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Downgrading health insurance for my mother

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13 Aug, 2023 by  Shubhashish

I bought a Rs 25 lakh health insurance policy for my mother a decade ago. Over the years, its premium cost has risen substantially.

Next month is the policy renewal and I will have to pay nearly Rs 70,000 for the renewal. Last year I had paid Rs 65,000.

Her age is 66. I am wondering if I should reduce the coverage from Rs 25 lakh to Rs 15 lakh to reduce the premium.

How much can I save if I do this? What are the other downsides of this?


1 Answer

15 Aug, 2023

Hello Shubhashish,

If you decide to downgrade your mother's health insurance coverage from Rs 25 lakh to Rs 15 lakh, it's important to consider potential consequences. Downgrading may lead to changes in sub-limits within the policy. For instance, if there's a sub-limit for modern treatment set at 50% of the sum insured, downgrading could affect not only the overall sum insured but also the coverage available for modern treatments. To get a clear understanding of the impact of downgrading and potential savings, I recommend utilizing our free 1-to-1 personal consultation service. By connecting with an advisor through this service, you can receive expert guidance tailored to your specific situation. An advisor will help you comprehend the implications of downgrading and provide insights into how much you could save by making this change. Sharing the link here for your ready reference:

Thank you!

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