Oriental Insurance Happy Family Floater Policy Diamond vs Iffco Tokio Individual Health Protector
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Introduction
Before we start comparing these two policies we have to set out some ground rules.
Both products are marketed by different insurance companies. Happy Family Floater Policy Diamond is sold by Oriental Insurance and Individual Health Protector is sold by Iffco Tokio. So any meaningful comparison should include a comparison of the product alongside the insurers themselves.
Second, we know that both products are quite basic in their structure. They offer modest protection and aren’t comprehensive enough to cover a wide array of use cases. So if you are looking for something more robust, then both these policies may not cut it.
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 Happy Family Floater Policy Diamond. The product comes from Oriental Insurance’s stable:
Oriental Insurance is a government-owned company that offers health, vehicle, business, and farmer insurance. The company is a fully-owned component of the Oriental Government Security Life Assurance Company Ltd.
Now because it is a government-owned insurance firm, you can’t expect operational efficiencies across the board. Although, the company does boast a fairly high claim settlement ratio with over 3,264 network hospitals across the country.
Individual Health Protector meanwhile comes from Iffco Tokio’s stable:
Iffco Tokio is a joint venture between Indian Farmers Fertiliser Cooperative Limited (IFFCO), a government-owned fertilizer company, and Japan-based Tokio Marine Group. They have a sizable presence in many rural markets, however, their presence in urban areas isn't exactly extraordinary.
The company has a network of over 7,000 hospitals and its CSR ratio isn’t useful, since they have been settling a lot of pending claims from last year.
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Compare Insurances Insurance Parameters Recommended Not Recommended | Happy Family Floater Policy Diamond | Individual Health Protector |
|---|---|---|
| Network hospitals | 3,264 | 7,000+ |
| Claim settlement ratio (avg. of last 3 years) | 96% | 95% |
| Co-payment | No | No |
| Room rent | Any room (with limits) | Any room (up to 1.5% Sum Insured) |
| Disease sub-limit | No | No |
| Pre existing diseases waiting | 4 years | 3 years |
| Pre/Post hospitalization | 30/60 days | 45/60 days |
| No claim bonus | 5% per year (up to 50%) | |
| Domiciliary | ||
| Ayush treatments | ||
| Restoration benefit | 100% restoration (once for different illness) | |
| Health check-up | Once every 4 years | |
| Maternity | Available (2.5% of sum insured) | |
| 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, Happy Family Floater Policy Diamond has an optional co-payment clause, if you wish to do so. And Individual Health Protector doesn’t impose a co-payment clause.
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, neither Happy Family Floater Policy Diamond imposes disease-wise sub-limits nor does Individual Health Protector
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, Happy Family Floater Policy Diamond imposes a waiting period of 4 years on pre-existing diseases while Individual Health Protector 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, Happy Family Floater Policy Diamond covers expenses incurred 30 days before hospitalization and expenses incurred 60 days post-hospitalization. Meanwhile, Individual Health Protector covers expenses incurred 45 days before hospitalization and expenses incurred 60 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, Happy Family Floater Policy Diamond doesn’t offer a no-claim bonus whereas Individual Health Protector offers a no-claim bonus.
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, Happy Family Floater Policy Diamond offers domiciliary cover. And Individual Health Protector also coves domiciliary expenses.
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, Happy Family Floater Policy Diamond covers Ayush procedures and Individual Health Protector 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, however, Happy Family Floater Policy Diamond offers maternity cover whereas Individual Health Protector doesn’t offer protection for maternity-related hospitalizations.
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 Happy Family Floater Policy Diamond extends coverage for outpatient consultations, nor does Individual Health Protector.
Final Conclusion
After considering all the features on hand, we believe that Individual Health Protector is a better alternative to Happy Family Floater Policy Diamond for most use cases that we’ve evaluated so far.
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