Canara Bank Mediclaim (Apollo Munich Easy Group health Insurance) – Review

Canara bank mediclaim

In the series of reviewing health insurance policies offered by nationalized banks, the next one is Canara bank Mediclaim. I have already reviewed PNB oriental Royal Mediclaim,  and AB Arogyadan which you can read from here.

The Canara policy is a private policy in a public package. Yes, the insurer in case of Canara bank Mediclaim is the private health insurer, Apollo Munich health insurance. Apollo is offering an almost similar policy to its retail customers, but the one offered through group insurance to Canara bank account holders is at very competitive rates.

Today, I will review Canara Apollo Munich health insurance policy in detail, and also do a comparative analysis to what is available otherwise to its retail clients.

Canara bank Mediclaim – In Brief

Canara bank in collaboration with private health insurer Apollo Munich health insurance is offering the Easy health group insurance plan to its customers (Account holders). The only precondition before buying this product is that you should be having a bank account at Canara bank.

The USP of this policy is that the premium is quite competitive as compared to its similar product as available in the market for Apollo’s customers, with almost same or better features.

Besides this, the premium is flat for all age groups, unlike the retail policy where the premium rate varies for different age group.

You may also buy this policy for your parents or Parents-in-laws too, and their account is not a prerequisite in this case if you are an account holder. (Also Read: Mediclaim policy for parents – other options)

I am always wary of the service quality of nationalized health insurers, and this was one of my big concerns when I reviewed PNB Oriental Royal Mediclaim, but since here in Canara bank Mediclaim the insurer is Apollo Munich which is a private health insurer, so this becomes another attraction in this policy.

(Also Read: Do you have financial plan to survive a serious illness?)

Canara bank Mediclaim – Basic features

(in comparison to Apollo Munich Easy health Insurance)

Canara bank mediclaim
*Dependent child can be covered from 91 days to 5 years of age, if either of the parents is covered in this policy; No specific parents policy, however, one may add parents or parents in laws in a floater policy, or an individual below 65 years of age can him/herself buy this policy.

Canara bank Mediclaim – Key Policy benefits

(in comparison to Apollo Munich Easy health Insurance)

canara bank mediclaim
*Standard/Exclusive/Premium; **In Exclusive and Premium variants

Canara bank Mediclaim – Premium rates

All the above-mentioned rates are flat rates and not linked to any age slabs. Whereas if you buy directly from Insurer than rates are quite high. For e.g. for a 50-year-old healthy individual, wanting to buy sum assured of Rs 10 lakh, have to shell Rs 8692/- to Canara Apollo Munich health insurance, and Rs 19039/- for standard variant to directly Apollo Munich health Insurance. (Click here to check out Apollo Munich Easy health’s rate card)

Canara bank Mediclaim – Should you buy?

Well, I have not found anything negative in Canara Apollo Munich Mediclaim policy. Though it doesn’t have high-end features of Air ambulance or additional feature of maternity benefit which the retail version offers, but as far as basic Mediclaim policy is concerned, which covers In house treatment, day care surgeries, Pre and Post hospitalization etc. and that too with no cappings, sub-limits or copayments, all are available here.

The Maximum Sum assured available is also quite decent, and one can buy Super top up policy separately to enhance the cover if required. (Read: Apollo Munich super top up review)

But as I wrote earlier in my last review, in group policies offered by nationalized banks, do not expect any services from bank people as they are just acting as an intermediary. If you buy this policy, then you have to equip yourself with knowledge of the necessary processes for smooth issuance of policy and claim settlement. Also, do not take flat rates as really flat ones, since it all depends on the claim experience of the insurer and also the relation between bank and Insurer. Even group policy rates can change in future.

Personal financial Planning always starts from having adequate emergency fund and required insurances. Health Insurance is one of the Major components in protection planning. Chose wisely to have a comfortable future.

How do you find Canara Apollo Munich health insurance policy? Do share your views

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  1. I am 69 years complete and running 70 years …my wife is 66 complete..whether I can purchase policy for 5 lacs…covering my spouse or alternatively,whether my spouse can purchase the policy and include me in the sum assured

    • Since the maximum entry age is 69 years, so I believe getting the policy should not be a problem. please contact the bankers

  2. My brother wants to purchase this policy from Canara bank as he is the account holder in the bank. He has got diabetes (Type 1). My questions are –

    1. Will this policy cover complication occurred due to diabetes after 3 years of waiting period?
    2. Policy mentions Hospital Daily Cash. Can you explain that?
    3. Where can I see the Critical Illness which are covered under this (if opted)?

    • Rahul, to be more confident on your intended purchase i would advise you to consult directly with Apollo Munich people. They will answer all your queries.

  3. My brother (26 years) wants to purchase this policy from Canara bank as he is the account holder in the bank. He has got diabetes (Type 1). My questions are –

    1. Will this policy cover complication occurred due to diabetes after 3 years of waiting period?
    2. Policy mentions Hospital Daily Cash. Can you explain that?
    3. Where can I see the Critical Illness which are covered under this (if opted)?

  4. If the tieup of Apollo and Canara bank breaks what will the options available with us. Is the bank provide any other company tie up option for us? Because going for direct Apollo premium will be too costly as I am looking for my parent.

    • If the tie-up breaks then Apollo will give you the option to get into any of there existing plans by offering you continuity of the benefits. But in that case, since you will be going directly with Apollo so the cost would definitely be a factor to consider

    • All private companies will cover you in their open Plan. or may consider these group plans which may have some maximum age limit restrictions.

  5. My parents were with New India policy enrolled when it was getting offered from Bank of Baroda as a tieup. Now after 8 years, BoB has broken the tieup. Earlier the premium for 5 lac was 7000 which now New India is asking 24000. Should we continue with New India or should we get this Canara bank policy? I think I am more concerned about continuity of benefits. With canara bank, we will have to start all the way from ground zero but if we stay with New India, they are offering continuity of benefits.
    Please suggest

    • Yes. You get it right. To enjoy the continuity benefits you have to continue with new India. However, once you move to the individual policy then after 1 year you may again port the policy to the company of your choice and this will not impact the continuity benefits.

  6. SIR,I purchased a canara apollohealth insurance policy for 5 lacs on 18.10.2016 and have continued the yearly reneals in last three byears and payment of fourth isntalment is due in early october 2019-have completed 36 months.Myself and wife have diabetic .But it appears I have not understood things correctly and not mentioned having diabetes for self and spouse in 2016.May I request you,what are the steps I have to take now so that deiabets and hypertension are covered.Very sorry for the inconvinience.PRASAD V S V

    • If you would disclose now that you are diabetic, to the insurer it would be treated as a misrepresentation of facts and the insurer has the full right to cancel the policy. What you may do is, you may apply for a new policy from another company, disclosing all the facts. If the diabetes is not much older, company may agree to issue the policy.
      But since, Apollo Munich has a separate policy for diabetics, it may be reluctant to issue the regular one. You may consult a trusted Health Insurance Adviser for further guidance on the issue.

  7. Sir, my age is 53 running and looking for a health insurance for 5 Lacs, I have visited SBI for the SBI arogya plus having 3 Lacs limit but premium remains unchanged for life long.. and to meet 5 Lacs remaining 2 Lacs can I take Canara bank health insurance of which premiums are also competitive.. are this both cash less and how are they…kindly guide

    • Yes, both are cashless if the company has tie-up with the hospital. But Combining a group policy with individual policy does not make any sense to me. You cannot depend on a group policy for long (especially when the concern is Premium). My advise would be to get yourself insured from a single company.


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