I have been asked this question a zillion times. Earlier to my personal experience with a South based famous group medical life insurance provider my answer may have been different. Now I am convinced that you should take it only from NEW INDIA or one of the public sector providers.

Do not mistake me. I am a product of the Capital Markets and still think that a Congress or BJP is being held back by the Left. However, the private medical (general) insurance companies are different.

When you are young (say 30 years) you take medical insurance (inspite of having company insurance) because YOU EXPECT the company to pay when you are 62 years. However, the fact that you have a 30 year claim free track record is no guarantee that your policy will be renewed!

So peacefully go to a public sector medical insurance company, take a policy and hope that by the time you are 93 they are still renewing it!

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  1. That’s an insight into medical insurance, something that American electoral politics is all heated up about these days.

    Since I do need a medical cover, you have made my task easier by limiting the choice to the public sector players over the fancy brands that the private sector puts out

  2. you should do a survey among all of them – see till what age they cover…etc. you will come to the same conclusion.
    I am a capitalist so i believe the pvt sector has a role. Now I am convinced that role is just to spur the public sector 🙂

    So these days I use MTNL, Indian Airlines, New India…However the fund mgt intervention in LIc is worrisome, so my money I prefer with my friends in pms or pvt sector mutual funds. Hereto SBI has a decent track record.

    You in the media should scream about the pvt sector gen insurance companies who want your premium from your age of 6 months till 60 years, and after that they want the psu companies to take over. We should all come together and give all the premium to the psu companies.

    If you are making a honest claim and have your papers in place, NI settles ur claim pretty fast..personal experience in the past has been good. I could be lucky because I have a good agent….

  3. Yes, that is true, I am still sticking to Public Insurance co. for this reason, though there are small irregularities in their process.

  4. You have not mentioned your reasons for recommending PSU GICs. If post 60 is the reason, then MAX BUPA has no entry age limit & is renewable lifelong. So is Apollo Munich.

  5. Do you still suggest Public Insurance Cos. for general insurance? All the companies have to renew lifelong as per IRDA regulations.

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