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Need advice on Medical Insurance Plan for Parents

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20 Jul, 2021 by  Jaypal Arora

I had taken my:health Suraksha - Silver Smart Family Floater Policy from HDFC for my parents in 2014 through PolicyBazaar. It was LnT Insurance at that time. The sum assured for it is 5L. It has an accumulated bonus of 2L. So a total of 7L coverage. I have a top-up of 5L on this policy. They are in a semi-metro. I need guidance on the following:


  1. Should I port it to some other plan in HDFC? Or, should I consider porting the policy to some other insurer?
  2. Should I increase the base policy sum insured to 10L or the highest that I can afford?
  3. Currently, it has a copay of 20% for metro cities. Shall I switch it to 0 (zero) copay?
  4. Is there any risk If I have not declared the existing comorbidities?


Thanks,

Jay

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1 Answer

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20 Jul, 2021

Hi Jay,


Quick answers:


1) Why are you considering porting? Is there anything you feel is lacking in your current plan or service from HDFC? Or do you have a doubt that some features are not there in your plan? Without clear understanding of shortcomings of your current policy, NEVER PORT. If you do an objective assessment (we're here to help you do that) against your expectations and the plan does justice to those requirements, I think you should stick to the plan.


2 & 3) What is the age of your parents and which city/town do they live in? That will help to logically assess requirement.


4) This is a loaded question, needs more probing. Several questions come to mind, please help me understand:

a) Your parent's policy is from 2014. What were their comorbidities before buying the L&T policy in 2014?

b) If there were any comorbidities in (a) above, did you disclose those at the time of buying that policy?

c) If answer to (b) is yes, then those must be listed under Pre-existing Diseases (PED) in the policy certificate. Is that the case or not?

d) If all your declarations have been done earlier or there weren't any comorbidities before 2014, then why are you worried about risk due to non-declaration?


Anuj Jindal

Co-founder

SureClaim


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26 Jul, 2021
Jaypal Arora
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11 Aug, 2021
Jaypal Arora
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12 Aug, 2021
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