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Father's health insurance

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01 Dec, 2021 by  Rohan Karumbaiah

Hi,


My father is 73 years old and I took a health insurance for him from Religare (through policy bazaar) in Jan 2018.


I've been paying a premium of ~55k for a 5 lakh cover for the last 3 years and it is due for renewal soon. I was keen to get some inputs on whether this sounds reasonable to go ahead with or if I should explore any other insurance offerings? Or explore making this a floater with addnl amount for my dad & mom. My mother currently has a floater insurance with me for 4L combined from New India assurance and I have a 2L cover for family through my company


My father had diabetes as a pre existing condition but there has been no claims made over the last 3 years. Would be grateful to get any advice on how I can think about this.


Thanks,

Karum

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Health Insurance
Parents-Health-Insurance
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2 Answer

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01 Dec, 2021
rana sahib

Hi Rohan,


Premiums are generally this high when age goes beyond 60 years and pre existing medical conditions are declared at the policy inception. The risk (of claims)based loading(extra premium) inflates the premium, which I guess is making you think that it might be expensive,

However with better products and enhanced coverages being offered by health insurers, it might be worthwhile to do a comparative study to see if you could port your parents policy to a different company with higher coverage or restore/recharge benefits. Premiums may or may not reduce, as it will be completely the prerogative of the underwriters at the

insurance company.

@mahavir ji, how can we help Mr Rohan get the most value out of his current premium amount.


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02 Dec, 2021
Rohan Karumbaiah
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02 Dec, 2021

Hey Rohan,

Hope you are doing well! Recently we have started a new service here at Beshak called Beshak Community Connect (BCC). With this service, we connect customers like you with our curated and experienced financial advisors from our community who help them with all their insurance requirements - which policy to buy, what to do with your existing policies, handholding at the time of purchase and claims, etc.

I believe one of our financial advisors would be able to help you in a much better way to make a decision with respect to your health insurance.

If you wish to connect, request you to kindly fill up this form at your earliest convenience and one of our community executives will get in touch with you - https://beshak.typeform.com/assisted-reco

Thanks!

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02 Dec, 2021
Rohan Karumbaiah
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