Apollo Munich Health Insurance vs IFFCO Tokio Health Insurance

Searching for a comprehensive yet affordable health insurance policy? With some research online, comparing the policies available, you can find one that gives you both the benefits. You can start here, a comparison between the health plans from the leading and trusted health insurance providers Apollo Munich Health Insurance and IFFCO Tokio Health Insurance.

Apollo Munich Health Insurance vs IFFCO Tokio Health Insurance – Overview 

ParameterApollo Munich Health InsuranceIFFCO TokioHealth Insurance
No. of health insurance policies10+13
E-servicesPolicy salePolicy renewalClaim settlementOnline consultationBranch locator 24×7 customer servicePolicy salePolicy renewalClaim settlementOnline consultationBranch locator24x7 customer support
Branches100+20,000+
Claim settlement ratio92%92%
Cashless claim settlement timeWithin 20 minutes Within 24 hours
Network Hospitals 10,000+5,000+

*Source: The Annual Report of the Insurance Regulatory and Development Authority of India (IRDAI) –years 2018-19.

Health Insurance Policies: Apollo Munich Health Insurance vs IFFCO Tokio Health Insurance

Apollo Munich Health Insurance, now renamed as HDFC Ergo Health Insurance, is a joint venture between HDFC Ltd. and the Munich Re Group. The company has over 1,50,00,000 customers, over 10,000 network hospitals, and a 92% claim settlement ratio (CSR) – all markers of excellent credentials. It offers over 10 health insurance policies catering to the needs of individuals, families, senior citizens, and corporate employees. 

IFFCO Tokio Health Insurance is a joint venture between Japan’s Tokio Marine Group and the Indian Farmers Fertiliser Co-operative Limited. It has a nationwide presence in metropolitan and rural areas and is one of the first companies to establish rural-centric policies. Its CSR of 92%, speaks of its consistent performance. It offers 13 health insurance policies that provide extensive coverage. 

Critical Illness Policy: 

Apollo Munich has a Critical Illness Policy with two sub-plans: 

  • A Silver Plan that protects you against 8 critical illnesses
  • A Platinum Plan that covers 15 critical illnesses 

The plans provide:

  • Coverage for illnesses like cancer, heart attack, kidney failure, multiple sclerosis,etc.
  • Lumpsum payouts on the diagnosis of critical illnesses covered under the plan 
  • Waiver of pre-policy medical check-up for individuals up to 45 years of age 

IFFCO Tokio offers a Critical Illness Insurance Policy that provides: 

  • Sum Insured (SI) amounts up to Rs. 1,00,00,000
  • Coverage against 25 life-threatening ailments including permanent paralysis, stroke, kidney failure, etc.
  • Daily hospital cash allowances
  • Waiver of pre-policy medical test for individuals up to 50 years of age 

Individual Personal Accident Policy: 

Apollo Munich’s Personal Accident Policy provides:

  • Payout of the entire SI on death or permanent total disability due to accident
  • Up to 100% SI on permanent partial disability and for broken bones or second/third-degree burns
  • Compensation on temporary total disability due to an accident 
  • Hospital surgery benefits to cover in-patient hospitalization costs 
  • Home tuition and child education benefits 
  • Counseling benefit 
  • Convalescence benefit 
  • Daily hospital cash allowances

IFFCO Tokio’s Personal Accident Policy provides: 

  • A payout of 100% of the SI on death or permanent total disability due to accident
  • A specific percentage of the SI on permanent partial disability 
  • Weekly payouts for a pre-defined period on temporary total disability  
  • 10% SI towards education funds for one/more dependent children
  • Income supplements to compensate for loss of employment due to an accident 
  • Coverage for ambulance expenses and funeral expenses 

Corona Kavach Policy: 

The Corona Kavach is a standard insurance policy that all insurers across India offer. This is in line with the IRDAI’s directive aiming to make health cover against COVID-19 affordable. All the policies from the various insurers share similar features. 

The Corona Kavach Policy from Apollo Munich Health Insurance and IFFCO Tokio Health Insurance both provide: 

  • SI amounts up to Rs. 5,00,000
  • Reimbursements for domiciliary care, pre, post and in-hospital care
  • Inclusion of alternate (AYUSH) treatment expenses
  • Coverage for the treatment of comorbidities 

This comparison guide gives you better insights into the advantages of the policies offered. But before buying a health insurance policy, always read its policy wordings carefully. It will help you detect any loopholes and avoid complications during claim settlements.