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Need suggestions on health insurance
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14 Jun, 2021
by NN
Hi,
I am looking for coverage for following:
1) Self - F - 36 2) Father: 67 (retired from bhel) 3) Mother - 62 - diabetic & bp
I am moving to another company. The existing company provided insurance provider (New India Assurance) has quoted approx 55k to port us into their floater mediclaim policy having 5L as SI. The 48 months waiting period has been completed for all of us. I will also get coverage of atleast 3L in the new company. My parents are covered by bhel as well (though their process is slow). Please suggest which of the below options should i go for:
1) existing insurer for entire family
2) existing insurer for self + topup
3) other insurance provider for entire family
4) other insurer provider for self + topup
5) any other options
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14 Jun, 2021
NN
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I feel you should do the following -
1) Take New India Assurance family floater for your parents because it will give your parents a health cover from day 1 (you have mentioned that you have served the 48 month waiting period so I assume they are waiving off all waiting periods in the family floater policy). Drop yourself from this policy if your new employer is giving you a good 3 L cover that gives insurance from day 1.
2) Take a super top-up for yourself with Sum Insured around 20 to 25 lacs & deductible 3 lacs. Preferably take it from an Insurer that allows conversion of super top-up into a base health insurance by removal of deductible in future.
3) Decide on a super top-up for your parents depending on their total coverage from BHEL & New India Assurance.
4) Read this point in conjunction with point 1. Next year, after due research, take a call on your parents' New India Assurance policy. If you find a better option for your parents (benefit & price wise), apply for porting. Doing so under IRDAI's porting guidelines will allow them to carry forward the waiting period waivers into the new policy. If you do so straight away this year, you will lose the 48 month waiting period credit that you have earned.
Best Wishes,
Asad Akbar