HDFC Ergo has withdrawn variants of my:health Suraksha health insurance plan from the market. Customers of these health insurance plans will be migrated to another plan of the insurer. What is going to change for the customers of HDFC Ergo my:health Suraksha, especially at the time of renewal? What is the solution the insurer is offering? How will the migration of this insurance policy work? ET Wealth Online explains all the nitty-gritty of this transition from HDFC Ergo my:health Suraksha plans to another health insurance plan.
HDFC Ergo withdraws my:health Suraksha health insurance plans: What it means for policyholders
At present, HDFC Ergo has three variants of myhealth Suraksha health insurance: my:health Suraksha Gold, my:health Suraksha Platinum and my:health Suraksha Silver. All these will be discontinued. What this means is that customers will not be able to buy or renew these health insurance plans.
What happens to the existing policyholders of these four my:health Suraksha plans?
The health coverages offered by the four plans will remain active until their renewal date, HDFC Ergo says.
The insurer has suggested that customers whose myhealth Suraksha insurance policy is due for renewal on or after August 7, 2024, can migrate to HDFC Ergo Optima Restore. Any cumulative bonus on the discontinued policies will continue to be applicable once the renewal happens for Optima Restore. Further, the policyholders will enjoy continuity benefits when they shift to the new health insurance policy.
As both the products are by HDFC Ergo, the migrating customers will continue to get access to the same network of hospitals mentioned in their original policy. The differences will be mostly limited to the features of the two plans.
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Compared: HDFC Ergo Optima Restore vs my:health Suraksha health insurance plans
To make it easier for the customers of my:health Suraksha policies, we have compared the basic features of my:health Suraksha Gold, my:health Suraksha Platinum, my:health Suraksha Silver and Optima Restore plans.Optima Restore is a comprehensive health insurance policy loaded with several benefits such as instant addition of 100% basic sum insured on complete or partial utilisation of the sum insured, and 2X multiplier benefit (doubles your coverage after two claim-free years. The bonus of 50% of the basic sum insured for every claim-free policy year, maximum up to 100%. In the event of a claim, the accumulated bonus will be reduced by 50%, says the insurer.
| Insurance Parameters | Optima Restore | myHealth Suraksha Gold | myHealth Suraksha Platinum | myHealth Suraksha Silver |
| Network hospitals | 11,300+ | 11,300+ | 11,300+ | 11,300+ |
| Claim settlement ratio (avg. of last 3 years) | 97.50% | 97.50% | 97.50% | 97.50% |
| Co-payment | No | No co-payment in tier 1 cities. Can differ based on the variant | No co-payment in tier 1 cities. Can differ based on the variant | No co-payment in tier 1 cities. Can differ based on the variant |
| Room rent | Any Room | Any Room | Any Room | Any Room |
| Disease sub-limit | No | No | No | No |
| Pre existing diseases waiting | 3 years | 4 years | 4 years | 4 years |
| Pre/Post hospitalization | 60/180 days | 60/180 days | 60/180 days | 60/180 days |
| No claim bonus | 50% per year (up to 100%) | Up to 10% per year based on the variant (up to 100%)* | Up to 25% per year based on the variant (up to 200%)* | Up to 10% per year based on the variant (up to 100%)* |
| Domiciliary | Yes | Yes | Yes | Yes |
| Ayush treatments | Yes | Yes | Yes | Yes |
| Restoration benefit | 100% restoration (once for any illness) | 100% restoration (once for any illness) | 100% restoration (once for any illness) | 100% restoration (once for any illness) |
| Health check-up | As per the policy | As per the policy | As per the policy | As per the policy |
| Maternity | No | Yes | Yes | No |
| Out Patient Department | No | No | Yes | No |
| Day care | Yes | Yes | Yes | Yes |
*according to my:health Suraksha Gold Smart, my:health Suraksha Silver Smart, my:health Suraksha Platinum Smart plans.
This is a generic comparison between health insurance plans, some of the features may vary based on the specific health cover that you bought.
Will health insurance premiums increase for those shifting to Optima Restore?
Customers of my:health Suraksha health insurance plans would want to know if premiums will increase when they migrate to the new plan. Answering this, Abhishek Kumar, a SEBI-registered RIA and founder of Sahaj Money, says, “Feature-wise, my:health Suraksha Silver and Gold plans are same as Optima Restore policy. So policyholders are not going to be affected a lot by the development. But my:health Suraksha plans offer certain additional benefits. Also, myhealth Suraksha Platinum Smart plan offers no-claim bonus of up to 200% of the sum insured. From the looks of it, these things will affect policyholders.”
He advises, “So if a policyholder wants higher no-claim bonus, they should explore porting the policy at least 45 days before the renewal date.”
Customers must compare the features and premiums of their my:health Suraksha health insurance plans and Optima Restore policy before taking a final call. They have the option to port to other health insurance policies as well.
Do keep in mind that customers have to apply for portability at least 45 days before the policy expires. The waiting period, pre-existing disease cover and other benefits in the old policy will be carried forward to the new policy.
Why did HDFC Ergo withdraw my:health Suraksha variants?
Why did the HDFC Ergo withdraw three variants of this popular health insurance plan? The insurer officially did not cite any reason behind this withdrawal. However Kumar mentions, “HDFC Ergo after acquisition of Apollo Munich is trying to consolidate its product offering where the product features are overlapping. Also, recent change in rules by IRDA might have accelerated the process of rationalisation of its product portfolio to make it more efficient by removing the redundancy in the product portfolio.”
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