Policy of the week: Future Generali - Health Absolute

Moneycontrol-SecureNow Health Insurance Ratings’ evaluation process consistently rates health insurance plans as 'A' only if they achieve an overall score exceeding 65 percent.

This rating is determined primarily by analysing policy features, claims, and premiums to ensure that the chosen plan not only meets but surpasses our stringent criteria for comprehensive coverage, benefits, and overall value.

Why Health Absolute is an A-lister

We've selected Future Generali - Health Absolute as our policy pick for this week based on its overall score of 78 percent.

This A-rated plan, with an overall score of 78 percent, offers maternity, cataract, no room rent capping, no claims bonus, wellness benefits, and restore benefits, providing policyholders financial protection against unexpected medical expenses.

The policy offers a comprehensive array of features and benefits, making it a good option for individuals seeking health coverage. With a claims ageing rate of 84 percent (the proportion of reimbursement claims paid within 30 days) and a claim settlement rate of 89 percent by policy count, it demonstrates a commitment to prompt and efficient claims processing. Additionally, the low claim complaint rate of 11.57 per 10,000 claims indicates a satisfactory level of claim handling.

No room rent sub-limits, but be aware of disease-wise caps 

An important feature of this policy is its extensive coverage, including an outpatient department (OPD) cover of up to Rs 10,000, restore benefit, absence of a room rent limit, wellness benefit, and mental health-related coverage, providing policyholders with greater flexibility and financial security during medical emergencies. Furthermore, the policy offers a no-claim bonus of up to 100 percent, which encourages policyholders to avoid unnecessary claims.

However, it's important to note the disease-wise waiting periods, which may range up to 24 months, as well as a two-year waiting period for pre-existing diseases such as Lasik surgery, hernia, hydrocele, benign prostatic hypertrophy, etc.

Despite its comprehensive coverage, the policy does have some restrictions, such as disease-wise sub-limits for specific treatment procedures, including cataract (10 percent of sum insured, maximum of Rs 2 lakh per eye), modern treatment (50 percent of sum insured, maximum up to Rs 10 lakh, per policy year), and bariatric surgery (up to 50 percent of sum insured, maximum up to Rs 10 lakh). While these sub-limits may affect coverage for certain conditions, the policy maintains a balanced approach to managing costs while ensuring adequate coverage for common medical procedures.

Should you go for it?

While it has its set of strengths, this insurance policy comes at a higher premium compared to similar plans on the market. However, for individuals prioritising comprehensive coverage and flexible benefits, the additional cost may be justified by the peace of mind and security it provides during times of illness or injury.