But are these low-cost health insurance policies sufficient to meet your health cover requirements is the question. It is to be noted that some such policies are also offered as a value-addition product to the bank's customers and not available to any other individual. For instance, Baroda Health plan of Bank of Baroda is exclusively for its banking customers.

Here are listed some of the points which do not turn out to be in favour of health insurance plans of banks:

1. Health plans offered by banks is a group medical cover provided in association with a health insurance company or a general insurer, banking entity being or acting as only the intermediary.

2. As the cover is only for a year in the case of health insurance policy, and for continuation of the policy cover, the insured needs to pay the premium for such policies on an annual basis. The premium amount for the policy can be revised to any amount higher than what the insured paid in the first policy year based on the discretion of the insurance company. And bank in this regard can do nothing.

3.Features a limit in respect of policy renewal: When you buy a health insurance product after careful study you intend to continue lifetime. But, in case of health insurance products offered by banks there is a threshold limit and after acquiring a certain age you can in no scenario continue or renew the product. In that case, you have no choice but to hunt for another product in the market that meet your long-term or life-term heath insurance needs.

4. Instances of association between banking entity and insurance company ending have come to fore and in the case none other than insurance customers are stranded as in many cases customers after paying a huge sum as premium towards the premium are left with no other option but to continue the policy with the same bank that now has association with some other entity and offers the policy cover at a higher premium.

5. Hassles in claim settlement: Being a agent, bank does not offers much help in the settlement of health insurance claims and as the insurance is offered as a group cover some of the clauses of the policies are left hidden so the ultimate purpose for which the health insurance policy is secured also stands defeated.

Now, given the following concerns, you can still be prompted to purchase health cover from banking institution owing to lower premium charges, no requirement for medical declaration as well as same premium rate for all irrespective of age.

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