnessCovered. There are many dedicated policies for critical illnessesCovered
Gross premium amount within India (Health sector)Rs. 11463.47 crores in 2021-22Rs. 4006.91 crores in 2021-22
Wellness ProgramYes, availableAvailable
Quick claim facilityNo separate quick claim facilityQuick claim intimation through their IL Take Care app
Covid-19 treatment facilityAvailableYes, available
Modern treatmentCovered for a specific planCovered for a specific plan
Restoration benefitAvailable as an in-built cover for certain plansAvailable as an add-on cover
Specific policy for childrenAvailableNot available
TeleconsultationAvailableAvailable

Star Health Insurance Company

Star Health and Allied Insurance Co Ltd is an Indian multinational health insurance company headquartered in Chennai. This insurer offers more than 20 health plans of different types. Their plans can be broadly divided into individual plans, family floater policies, senior citizen plans, child health plans, and critical illness health policies. They also have a unique category of health insurance namely special plans under which different policies like Star Special Care, Diabetes Safe Insurance Policy, etc are available. One can get 100% of the sum insured restored once in a policy year (Restored Benefit) facility under certain plans. Pre-policy health check-up is not required for most of the health policies of Star Health Insurance Company.

Major Benefits of Health Policies Under Star Health Insurance

Here are the benefits.

Cashless Claims:

The company claims to settle cashless claims within just 2 hours which is certainly a reason that you go for this insurer as it will help you get financial support in the event of a medical emergency very quickly.

Network Hospitals:

One cannot avail of the cashless facility unless and until he/she gets admitted to a network hospital of the company. Star Health has more than 14,000 cashless hospitals spread all over the country. So, you can get one within your vicinity.

Customer Support:

The company’s customer support is open 24×7. Therefore, whenever you need any support from the insurer, you will always get them beside you.

Connectivity:

The company is connected with customers through 850+ official branches, and more than 6 lakh registered and licensed agents. Therefore, reaching the company at the hour of need is very easy.

Reputation:

Star Health is a reputed health insurance plan provider that has been in the market for the past 17 years, and has received many awards and accolades for its excellent service and unique products for the customers.

Scan Centers For Women’s Care:

The company has separate scan centers for women customers. If you have a health insurance policy from this insurer and you are a woman, then you are eligible for availing of this special facility.

TeleMedicine:

Get virtual consultation from medical experts, play health quizzes, and check your health scores. Earning health scores will help you to save on your premium amount.

Wellness Benefits:

Get rewards for a healthy lifestyle. Turn your fitness into savings. These wellness programs are digitally driven. So, you can earn rewards at your own pace, staying at your home.

Health Calculators:

With our specialized tools, get your health scores to keep track of your healthy lifestyle. This is a unique feature of the company.

ICICI Lombard General Insurance Company

Established in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- India’s second-largest bank, and Fairfax Financial Holdings Limited- a financial services company based in Toronto. ICICI Lombard’s health plans are 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. One can claim a tax deduction on health insurance premiums under section 80D of the Income Tax Act, of 1961. All of their health plans cover pre and post-hospitalization expenses. You can enjoy an additional sum insured for every claim-free year as per the policy certificate of your health plan for some policies.

Key highlights of health policies offered by ICICI Lombard General Insurance Company

The key advantages are mentioned below.

Covid-19 Cover:

ICICI Lombard does not have any Covid-19-specific policy because all of their health plans cover the expenses incurred due to the treatment of coronavirus.

Tax Benefit:

Their health insurance plans help you stay covered against various diseases. Additionally, it helps you boost tax savings. Under section 80D of the Income Tax Act, 1961, you can claim tax benefits against your health insurance premium.

Cashless Treatment:

At the time of hospitalization, you do not have to worry about arranging cash to pay your hospital bill. ICICI Lombard will settle it directly with the hospital if it is in their network. They have more than 7500 network hospitals all over India.

Additional Sum Insured:

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

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.

Coverage for Pre-existing Diseases:

A health plan of ICICI Lombard covers you for a pre-existing disease once you have completed the waiting period mentioned in the policy certificate. This waiting period may vary from one insurer to another.

Extensive Coverage:

ICICI Lombard’s Health AdvantEdge policy provides you with extensive coverage during a medical emergency. The medical policy gives you access to a wide range of cashless hospitals nationwide.

Top-up Health Plan:

The Health Booster policy makes your health insurance more potent. It is a super top-up plan that acts as a backup in case your base plan gets exhausted. You can also purchase a Health Booster plan with ICICI Lombard without having a base plan.

Wellness program:

You earn reward points for undertaking some wellness activities. These include joining a gym or a yoga center, going for a medical check-up, participating in a health or fitness event organized by us, etc. You can redeem these points on your OPD bills for doctor’s consultations, medicine and drugs, diagnostic expenses, dental expenses, etc.

Star Health Insurance and ICICI Lombard Health Insurance, which one should you opt for?

When it comes to choosing between Star Health Insurance Company, and ICICI Lombard, it becomes very difficult to side with one because both the insurers have come up with various health plans to address the needs of the customers. If you want disease disease-specific health plan, a health plan that will address your particular ailment, or more plan options to choose from, then you can go for Star Health Insurance. On the other hand, if your aim is to have a wide range of sum assured options, even Rs. 1 crore, along with different other benefits, then ICICI Lombard should be your choice. Therefore, it totally depends on the intention and objectives of the customer and what he/she wants from the health plan. There are various factors that can determine the choice of a health policy such as health history, background, budget, etc. Evaluating all the factors is needed before choosing the one.

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