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How is acko health insurance

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Tech Guru
bikidas2060

Acko is giving 1cr coverage at 9k. How is it even possible? They have no waiting period, no ped(pre existing disease) waiting period. 

How is Acko health insurance? @drjpatwa

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Finance Ninja Finance Ninja
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Sorry bro very little idea about this..
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Finance Ninja Finance Ninja
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No idea paaji , went with icici for mine.

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Brand Enthusiast Brand Enthusiast
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Checking this  but could not read exclusions and max coverage cap per disease.

Also they would have given 7100 hospital list in excel, searching how many hospitals is difficult with list running into pages.

Entertainer Entertainer
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No idea bro. I don't have any health insurance 

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Deal's Advocate Deal's Advocate
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Policy Link or  PDF...?
Tech Guru Tech Guru
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Acko website bhai

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Deal Captain Deal Captain
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I had ACKO for vehicle, since it's out of serviceable town, they gave 5K for the 8K I incurred in repairs. Yeah difficult to justify 1 crore for 9K for health insurance, only possible for term insurance that rate.
Tech Guru Tech Guru
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Ok bhai

Deal Captain Deal Captain
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No idea bro
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Deal Cadet Deal Cadet
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I work in this domain and would suggest you avoid this especially for health insurance.They probably have a small network chain, plenty of exclude clauses hence premium is so low. My suggestion is schedule a call with Ditto. They're like policy bazaar except they're personalized, don't charge more commission than them and spam free. I chose CARE Health insurance after a 30 min scheduled session (and several WhatsApp chats) with them.
Helpful Helpful
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+1 for ditto. See their policy analyser. They explain the policies without any technical jargons https://joinditto.in/health-insu...e/
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Post Emperor Post Emperor
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Is there any website higher authority or anything to complaint regarding health insurance issue.. in my parents policy they are not updating ped care health insurance how to solve this problem
Helpful Helpful
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They must be offering written confirmation instead of updating it on coi .

If yes, then it is because your parents policy is more that 3-4 years old & they have to cover everything now. Hence, they can't apply waiting exclusion...(in general)

Deal Subedar Deal Subedar
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I'm paying 25k for 10L health insurance family floater plan from HDFC ergo
Deal Captain Deal Captain
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I'm paying 21k for the same, is yours optima restore?
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Finance Mentor Finance Mentor
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Recently found out acko doesn't even service my metro-suburban pincode! And that's just auto insurance, not health. So cannot comment... @bikidas2060

Tech Guru Tech Guru
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Guess what guys. I have bought the 50 lakh plan as a test drive as most of us don't have a clue. I am adding the necessary stuff in deal wiki. Just received the doc's call she ll call me again in 15 mins. The policy is subjected to be approved. I have the free look up period with me. And I guess I ll have to burn 1000-2000 rupees for medical check up fees if any otherwise I ll disclose the entire thing here.

@Chudiya @MrKool_JJ @malikcool @guest_999 @decideaim @Time_pass @playdime @EkdamSastaRaju @Tanmayyy @jambui @EkakiAmi @neehesh

Brand Enthusiast Brand Enthusiast
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So its individual premium price right? Not family floater?
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Beacon Beacon
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I wouldn't suggest to go with such new player particularly for health insurance. 

This insurance companies can literally F*** u with their hidden T&C if their intention is not good. Even establish players are doing such tactics - We come to know abt it only when we face it. Then policy wording is like lawyer language, everyone can have their own opinion. & Then keep fighting against company. 

Tech Guru Tech Guru
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Bhai, I ll take a refund. It's just a test drive. Once I get the policy details, I ll paste em here as pics n say good bye to em. 🙂

Generous Generous
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Real test comes after claim not buying the policy. 

@bikidas2060 Though I hope you never come to test stage.

Brand Enthusiast Brand Enthusiast
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While this is quite interesting,  i was checking with ap**lo hospitals with a known billing head to know how this is working. He does not have idea but told , hospitals with networks are providing packages which works out same ( in sleep also they dont speak truth only advertisements). He said these packages wont be part, if we come with other insurance except theirs.

I remember that when father has undergone stunt procedures i was offered a package of 2.89L in dec,2019( no insurance) and i opted for it. This otherwise costs 4.2L is what they said. 

I am not sure about monetization benefits,  but was hassle free for me that time. I felt the following

1. Next day operation appointment  this was possible only after i said i dont have HI.

2. Quick room availability of our choice.

3. Hassle free checkin date and check out date.

I am not sure if i felt it, its good to be true.

My fathers colleague who has undergone same stayed more days has been prescribed more medicine and has every dam doctor visit everday in and out. He has HI insurance. ( i know every patient is different,  health conditions different, body what not. But to my eyes both look healthy without any known complications at the time of procedure).

i wanted to share one car insurance experience.

I have national insurance policy and when i opted for insurance.

1. The parts will take 1 week to arrive.

2. The approx quote of parts was high ( ofcourse they have MRP)  and there are labour charges etc and other small stuff.

3. 1000 rs min. for claiming .

I visited another service station of same company and said i dont want to claim insurance.

Next day they called and by that evening my car was ready and to my surprise 30% lesser than the earlier service station quote.

I am still trying to understand 😕. 

