Why HDFC Ergo Optima Secure features in Mint-Beshak ratings

livemint.com:

Mint has curated a list of top five health insurance plans. This story, second in a Mint series, provides a detailed understanding of HDFC Ergo Optima Secure that secured the second spot based on ratings decided by Mint-Beshak.org. (ICICI Lombard Health AdvantEdge topped the list and was featured in January.

For our coverage on this policy, go to www.livemint.com). Here are the reasons why HDFC Ergo Optima Secure deserves your attention: Most health insurance products in India follow the slab-based premium pricing. It means the premium remains the same for those in 31-35 years age group and changes when the policyholder turns 36 years old.

The sudden premium hike in most plans may appear steep to policyholders. What is unique about Optima Secure is that the product has an age-point premium pricing. It means the premium increases by a small percentage every year so that it does not burden your pockets.

“This increases affordability especially for senior citizens" says Parthanil Ghosh, president-retail business at HDFC ERGO General Insurance. The product is designed in a way that your coverage is four times the base policy cover in two years and five times if you pay the premium for three years in one go. For example, if you buy a base cover of ₹10 lakh in Optima Secure, its ‘secure benefit’ will provide you coverage of ₹20 lakh the very same day.

So if you get hospitalized in the first policy year, even as the base cover is ₹10 lakh, you will still be entitled to make a claim of up to ₹20 lakh. When you renew the plan the second year and the third year, the base coverage will increase by 50% and 100%, respectively, with the ‘plus benefit’. It means, in the example cited above, the Plus Benefit and Secure Benefit together