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Floater or Split policy for Parents?

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05 Jan, 2021 by  Himanshu Dev

Hi team, my parents are 60 y.o & i was thinking of getting them a policy. While i've zeroed on 2 policies - Max Bupa ReAssure & HDFC Ergo Gold smart, I have a few doubts.


  1. What would be better for them, Floater for both or a split policy?
  2. For either case, what should be a [minimum] ideal amount of cover? Does 10L for split or 20L floater suffice?
  3. Do i need to have a top up for the policies? During my conversation with the agent, he didn't mention any such additions.
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Health Insurance
Parents-Health-Insurance

1 Answer

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08 Jan, 2021

Hello Himanshu,


Here is our take.


  1. At this age, you must have adequate cover individually for each one of them - since upgrades in the future would be difficult.
  2. Given healthcare inflation, yes - you must have at least 10 Lakhs cover for each of them.
  3. Buy a floater plan with a cover that is a summation of the individual coverage you are buying - Do not reduce the cover below the summation. This way both of them will have adequate cover, at the same time there will be a larger pool in case of a major hospitalization anytime in the future. So yes - 20 Lakhs floater will be a reasonable cover for them.
  4. Super Topup is a smart way to save premium costs - You can explore it for sure. If possible buy both the policies (the base and super topup) from the same insurer and within the same month.


Regards,

Team Beshak

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