IIT Mumbai Group Health Insurance Questions
Please ask all your questions here, and we will get experts to answer them at the earliest.
Does it make sense to get multiple group insurance policies?
Group schemes do not solve for long term personal finance. So a generic view is that avoid group schemes as much as possible. Read this article: Should you buy group insurance sold by banks or apps? Group Insurance Vs Retail Insurance (beshak.org)
Group policies should be bought
- For the short term, when you want to cover some immediate illness/treatment
- as a last resort, when you aren’t getting through any other long term health insurance product (due to age or medical history)
Does it make sense to get multiple supertopups?
(Particularly continue current individually taken one - for sake of continuity and then take additional one from the group policy which provides more cost effective additional coverage)? Confirm that the cover can be increased in this manner.
You must continue your personal topup. Personal plans are in your control, and not dependent on the group plan (which can get withdrawn/curtailed based on the claims experience, viability of the product). Premium for personal plans cannot be hiked, or the product cannot be withdrawn based on individual claims.
Yes, you can take multiple topups - they will work - one over the other. The only fine print is you may not be able to get cashless for all the policies for one hospitalization.
Is it possible to port a retail (individual or family) health insurance policy to a group insurance policy?
Yes, you can. But you must not. Group is a short term, one year policy that an insurer can withdraw, change terms, including premium every year based on the profitability of the product. Personal Insurance is a long term solution that is in your control, and has much better regulations to cover you for your old age than a group plan.
In case of a claim, how is the settlement done? Let’s say, I have a personal, individual policy for 3 lakhs and No Claim Bonus of 50%, and a Top-Up of 50L?
All of these can be claimed in one hospitalization. Albeit, if the hospitalization is of a short duration, then you may have to claim the topup as a reimbursement claim.
How to claim in multiple policies: 2 Different Health Insurances Policies from Different Companies - Beshak
Do i need to inform my primary insurance company or my top-up agency if I take up a super-top up?