Apollo Munich Easy Health Exclusive- Individual

Objective

This policy has three variants, of which 'Easy Health-Exclusive' is the second one. It is a basic health insurance policy that provides maternity cover and an optional cover for newly born child along with cover for inpatient hospitalisation. This policy can be purchased online. An add-on critical illness benefit to insure against eight chronic diseases is available as an optional benefit on payment of extra premium.

Suited for

This policy is most suitable for young females as the policy covers maternity related expenses after a 6-year waiting period. The policy allows life long renewals which makes it preferable over others.

What does it do?

It provides Maternity cover up to a specified amount. On acceptance of maternity claim, this policy offers to include the new born under same policy. Other  allowances include daily compensation of expenses incurred by one adult in accompanying the insured child to the hospital, day care procedures which do not require a 24-hour stay in hospital due to technological upgradation, domiciliary treatment (treatment taken at home on doctor's advice) and specified daily compensation of shared accommodation in a network hospital.
Expenses incurred towards inpatient hospitalisation including diagnostic procedures, boarding and lodging, ICU, Operation theatre, Anesthesia, blood, oxygen, medicines, drugs, nursing and medical practitioner charges are covered. Relevant medical expenses incurred prior to and post hospitalisation and emergency ambulance also fall under the policy ambit. Free health check up is allowed at the end of 3 years that have been claim free consecutively.
To widen the scope of insurance cover, a policyholder can take an additional cover for 8 critical illnesses upon payment of extra premium. This add on cover is available till 70 years of age and not beyond that.

Pros

There is no cover ceasing age. It offers life long insurance.
The policy provides a flat discount of 7.5 percent on advance payment of 2-year premium.
Family discount of 10 per cent is available on including 3 or more family members under the same policy.
It gives a cumulative bonus of 10 per cent for every claim-free year up to a maximum of 50 per cent.
It provides for a free health check up at the end of 3 continuous claim free years.
This policy can be purchased online.
Premium paid towards the policy qualifies for deduction under section 80D of Income Tax Act.

Cons

In case, cumulative bonus has been passed and a claim arises during that year, cumulative bonus would be reduced by 20 per cent in the following year.
Maternity benefit can be availed only after a waiting period of 6 years which is the longest waiting period in industry.

Our View

The major advantage of this policy is that it covers a policyholder during golden years when healthcare costs are expected to be relatively higher. There is no ceiling on policy renewal age. So, the policy actually stands by the individual in later years when health cover is direly needed. If planned well in advance, it takes care of maternity expenses as well. This policy is recommended  as it passes the benefit-to-cost test. Optional Critical Illness Cover is an another worthwhile feature and can be chosen for a wider coverage.