I’ve done a great deal of evaluation for buying a health plan for self and spouse. Evaluated between Apollo, Max Bupa, Star, TATA Aig. Suddenly came across a product ‘Life Saver’ from ICICI Pru which is ULIP based plan. Part of premium goes into health insurance cover and part of it gets invested in market with varurious options to generate funds. These fund can be utilised for claiming medical bills from time to time post 2 years. Pros of this instrument – a) Coverage till 75 yrs of age b) Fixed premium as like term plan, so you are saved the hassle of inflation year on year. Cons – High premium (approx 50% more, Rs 15000/- for 2A for 5lacs SA) then traditional mediclaim proposals. Policy discontinues on the death of the primary policy holder.

Now the dilemma –

1) Is it a good option to go for ICICI Pru life saver policy for health insurance vis a vis mediclaim policies?
2) Will we be able to get portability in future from this instrument to traditional mediclaim policies.
3) Which is a good mediclaim health insurance policy? My analysis shows Apollo Munich is a good option. Plan to take for self and spouse.
4) Should I go for family floater or individual plans?
5) Which are the key factors for deciding the plan and also the value of plan.

My family details – Me and spouse both working professional and have two kids (11 years & 5 yrs). We have basic coverage from our companies. Age 38 years.