I am an insurance broker. According to my many years' working experience, I made the following comparative analysis on two more competitive products of Taikang (Taikang Le Ankang and Taikang Health 100%):
Taikang Health 100% critical illness insurance and Taikang Le Ankang critical illness insurance are two critical illness insurance products recently launched by Taikang with good cost performance, so which one is more cost-effective? The following author will talk about it:
Let's look at a basic insurance liability comparison chart:
First, the protection of disease types:
The most obvious difference is to ensure the number of diseases. On the whole, 100% covers more diseases than Le 'ankang, and the premium is higher than Le 'ankang. So is the premium increase reasonable?
Author's point of view: The number of guaranteed diseases is not the primary advantage index. If the two products are similar in other aspects, the premium is similar. Of course, the more diseases you protect, the better. If it is not cost-effective in other aspects, it is not our first choice to rely solely on the number of diseases.
Reason: Before 2007, the definitions of diseases in critical illness insurance were all made by insurance companies themselves, such as "malignant tumor". Different insurance companies have different claims conditions, and many disputes arise when making claims.
In order to solve and standardize this phenomenon, on August 1 day, 2007, insurance institute of china and the Chinese Medical Doctor Association jointly formulated the first Code for the Use of the Definition of Critical Illness Insurance, which clearly required the insurance industry to use a unified definition of critical illness, and stipulated that the definitions of the 25 most common major diseases in China should be consistent, that is, the standards of claims should not be different, thus greatly reducing claims disputes.
Supplementary information:
There are six diseases that must be guaranteed: malignant tumor, acute myocardial infarction, sequelae of stroke, major organ transplantation or hematopoietic stem cell transplantation, coronary artery bypass grafting (or coronary artery bypass grafting), end-stage renal disease (or uremia stage of chronic renal failure).
Optional diseases include 19 kinds: multiple limb loss, acute or subacute severe hepatitis, benign brain tumor, chronic liver function decompensation, sequela of encephalitis sequela or meningitis, deep coma, deafness in both ears, binocular blindness, paralysis, heart valve surgery, severe Alzheimer's disease, severe brain injury, severe Parkinson's disease, severe third-degree burns, severe primary pulmonary hypertension, severe motor neuron disease, loss of language ability, and so on.
The disease definitions of the above 25 diseases must meet the official standards. If you add diseases other than these 25 diseases, you can define them yourself.
Why did insurance institute of china and Chinese Medical Doctor Association choose these 25 kinds to standardize the definition? Because these 25 diseases are the most common diseases in China with the highest claim rate, if the number of diseases is increased, the premium should not increase substantially.
Therefore, taking the comparison between Taikang Health 100% and Taikang Le Ankang as an example, 70 kinds of serious diseases +30 kinds of mild diseases 100% are guaranteed, while Le Ankang guarantees 60 kinds of serious diseases +22 kinds of mild diseases, and more diseases 100%, but the same coverage is 300,000,/. So is it necessary to be so expensive because of too many illnesses?
Let's take a look at the healthy life in China again. There are 77 kinds of serious diseases and 33 kinds of mild diseases, and the same protection, the premium is 6966 yuan/year. It can be seen that this 100% premium increase is not very reasonable.
Second, is total disability guaranteed?
One more thing, health is 100% total disability, but Le Ankang is not. So is it reasonable to increase the premium substantially because of this advantage?
If Le Ankang is given an accident insurance (accidental choice in Zurich) to cover 300,000 accidental injuries (death/disability), only 168 yuan can make up for the disadvantage of not being able to guarantee total disability, and pay 600,000 yuan for accidental death (Le Ankang pays 300,000 yuan and accident insurance pays 300,000 yuan).
From this point of view, it is unreasonable for the premium of 100% to rise so much.
Third, the cash value.
In terms of cash value, Le Ankang is greater than 100%, as shown in the above figure. For example, a 30-year-old male will be insured for 300,000 serious illnesses and will be paid at 9030 yuan/year health 100% for 20 years (* * *180,600 yuan); Le Ankang pays 7470 yuan/year for 20 years (*** 149400 yuan).
By the age of 60, the healthy 100% cash value is 265 170 yuan, and Le 'ankang is 258,900 yuan.
Note: Cash value refers to how much money can be withdrawn from insurance according to age.
From this point of view, Le Ankang's cash value growth rate is higher than that of Health 100%, that is to say, even if the elderly choose to surrender, Le Ankang can withdraw more money.
Fourth, minor compensation:
So, where is this product expensive?
The answer is: minor illness 30%.
Generally, the compensation for minor illnesses in the whole market is 20% of the total insured amount, such as 300,000 yuan. After suffering from a minor illness, Taikang paid 90,000 yuan and Le Ankang paid 60,000 yuan. This is the only bright spot in my opinion, and it is also the main reason why its premium is more expensive than Le 'ankang. However, if Le Ankang reaches the premium level of 100% (9K+), Le Ankang can guarantee 370,000 yuan and pay 74,000 yuan for minor illnesses.
Summary:
Author's point of view: As far as these two products are concerned, Le Ankang is more cost-effective, but if you make a protection plan for yourself or choose critical illness insurance, there are many other options, because each product has different advantages and different protection priorities, such as focusing more on tumor protection; Pay more attention to telemedicine; Only take care of your illness, not your death, and try to reduce the premium; etc
So not every product is suitable for everyone, nor is it cost-effective, so whoever buys it is suitable. I suggest that before choosing critical illness insurance or making a comprehensive protection plan, you need to sort out your own needs first, and then choose the right products after comprehensive consideration, so as to protect yourself and the whole family to the greatest extent and make your life happy, secure and beautiful.