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Need advice on health insurance
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24 Mar, 2021
by Shashikant Mane
Dear team, my brother have insurance from company of Rs. 2 lakh and want to buy health insurance for Father (age is 60) and Mother (age is 53). If we opt for insurance from brother co for parents need to pay overall Rs.13800 for it. But actuall sum assured amount will be for 3 peoples is Rs.200000 only. so, if we opt for Top up need to pay additional Rs.14000 so we need to pay overall Rs.27000 overall. If i see go for other co private insurance charges will be higher. kindly advice
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Your brother has Group Insurance with an option to add parents for additional payment.
Please note that Group Insurance is like your rental house, you do not own it . As soon as your brother leave the job , you also loose the benefits of group cover .
I advise you to take a senior citizen plan of Rs 5 lakh from any insurance company .
You will need to pay approx Rs 25000 for sum assured of Rs 5 lakh .
Your brother can also avail additional tax benefit on premium paid for your father as he is already 60 .
Please declare all health condition , there will be waiting period for more existing diseases but it will be in your interest .
Now your parents will be owner of insurance and can feel protected . You can also add super top up of Rs 20 lakh by paying Rs 5000 extra .
So your parents would be insured for rs 25 lakh for Rs 30000 per annum .