Narayana Health Insurance, a joint venture of the Bengaluru-based hospital chain Narayana Health, announced its first product, a family-floater policy called Aditi providing comprehensive coverage to ₹1 crore for a premium of ₹10 000 per annum. This new offer is considered as the private sector’s complementary to Ayushman Bharat by the government.

However, will this be an “affordable tag” on the product? Industry trackers remain sceptical that there is no plan. As stated at the launch on July 1st, this attractive ₹1 crore cover is confined to surgeries while medical management is limited to ₹5 lakh, same as Ayushman Bharat.

What is Narayana Health Insurance?

The Narayana health insurance ₹1crore cover review revealed that though there is significant coverage within the Narayana network, outside network coverage is limited. This policy imposes a daily deductible of ₹2000 per day on all admissible claims for non-surgery or non-surgical procedures.

According to industry expert Mr Nikhil Jha, “The cover is too narrow, both in terms of hospitals as well as medical processes. You need insurance without any restrictions and such a plan would be for people who are poor and want an alternative to Ayushman Bharat. Until Narayana Health comes with a better comprehensive cover, this will not move the industry at all.”

Drawbacks of the Narayana Health Insurance Aditi Policy

• Disadvantages of the Aditi policy by Narayana Health Insurance include limiting it only within the Narayana Health network which may discourage many potential buyers from purchasing it.

• There are no co-payments for treatments within the network but if treatment is sought at the non-network hospital without informing within the time specified by Narayana then a 10% co-payment applies.

• Also, it only covers certain daycare treatments but not all procedures.

• Another significant limitation is that the coverage for this policy is restricted to the general ward. In case of admission being taken in special rooms, a pro-rata basis applicable to the general ward will be paid by the insurance company.

Benefits of Narayana Health Insurance Family Floater

Although with drawbacks, the benefits of Narayana Health Insurance family floater are quite attractive:

• High insurance cover, low premium: A ₹1 crore cover for a ₹10,000 premium p.a.

• Immediate coverage: No waiting period for most treatments.

• Free annual comprehensive health checkup: Ensuring policyholder's ongoing health monitoring.

• Consumables covered: Except for robotic surgeries,

• Pre-hospitalisation expenses of 60 days are covered.

• Post-hospitalisation expenses of 90 days are covered.

• Living organ donor expenses are covered.

• Wide coverage for family: Covers two adults and up to four children including self, spouse and dependent children (aged 3 months to 25 years).

Comparing Narayana Health Insurance and Ayushman Bharat

A comparison between Narayana Health Insurance and Ayushman Bharat shows that while Ayushman Bharat has a wider network of hospitals and a sum insured of ₹5 lakh, it does not cover many critical illnesses. Narayana Health Insurance has a ₹1 crore cover for surgeries aimed at bridging this gap but for now, its narrow network and various restrictions limit it.

Is Narayana Health Insurance Aditi Affordable?

It is difficult to answer the Is Narayana Health Insurance Aditi affordable? Even though the premiums are relatively cheap, there are many restrictions and limitations to coverage which make it less attractive.

This was pointed out by financial expert BasuNivesh, “From the outer look it seems very attractive but loaded with ifs and buts. The biggest deterrent to many is treatment only in the Narayana Health network.”

Pros and Cons of Narayana Aditi Policy

Below are some of the Narayana Aditi policy pros and cons:

Pros:

• They offer high surgery coverage.

• Affordable yearly premiums.

• No waiting time for most treatments

• Full medical examination as well as transplant expenses coverage for living organ donors.

Cons:

• Confined to use within the Narayana Health network.

• A daily deductible amount is charged on non-surgical treatments.

• Coverage is limited to the general ward only.

• The customer must pay part of the fee before using a service outside the network.

Conclusion

The ‘Aditi’ policy from Narayana Health Insurance Company with its ₹1 crore cover, could be an interesting option in the health insurance market. Nevertheless, it might not yet be ready for inclusion as an ideal safety net for those who cannot afford much because there are several limitations in this policy. As this product evolves and potentially expands its coverage and networks, it may provide more comprehensive health insurance solutions that are also accessible to more people.

For more detailed information about the Narayana Health Insurance Aditi policy, click here.