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   Best policy of today may not remain the best policy after few years
Large number of clients contacts us to know which the best policy is so that they can buy the same. Everyone’s wish is to buy the best. One of the main parameter on which decision is taken is lowest price as on today. Our suggestion is that take broader view of the whole scenario because what is lowest today may not remain lowest after few years. Is it not affect that last year Reliance was having very low premium rates and during April 2010 they suddenly increased the rates by as high as 231%. They are now one of the highest priced one and are 10th position in a list of II. You do not change insurance company frequently therefore let us see some rates as an example,
Premium for family floater policy
(Age of head of the family 35yrs/ 45yrs- 2 Adults+ 2 Children)
2A+2C 35 Yrs   45 yrs  
         
Sum Assured 3 Lakh Ranking 3 Lakh Ranking
  Premium(Rs.)   Premium(Rs.)  
Iffco-Tokio 4386 1 5736 2
Star Health 4754 2 5636 1
United India 5888 3 7038 5
Oriental Insurance 6000 4 6894 3

National Insurance

6268

5

7019

4

Future Generali (Basic)

6939

6

8030

6

Apollo Munich

7721

7

13788

10

Bharti AXA

7745

8

10985

7

New India

7787

9

10996 

8

Reliance General (Stand. Plan)

8324

10

11385

9

Max Bupa

10665

11

14327

11

Only premium can not be the basis as there are many parameters like issue of policy & ID Cards ,claims settlement, brand goodwill .
Apollo Munich & Max Bupa are 2 companies who do not put a limit on room rent @ 1% of sum assured.
In comparison of Iffco-Tokio vs Apollo Munich you save Rs. 3335 by not taking Apollo Munich as a today. Assuming a claim is lodged and hospitalization is needed for 6 days where room rent is Rs. 7000 per day. You will notice that hospital will charge Rs. 42000. Apollo Munich will pay Rs.4200 where else Iffco-Tokio will pay Rs. 3000x6=Rs.18000. You will have to pay out of your pocket Rs.24000.
At the same time you will notice Apollo Munich which is No. 7 for age 35 yrs becomes No.10. When the head of the family becomes 45 yrs, which means as age will go up Apollo Munich will increase the premium rates at a faster rate.
         
 
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