HDFC Ergo withdraws ‘these’ three health insurance policies. Click to know how policyholders will be impacted
HDFC Ergo withdraws ‘these’ three health insurance policies. Click to know how policyholders will be impacted
HDFC Ergo has decided to discontinue three variants of its my:health Suraksha health insurance plans, namely my:health Suraksha Gold, my:health Suraksha Platinum, and my:health Suraksha Silver. This move means that customers will no longer be able to purchase or renew these policies. So, what does this mean for existing policyholders?
Existing policyholders of these my:health Suraksha plans will continue to enjoy their health coverage until their renewal date, according to HDFC Ergo. For those whose policy renewal falls on or after August 7, 2024, HDFC Ergo has offered the option to migrate to their Optima Restore plan. Any accrued cumulative bonus from the discontinued policies will be carried forward upon renewal with Optima Restore, ensuring continuity of benefits. Additionally, customers transitioning to the new plan will retain access to the same network of hospitals as specified in their original policy, with differences primarily limited to plan features.
To facilitate the transition, HDFC Ergo has provided a comparison between the features of my:health Suraksha plans and Optima Restore. While the basic benefits are similar, some variations exist, such as Optima Restore’s 2X multiplier benefit and adjustments in bonus calculations. Customers considering the shift should carefully evaluate these differences along with premium variations before making a decision. It’s worth noting that portability to other health insurance policies is also an option, but customers must initiate the process at least 45 days before their policy expires.
The spokesperson outlined the features of Optima Restore, the policy that will be offered to existing my:health Suraksha policyholders on withdrawal of the current plan.
Optima Restore offers benefits including no sub-limit on room rent, a restore benefit that adds 100% of the basic sum insured upon complete or partial utilization, a 2x multiplier benefit that doubles coverage after two claim-free years, and a protector rider add-on that indemnifies non-payable expenses up to the sum insured at an additional premium.
The decision to withdraw these my:health Suraksha variants has not been officially explained by HDFC Ergo. However, industry experts speculate that it could be part of a broader strategy to streamline product offerings post the Apollo Munich acquisition and in response to recent regulatory changes. Regardless of the reasons, policyholders are advised to review their options and make informed choices regarding their health insurance coverage.