The parts available outside service stations also come atleast 10% cheaper, but the service company claims they are not good.

Its big for me to understand. 

May be when companies rule over people thats how it will be. 

When step into any corporate i see monies behind every smile

You may disagree but educated are brainwashed to opt for insurances and articles will be so nice to read and adopt. 

One side healthy life style articles, otherside HI companies. So brainwashed that we have to test waters evertime 😞

@bikidas2060

Tech Guru Tech Guru
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Bhai jabtaak pocket me hai than than Gopal taab taak saab sahi. Fir dikkat aye toh Insurance jindabaad. 🙂🙂🙂 

Brand Enthusiast Brand Enthusiast
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Ohh.. but writings say PED covered.

So is it trap then? We honestly mention everything and they decline?

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Beacon Beacon
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Health Insurance is particularly too tricky than what u guys understand it. Every company have their internal policy decided to which risk profile to reject etc. Bcoz they have calculated risk accordingly & planned premium that way. Otherwise anal fissure shouldn't be criteria to reject in majority company. Like Hdfc don't accept proposal for diabetes in their Optima restore plan. Sbi Arogya Plus also have such internal policy. Issue policy only with clean medical history. @bikidas2060
Deal Lieutenant Deal Lieutenant
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which one is good as per u?
Helpful Helpful
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Acko insurance is too cheap. Is the company trying to earn from health checkups? smile Take premium and keep rejecting stuck_out_tongue
Tech Guru Tech Guru
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Check Care Advantage bhai.

@MrKool_JJ almost same rate as that of acko

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Like Magnet Like Magnet
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Acko was my insurer from company.. excellent experience. I have done reimbursement claim and they processed without any hiccups. Can we expect same service at individual insurance? Any one who taken acko and experienced their service?
Commentator Commentator
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Can't compare employer policy with individual policy of any company. Most of the employer policies come with no waiting period and very low exclusions. HDFC Ergo took more than 30 days for just ₹2000 for reimbursement for me. I know you are asking about Acko but when it comes to individual policies can't compare them with employer policy experience.
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Deal Cadet Deal Cadet
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Also the Main Point - Day care procedures.  Some companies only cover 180 day care procedures  & some cover more than 500 day care procedures. 

Day Care procedure -   It is basically the nature / reason of your operation / hospitalization. 

Hence Before selecting any company one should definitely check which company has good coverage of day care procedures. 

It has been my experience some companies right away reject the claim stating that it is not included in our day care procedures. 

Deal Cadet Deal Cadet
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bikidas2060 Can you upload the terms? 

Tech Guru Tech Guru
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Check the deal wiki section bhai

Deal Cadet Deal Cadet
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PED cover from Day 1 is a gimmick. They are not going to issue you policy if there is any PED. They rejected policy for my dad with controlled diabetes and blood pressure.

Deal Newbie Deal Newbie
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Couple of years back, I did research on Acko motor insurance and went with them after being satisfied with user experiences. Fortunately, I didn't have to file any claim myself, but I started looking for Super Topup plan and found their plan attractive. I checked IRDAI annual report for 2021-22. Here are some observations on Acko insurance (please correct me if I am mistaken on any of the points):

  1. Their premium collection for health segment increased from ₹96.59cr in 2019-20 to ₹122.98cr in 2020-21 to ₹407.12cr in 2021-22. Though they are still 1/10th of other behemoths private players like HDFC Ergo, they are growing at a very healthy pace.
  2. Their equity share capital in 2020-21 was ₹596.00cr and they had a fresh infusion of another ₹550.00cr (compared to only ₹50cr previous year), this I think means investors infused more equity capital which can help the company stabilize and grow faster (e.g., more money for development, marketing and launching new products)
  3. Incurred Claim Ratio (ICR) went up from 21.08 (2019-20) to 84.64 (2020-21) to 103.75 (2021-22). There is a consistent increase and a rate higher than 100 means they are willing to lose money to do the right thing. They hopefully took correction actions by increasing the premium and/or updating their processes (e.g., fraud detection).
  4. Claim status numbers show that 97.2% of their claims are settled with in 3m which seems to be on par with the industry.
  5. Settlement Ratio is 75% (242,457/(326,199+5,246−8,830)*100) is a bit low if you compare this with HDFC Ergo which has 95.6%. I have however read that this number is quite often manipulated to show higher claims paid number and so it is more reliable to make sure repudiation rate is low and ICR is high. Repudiation rate is 2.3%, which is again not as low as HDFC Ergo (0.28%), but it may actually indicate their effectiveness in identifying frauds.
    1. NOTE: These numbers are not specific to health policy alone and they tend to be different in different segments such as motor, fire and health, so these comparisons between companies tend to be non-conclusive, unless someone with deep domain knowledge can pitch in and validate.
  6. Solvency ratio is 1.68 above the recommended rate of 1.5.

I am curious to know what others think of these numbers and if they would deem Acko at least as consideration worthy. I couldn't find many reports of claim experiences on the internet (found just a couple of +ve, including one in this thread itself), but at the same time I didn't find any -ve experience. I am going to ignore the reviews on MouthShut.com as all insurance companies get banged up there.

Update: Policy wording for exclusions. Does anyone see any exclusions that is unusual?

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