Introduction
Before we start comparing these two policies we have to set out some ground rules.
Both products are marketed by different insurance companies. Care Freedom plan is sold by Care and Health Premia Platinum is sold by Max Bupa. So any meaningful comparison should include a comparison of the product alongside the insurers themselves.
Second, we know that both products have massive differences in their core structure. Care Freedom plan is specifically designed for people suffering from complicated ailments. However, Health Premia Platinum is a premium policy built for people who want to leave no stone unturned when it comes to their health. It’s expensive and it does pretty much everything you expect a good policy to do. So in many ways, you’re comparing apples and oranges here.
And finally, any comparison is ultimately futile without considering the use case. Who are you buying this policy for? You, your family, your parents?
That’s something you’ll need to answer before using this guide. So with that introduction out of the way, we can get to comparing the actual policies themselves.
Let’s start with Care Freedom plan. The product comes from Care’s stable:
Care Health Insurance (formerly Religare Health Insurance) was founded in 2012. And in that time, they’ve managed to corner a large part of the Indian Insurance market.
What’s more impressive?
Care Health Insurance has a remarkable claim settlement ratio of 90% and a network of more than 11,400+ hospitals.
Health Premia Platinum meanwhile comes from Niva Bupa (erstwhile Max Bupa)’s stable:
Founded in 2008, Niva Bupa (erstwhile Max Bupa) is one of the leading health insurance companies in India. While they have had a bit of a tumultuous time with their promoters, they still sell an impressive suite of products across multiple categories.
And they also boast a claim settlement ratio of 91%, with a network of more than 10,000+ hospitals.
Talk to IRDAI-certified experts
If you want help with selecting the best health policy tailored to your needs, book a FREE call with our experts today by clicking here.
Compare Insurances Insurance Parameters Recommended Not Recommended | ||
---|---|---|
Network hospitals | 11,400+ | 10,000+ |
Claim settlement ratio (avg. of last 3 years) | 90% | 91% |
Co-payment | 20% | No |
Room rent | Shared Room | Any Room |
Disease sub-limit | Yes | No |
Pre existing diseases waiting | 2 years | 2 years |
Pre/Post hospitalization | 10% of hospitalization expenses | 90/180 days |
No claim bonus | 10% per year (up to 100%) | |
Domiciliary | ||
Ayush treatments | ||
Restoration benefit | 100% restoration (once for different illness) | 100% restoration (once for any illness) |
Health check-up | Once every year | Once every year |
Maternity | Available (up to ₹2,00,000 after 2 years) | |
Out Patient Department | Up to ₹50,000 (Annually) | |
Day care |
Feature Comparison
Co payment
With a co-payment clause, the insurer will mandate that you pay a part of the bill. So if the bill adds up to Rs. 2,00,000 and the co-payment is set at 20% then you could be asked to pay Rs. 40,000 from the bill. In this case, however, Care Freedom plan imposes a co payment of 20% if you're under the age of 70 and 30% if you're 71 and above whereas Health Premia Platinum doesn’t impose a co-payment clause.
Room rent
If the policy does impose room rent restrictions then the insurer may only let you stay in a room of a certain specification or impose a cap on the total room rent. If you were to breach either criterion then the insurance company may ask you to pay a portion of all the expenses you incurred while staying in the room. In this case, however, Care Freedom plan lets you stay in Shared Room but you can pick any room you want with Health Premia Platinum.
Sub limits
Some policies will tell you that they will cover all medical expenses up until the sum insured, but then impose caps on the total costs you can incur while dealing with a very specific list of diseases. We call these caps “Disease Wise Sub Limits.” In this case, Care Freedom plan imposes disease-wise sub-limits on Cataract, Knee Replacement, Hernia, Hysterectomy, Benign Prostate Hypertrophy, Renal Stones, Cancer, Cerebrovascular & Cardiovasular disorders whereas Health Premia Platinum doesn’t impose a disease wise sub-limit.
Waiting periods for pre-existing diseases
If you’re suffering from a lifestyle condition or if you’ve had surgery in the past, or if you’re dealing with an acute or chronic illness at the time of buying the policy, then the insurer may classify this as a pre-existing disease. And they may tell you that they will only cover these illnesses after some time. This cooling period is referred to as the Pre-existing-disease waiting period. In this case, Care Freedom plan imposes a 2 year waiting period on pre-existing diseases and Health Premia Platinum will similarly tell you to wait 2 years before making a claim related to your pre-existing diseases
Pre and post Hospitalization expenses
Most people aren’t hospitalized right off the bat. Instead, they’ll have to go through a whole series of diagnostic tests before hospitalization and take medication post-discharge. These costs are outlined as pre-hospitalization expenses and post-hospitalization expenses respectively. In this case, Care Freedom plan covers 10% of hospitalization expenses incurred. Meanwhile, Health Premia Platinum covers expenses incurred 90 days before hospitalization and expenses incurred 180 after hospitalization, although there may be different sub-limits
No claim bonus
Some policies will tell you that they will incentivize you for not making a claim in any given year. And they offer such incentives by offering extra cover on top of the existing sum insured. This extra cover is categorized as a no-claim bonus. In this case, however, Care Freedom plan doesn’t offer a no-claim bonus whereas Health Premia Platinum offers a no-claim bonus.
Domiciliary
Imagine you are forced to treat yourself at home because you don’t find a hospital bed, or you have a chronic condition that prevents you from visiting one, then, insurers may choose to cover your treatment even if you’re hospitalized at home. And such costs are collectively categorized as domiciliary treatment costs. In this case, however, Care Freedom plan offers domiciliary cover. And Health Premia Platinum also coves domiciliary expenses.
Ayush treatments
Most policies only cover treatments administered in a registered medical facility. However, on some occasions, you may want to pursue alternative treatments including homoeopathy, Ayurveda, Unani and Siddha. These treatments are collectively categorized as Ayush treatments. And in this case, Care Freedom plan covers Ayush procedures and Health Premia Platinum also extends coverage for Ayush treatments.
Maternity benefits
If you’re hospitalized during childbirth, then you may have to incur significant costs during delivery of your newborn, child care and other related matters during the course of the hospitalization. These costs are collectively termed maternity costs. And in this case, however, Care Freedom plan doesn’t offer protection for maternity-related hospitalizations whereas Health Premia Platinum offers maternity cover.
Out Patient Department (OPD)
Doctor visits and regular consultations aren’t usually covered by health insurance policies. They are categorized as Outpatient consultations (or OPD treatments) and patients have to bear the cost on their own. In this case, however, Care Freedom plan doesn’t offer OPD protection whereas Health Premia Platinum offers OPD cover.
Final Conclusion
While the paper comparison may favour Niva Bupa's Health Premia Platinum over Care's Care Freedom plan, our view is that Niva Bupa's claim settlement process leaves a lot to be desired. So we recommend Care's Care Freedom plan over Niva Bupa's Health Premia Platinum.
Other Care Freedom plan Comparisons
Other Max Bupa Health Premia Platinum Comparisons
Select the best plan with our help!
Get in touch to find out what plan works best for you. Zero fuss. Zero spam. Zero charges. Book a call now. Limited slots available!