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Health Insurance for Mother (age - 64 years)

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27 Mar, 2021 by  Prashanth

Mother had health insurance policy of Sum insured of 3.5 lakhs. It was bought at the age of 60. Premium costed around Rs.34k for three years. Now her age is 64 and premium is higher and costs Rs.55k for 3 years.


Policy is under Manipal Cigna.


As the sum insured is less, wanted to have atleast Rs.20L coverage. But changing sum insured to Rs.15L was resulting in a premium of Rs.1.7L for 3 years. So chose to buy two super top policy resulting in a total sum insured of Rs.20L.


Base - Sum insured 3.5 lakh

Super top up - Sum insured of 6 lac with a deductible of 3.5 lakh 

Super top up - Sum insured of 10 lac with a deductible of 7.5 lakh


Total policy premium worked out to Rs.75k for 3 years. All three policies are under Manipal Cigna.


I have purchased the above combination last year. Is it fine considering the age and rising medical costs, please advise?

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Parents-Health-Insurance

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28 Mar, 2021

Admire you for your prudent planning for your mother .

Bingo , you have saved lot of money by opimising super top up .

Your mother is adequately covered . No need to add any thing .

Just one suggestion , there was no need to pay three year premium .

Ideally , go for annual mode .

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29 Mar, 2021
Prashanth
Sir, with a three year period, premium had a discount of 10%. Anyways every year the premium keeps increasing, and so buying it for three years would work a same premium cost for all three years. Therefore went for the three year plan. Is there any disadvantages going for a three year plan?
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28 Mar, 2021

Dear Prashanth

You have done right planning by buying two super top ups .

You have ensured protection for your mother .

Only one suggestion

It does not make sense to pay three year premium .

It is better to pay annual premium. And ensure protection

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