Hello Leopold,

Here's an extract from one of our articles. In our view, you should not depend on a group insurance policy to cover your lifetime healthcare expenses, even if the costs are attractive.

These bank policies are group policies that have a very different structure from a retail policy. Here are some key differences you should understand before taking a call.

• Group policies may not be renewed for a lifetime. Even if they do, the terms may not be in your control.
• The benefits and terms of group policies are negotiated by the banks every couple of years. The bank can break ties and move you to a different policy that may have different terms and pricing altogether.
• From our experience, we know that banks do not intervene in case of a service issue in a group policy. You are required to directly communicate with the insurance company or the TPA.
• Since the pricing is tightly negotiated, claims are higher for the insurance company - the service in many cases may not be as good as retail policies.

Hey Leo,

Only one advice. Never buy insurance from Bank.