Info regarding health insurance migration from one company to another
My parents aged 52 and 57 are covered under Oriental Happy Family Floater policy. They have been Oriental policyholders for the last 20 years without a break. We want to migrate to better policies such as Optima Restore because the benefits are quite limited with the existing policy.
I want to ask if (a) migrating to a different policy with higher sum insured will result in different waiting periods getting reimposed (b) revealing all pre existing conditions at the time of taking new policy will result in additional premium over the base premium of new policy because of medical underwriting.
Lastly, I want to ask if discontinuing the existing policy which has served us well by migrating to a new policy at this age will be better than just adding the new policy and continuing the existing one i.e. both the policies parallely?