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Is taking high base cover ( > 25L) at early age or increasing latter is better

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04 Jun, 2023 by  Razesh

I have 50 L family floater for 2 Adults + 1 Kid - We are 40 ,36 & 6 years. I assume ( as per our health condition) that we might not anything major that costs 50L. But I am thinking have 1Cr ,when I am 50 ( that is in next 10 years) . So I took 50L so that it will become 1Cr with No-Claim within 5 years. But somehow , I feel I am thinking too ahead with fear and not striking right balance. I think 25L cover with good No Claims bonus (in built) or increasing base cover latter with NCB rider might be better or base + super top up can be better?

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13 Jun, 2023
Sumit Chand

t sounds like you are considering increasing your health insurance sum insured from 50 lakh to 1 crore. This is a big decision, and there are a few things to consider.

First, you need to think about your current health status and your family's medical history. If you are all generally healthy, then you may not need a sum insured as high as 1 crore. However, if you have any chronic health conditions or if there is a history of serious illness in your family, then you may want to consider a higher sum insured.

Second, you need to think about your budget. Increasing your sum insured will mean paying a higher premium. You need to make sure that you can afford the higher premium.

Third, you need to think about the waiting period for pre-existing conditions. If you increase your sum insured, you will need to wait a certain amount of time before you can claim for any pre-existing conditions. This waiting period is usually 24 months.

Finally, you need to think about the benefits of a super top-up plan. A super top-up plan is a secondary health insurance plan that can be used to cover any expenses that are not covered by your primary health insurance plan. This can be useful if you have a high sum insured, as it can help to protect you from any large medical bills.

Ultimately, the decision of whether to increase your health insurance sum insured is a personal one. There is no right or wrong answer. You need to weigh up the pros and cons and make the decision that is right for you and your family.

Here are some of the options you can consider:

25 lakh cover with good No Claims bonus (in built): This is a good option if you are looking for a more affordable plan. With a good no-claims bonus, you can expect your premium to decrease over time.
Increasing base cover later with NCB rider: This is another good option if you are looking for an affordable plan. With an NCB rider, you can increase your sum insured without having to go through the underwriting process again.
Base + super top up: This is a good option if you are looking for a high sum insured but want to keep your premium down. The base plan will cover most of your medical expenses, and the super top-up plan will cover any large expenses that are not covered by the base plan</p>
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