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Family health insurance query

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08 Jun, 2021 by  Akhil Sethi

We're a family of 5. I stay with my parents who're 66 and 61 yrs respectively and I have a wife and a 8 years old son.


I have a family health insurance cover from my employer (sum assured 5 lacs) and in 2016, my father took a separate cover from Oriental where the sum assured is only 2 lacs. I don't want to depend on both of them because of their inadequacies. Hence would be really thankful if someone can help me with following:


  • Should i go for a family floater plan or buy individual policies for my mother and father? While my father is suffering from Parkinson, my mother is fine. She has recovered from Covid recently. Also my father is 66 years now, therefore do you think buying an individual health cover for him would be a big hassle?
  • Also, when I complete the above step and buy health cover(s), should I discontinue my father's health insurance from Oriental because we pay around INR 10K every year? Next is payable in Feb 2022
  • Lastly, what is your advise on Corona Kavach or Corona Rakshak? To address first point above, if I take a health cover without room rent limits and obviously I will take a cover more than 5 lacs, should i still take corona rakshak?
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You can go for a separate policy for your parents. However, you should be mindful of the fact that it will be subject to medical tests and the costs involved since your parents have medical history of ailments. Pre existing exclusions will apply to their conditions as applicable. If the coverage so obtained is optimal and cost effective, you could discontinue the Oriental policy, if you want.


Corona Kavach and Rakshak policies are usually taken as adjunct to existing health insurance policies to avoid them being hit with claims and resultant loss of sum insured protection, no claim bonus or other benefits. Kavach and Rakshak policies offer more specific coverage to Covid without pre existing exclusions or deductions for PPE kit etc.

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11 Jun, 2021
Akhil Sethi
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09 Jun, 2021

Dear Akhil

First do not discontinue cover of Oriental because you have continuity since 2016 . Atleast your parent have cover of Rs 2 lakh . Delete your name if iit is there . Continue fir parents .

Now your answers

1. Apply individual policies for each parent . Do not go for floater. Buy a floater plan for your family .

2. As advised , do not cancel your old plan . It covers your parent , they may not get cover due to Parkinson and covid .

3. Yes , you should take Corona Rakshak because it compensates loss of income . Your health insurance would cover cost of treatment and Rakshank would pay you additional amount .


Hope this suffice

Shailesh

Insurance Samadhan

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11 Jun, 2021
Akhil Sethi
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