Introduction
Before we start comparing these two policies we have to set out some ground rules.
Both products are marketed by different insurance companies. Care Classic is sold by Care and Health Guard Gold is sold by Bajaj Allianz. So any meaningful comparison should include a comparison of the product alongside the insurers themselves.
Second, we know that both products have massive differences in their core structure. Care Classic is specifically designed for Reproductive Procedures. However, Health Guard Gold is quite basic. It offers little protection and it’s a generic policy that anybody could pick off the shelf. So in many ways, you’re comparing apples and oranges here.
And finally, any comparison is ultimately futile without considering the use case. Who are you buying this policy for? You, your family, your parents?
That’s something you’ll need to answer before using this guide. So with that introduction out of the way, we can get to comparing the actual policies themselves.
Let’s start with Care Classic. The product comes from Care’s stable:
Care Health Insurance (formerly Religare Health Insurance) was founded in 2012. And in that time, they’ve managed to corner a large part of the Indian Insurance market.
What’s more impressive?
Care Health Insurance has a remarkable claim settlement ratio of 90% and a network of more than 16,000+ hospitals.
Health Guard Gold meanwhile comes from Bajaj Allianz’s stable:
Founded in 2001, the company is a joint venture between Bajaj Finserv Limited (of the Bajaj Group) and Allianz SE, a German financial services corporation.
And while they may not be the biggest insurer out there, they do have a claim settlement ratio of 95%, with a network of more than 8,000 hospitals.
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Compare Insurances Insurance Parameters Recommended Not Recommended |  Care Classic |  Health Guard Gold |
|---|---|---|
| Network hospitals | 16,000+ | 8,000+ |
| Claim settlement ratio (avg. of last 3 years) | 90% | 95% |
| Co-payment | 20% (if purchased after turning 61) | No |
| Room rent | Single Private room | Single Private room |
| Disease sub-limit | Yes | No |
| Pre existing diseases waiting | 4 years | 3 years |
| Pre/Post hospitalization | 60/90 days | 60/90 days |
| No claim bonus | 25% per year (up to 150%) | 10% per year (up to 100%) |
| Domiciliary | ||
| Ayush treatments | ||
| Restoration benefit | 100% restoration (unlimited no. of times for any illness) | 100% restoration (once for different illness after complete exhaustion of sum insured) |
| Health check-up | Once every 3 years | |
| Maternity | Available (Assisted Reproductive treatments covered after 3 years) | Available (up to ₹25,000 after 6 years) |
| Out Patient Department | ||
| Day care |
Feature Comparison
Co payment
With a co-payment clause, the insurer will mandate that you pay a part of the bill. So if the bill adds up to Rs. 2,00,000 and the co-payment is set at 20% then you could be asked to pay Rs. 40,000 from the bill. In this case, however, Care Classic imposes a co-payment clause of 20% if you purchase after turning 61 whereas Health Guard Gold doesn’t impose a mandatory co-payment clause.
Room rent
If the policy does impose room rent restrictions then the insurer may only let you stay in a room of a certain specification or impose a cap on the total room rent. If you were to breach either criterion then the insurance company may ask you to pay a portion of all the expenses you incurred while staying in the room. In this case, however, Care Classic lets you stay in a single private room and Health Guard Gold also lets you stay in a single private room. Nothing fancy.
Sub limits
Some policies will tell you that they will cover all medical expenses up until the sum insured, but then impose caps on the total costs you can incur while dealing with a very specific list of diseases. We call these caps “Disease Wise Sub Limits.” In this case, Care Classic imposes disease-wise sub-limits on Cataract, Modern treatments whereas Health Guard Gold doesn’t impose a disease wise sub-limit.
Waiting periods for pre-existing diseases
If you’re suffering from a lifestyle condition or if you’ve had surgery in the past, or if you’re dealing with an acute or chronic illness at the time of buying the policy, then the insurer may classify this as a pre-existing disease. And they may tell you that they will only cover these illnesses after some time. In this case, Care Classic imposes a waiting period of 4 years on pre-existing diseases while Health Guard Gold extends a waiting period of 3 years on existing conditions.
Pre and post Hospitalization expenses
Most people aren’t hospitalized right off the bat. Instead, they’ll have to go through a whole series of diagnostic tests before hospitalization and take medication post-discharge. These costs are outlined as pre-hospitalization expenses and post-hospitalization expenses respectively. In this case, Care Classic covers expenses incurred 60 days before hospitalization and expenses incurred 90 days post-hospitalization. Meanwhile, Health Guard Gold covers expenses incurred 60 days before hospitalization and expenses incurred 90 after hospitalization, although there may be different sub-limits
No claim bonus
Some policies will tell you that they will incentivize you for not making a claim in any given year. And they offer such incentives by offering extra cover on top of the existing sum insured. This extra cover is categorized as a no-claim bonus. In this case, however, Care Classic offers a no-claim bonus of 25% whereas Health Guard Gold offers a no-claim bonus of 10%. And the no-claim bonus may be capped at different levels too.
Domiciliary
Imagine you are forced to treat yourself at home because you don’t find a hospital bed, or you have a chronic condition that prevents you from visiting one, then, insurers may choose to cover your treatment even if you’re hospitalized at home. And such costs are collectively categorized as domiciliary treatment costs. In this case, however, Care Classic offers domiciliary cover whereas Health Guard Gold doesn’t offer domiciliary protection.
Ayush treatments
Most policies only cover treatments administered in a registered medical facility. However, on some occasions, you may want to pursue alternative treatments including homoeopathy, Ayurveda, Unani and Siddha. These treatments are collectively categorized as Ayush treatments. And in this case, Care Classic covers Ayush procedures and Health Guard Gold also extends coverage for Ayush treatments.
Maternity benefits
If you’re hospitalized during childbirth, then you may have to incur significant costs during delivery of your newborn, child care and other related matters during the course of the hospitalization. These costs are collectively termed maternity costs. And in this case, Care Classic offers maternity cover and Health Guard Gold offers maternity cover too, although the sub-limits for normal delivery and C-section procedures may be different, including the waiting period.
Out Patient Department (OPD)
Doctor visits and regular consultations aren’t usually covered by health insurance policies. They are categorized as Outpatient consultations (or OPD treatments) and patients have to bear the cost on their own. In this case, however, neither Care Classic extends coverage for outpatient consultations, nor does Health Guard Gold.
Final Conclusion
If you’re specifically looking to buy a policy for Reproductive Procedures, Care Classic makes a lot of sense. But considering Care has a claim settlement ratio that can only be considered sub-par at best, we would still recommend going with anything that Bajaj Allianz has to offer, if the policy is made available to you.
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