Introduction
Before we start comparing these two policies we have to set out some ground rules.
Both products are marketed by different insurance companies. Health Guard Silver is sold by Bajaj Allianz and HeartBeat Gold is sold by Max Bupa. 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. Health Guard Silver is quite basic. It offers little protection and may not be entirely suitable if you are looking for robust protection. However, HeartBeat Gold is a premium policy tailored to cover as many use cases as possible. So in all honesty, you are 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 Health Guard Silver. The product 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.
HeartBeat Gold meanwhile comes from Niva Bupa (erstwhile Max Bupa)’s stable:
Founded in 2008, Niva Bupa (erstwhile Max Bupa) is one of the leading health insurance companies in India. While they have had a bit of a tumultuous time with their promoters, they still sell an impressive suite of products across multiple categories.
And they also boast a claim settlement ratio of 91%, with a network of more than 10,000+ hospitals.
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Compare Insurances Insurance Parameters Recommended Not Recommended |  Health Guard Silver |  HeartBeat Gold |
|---|---|---|
| Network hospitals | 8,000+ | 10,000+ |
| Claim settlement ratio (avg. of last 3 years) | 95% | 91% |
| Co-payment | No | No |
| Room rent | Any Room (up to 1% of sum insured) | Any Room (Except suite) |
| Disease sub-limit | No | No |
| Pre existing diseases waiting | 3 years | 2 years |
| Pre/Post hospitalization | 60/90 days | 60/90 days |
| No claim bonus | 10% per year (up to 100%) | 10% per year (up to 100%) |
| Domiciliary | ||
| Ayush treatments | ||
| Restoration benefit | 100% restoration (once for different illness after complete exhaustion of sum insured) | 100% restoration (once for any illness) |
| Health check-up | Once every 3 years | Once every year |
| Maternity | Available (up to ₹40,000 after 2 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, Health Guard Silver has an optional co-payment clause, if you wish to do so. And HeartBeat Gold doesn’t impose a 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, Health Guard Silver only lets you stay in a room whose rent doesn’t exceed 1% of the total sum insured, whereas HeartBeat Gold lets you stay in any room except a Suite.
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 Health Guard Silver imposes disease-wise sub-limits nor does HeartBeat Gold
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, Health Guard Silver imposes a waiting period of 3 years on pre-existing diseases while HeartBeat Gold extends a waiting period of 2 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, Health Guard Silver covers expenses incurred 60 days before hospitalization and expenses incurred 90 days post-hospitalization. Meanwhile, HeartBeat 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. And in this case, Health Guard Silver offers a no-claim bonus of 10% and HeartBeat Gold similarly extends a 10% 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, Health Guard Silver doesn’t offer domiciliary protection whereas HeartBeat Gold offers domiciliary cover.
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 Health Guard Silver doesn’t extend coverage for Ayush treatments whereas HeartBeat Gold covers 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, Health Guard Silver doesn’t offer protection for maternity-related hospitalizations whereas HeartBeat Gold offers maternity cover.
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 Health Guard Silver extends coverage for outpatient consultations, nor does HeartBeat Gold.
Final Conclusion
Since this isn’t a fair comparison, to begin with, we will only tell you this much. If you want something that’s affordable, you could go for Health Guard Silver. However, if you want top-class protection, then it’s a no brainer, HeartBeat Gold is your go-to option.
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