Help with evaluating few policies and features like deductible in base policy
I currently have Optima Restore 10L policy (family floater for 2 + 1 child. Highest age is 40). For renewal i am evaluating whether to renew same or go for another policy within HDFC or outside and also looking to opt for higher base cover 25L keeping future in mind.
I currently have a decent cover through my corporate insurance as well. But have been keeping personal cover since few years, with view to have back up if/when corporate cover ceases.
Few options i have come across are:
Tata AIG medicare premier
Niva/Max Bupa Reassure
HDFC Optima secure
continue existing HDFC Optima Restore
Premium wise Niva Bupa Reassure and then Care Advantage are the lowest - but wondering if they may be good choices from longer term perspective also...
Especially since, if one develops some medical condition in few years, then even if these companies are not doing well at that time, it may not be possible to port.
HDFC Optima secure is fair bit more expensive than say a Niva Bupa or some others.. and makes me wonder whether its worthwhile to go for it with the extra premiums..
but it has a deductible option (Didn't find this option in any other policy)
50K deductible is reducing the annual premium by 10-11K.... so am wondering if that makes sense...
So I could either save some net premium outgo compared to Bupa Reassure by taking this deductible... or in another way for approx similar premium for which i could take Niva Bupa reassure of 10L, I could take HDFC secure of 25L base policy with 50K deductible.
a. While i will have corporate policy - it won't matter and i will save on premium or get higher base cover using that.
b. After corporate policy ceases, one could feel a pinch of 50K in years of claims...
But should one think more of having one's basis safely covered for any major hospitalizations in long run, at the cost of taking 50K hit which one may be able to manage with...
Will appreciate any inputs from experts if 50K deductible a good approach to go with Optima Secure..
Or instead would Bupa Reassure or Care advantage without any deductible would be better to go for ?
Also whatever is the current ratio between the premium and discount for 50K deductible --- over the years as premium increases for the same policy, would the discount for 50K deductible lso increase such that the ratio remains the same ?
Would really appreciate your inputs
Though a super top up could serve the need for higher cover, but with single pvt room restriction in top ups, was thinking that at least somewhat higher base cover will be better in coming years than only 10L
(The other bonus or 2X from day 1 benefit – I believe one can’t be sure if they may get removed in future years)
Other thing with Optima Secure is that it seems the premium revision based on age takes place every year .. instead of having age brackets (e.g. 36-45 etc) which is typically done in other policies – is that correct ?
In coming year after year would that make Optima secure’s premium outgo fair bit more than another policy who is following the age brackets ?
Also between Optima Secure and Optima Restore - any recommendation which one to go far ?
Thank you very much for your time and inputs