Mint SecureNow Mediclaim Ratings 2017 looked at 60 health insurance plans from 23 non-life insurance and stand-alone health insurance companies. We rated about 60 products across 18 categories of individual and family floater segments. For both individual and floater policies, we have rated products across three sum-insured categories: Rs10 lakh, Rs20 lakh and Rs50 lakh. In the floater segment, for a family of three we assume the eldest member to be 30 years old, and a family of four to be headed by a 45 year old. In the individual segment we have four age categories: 30 years, 45 years, 60 years and 75 years. We have rated these products broadly on price, product features and claims experience.
Ratings scale
This year, we have created a separate ratings scale for ‘senior citizens’ at 75 years.
In the non-senior citizen category—up to 60 years—premiums get a weightage of 35%. For senior citizens, premiums get a weightage of 30%. For 30 and 45 year olds, premiums are rated by looking at the averages of higher age bands to account for future inflation in premiums. So for a 30-year-old, we have averaged the premium at age 30, 45 and 60 years, and for 45 year olds we have averaged premiums at 45 and 60 years. For 60 and 70 years olds, we have rated exact premiums. Premiums are then put into four buckets. Policies in the top quartile (the cheapest ones) get the highest rating. Note that calculating the average is a back-end exercise and what you see in the tables is the actual premium for that age.
