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can i choose not to have a top up and just have a top up plan

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07 Jan, 2022 by  Akshay Shetty

hi ,

i am okay incurring the initial 5 lakhs expense on my own. can i only buy super top up or top up with 5 lakhs deductible. the idea is to not go broke because 5 lakhs is tolerable by me. so can i only buy Top up or super top up without a base health insurance plan.

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09 Jan, 2022
CEO, Insurance Samadhan

Dear Mr Shetty

It is a great idea .

Create an emergency fund for medical expenses .

Yes , you can buy a super Top up . It is an independent policy with a deductible amount . So if you spend Rs 8 lakh on treatment then insurance company would give Rs 3 lakh .

So go ahead and buy a super Top up .


Shailesh

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09 Jan, 2022
Chartered Accountant, Personal Finance Advisor

Hi Akshay,


If we look at the way claims are settled by insurers for the Super Top up policies the Insurer isn't really concerned whether one has a base policy or not.


The whole idea of insurance is to transfer the risk that we cannot afford to withstand. In case you are fine with paying out the deductible from your own pocket you can buy just the Super Top up.


Few words of caution though, the premiums of most super top up plans may be relatively less today, but the premiums may undergo change and insurers can withdraw or change the policy after obtaining approval from IRDAI. It is advisable to have a base policy with higher sum assured, one can buy super top up if budget is a constraint.


Stay Safe



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21 Jan, 2022
Akshay Shetty
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22 Jan, 2022
Chartered Accountant, Personal Finance Advisor
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