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Group health insurance and Topup

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17 Dec, 2022 by  Rohit

It would be really helpful to get some guidance on the below situation:


My parents(60+) have canara bank

group health insurance(1Olac

each since 7yrs). With premiums

up by > than 100% (~14k to ~31k) thinking of

reducing the coverage to 5lac

& buy a top up for 10/15lac. Few quick questions:


1) ls there any cool down for topups i.e., 3yrs as our policy is already 7+policy?

2) Is it a good strategy?

3) Should I buy the topup from the same insurance provider (bajaj) or is it fine to buy it from any provider for eg. Tata health incurance topup? Would there be any operational issues while settling claims aming different providers or should i buy the topup from bajaj itself

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Dear Rohit,

If possible take a personal health insurance as group premiums keep on changing because of claims but if you are concern is about premium then continue with existing group insurance.


You can buy super top-up from any insurers as super top-up is different policy you can take a top-up coverage of 20 lakhs or above with 5 lakhs deductible.


Super Top-up has following waiting period

  1. 30 Days initial waiting period
  2. 2 yrs for Planned surgeries
  3. Pre existing disease waiting period based upon the policy 2yrs to 4yrs


You can connect with me for more information and support in buying the super Topup health insurance.


Thanks & Regards

Vikram Aralikatty,CFP

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17 Dec, 2022
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Hi Rohit,


  1. Do not reduce the SI of the group health insurance before you take another personal health insurance policy (base policy). As Vikram suggested, it is always better to have a personal health insurance policy.
  2. If you have enough time for renewal of this Canara bank group health insurance, I'd suggest you to try porting to the personal/retail policy (although IRDA guidelines state that porting from group plan to retail plan is allowed, private insurer generally avoid it). If the expiring policy is from Bajaj Allianz, please get it touch with a Bajaj Allianz advisor or the customer care and apply for portability. This way you don't have to worry about waiting periods or reduce the SI. But Bajaj Allianz premiums are also on the higher side. So, you wouldn't profit much but at least you get the continuity benefits into the retail plan which you can port out to a cheaper but better plan of another insurer next year.
  3. The waiting period for any new policy (whether it is a base policy or a top-up policy) would not be dependent on your existing policy seniority unless you port the policy.
  4. You can buy a good Super top-up plan from any good insurer. The reason is that the base policy (group policy) is currently with Bajaj Allianz but next time, it may go to some other insurer which is what generally happens with group insurance policies. So, don't rely on current base policy insurer.
  5. Also, take Super Top-up policy with a lower deductible than your base policy because there might be some deductions in the base policy claim or later you may want to further reduce your base policy SI.


I'd suggest you to connect with a beshak advisor to get a comprehensive review of your scenario and thereby get better suggestions which will work for long term.


Thank you

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