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Opinion on Porting of Insurance of my mother

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14 Oct, 2020 by  Amrit Choudhary

Hello My Name is Amrit Choudhary and my question is as follows.


My mother will be turning 65 years in November 2020. I have a policy in her name from star health insurance which has been continuously renewed since 2011, which means that in total I have so far paid 10 renewal premiums continuously.

We had declared Thyroid medication as PED.


Around 5 years back she also underwent a uterus removal surgery which was settled by the insurance company.


The policy name is Star Health Medi-Classic and the cover is 300000 with bonus accumulation of 45000.


In addition to this I have also taken a super top up plan worth 1500000 (15 lacs) from star health only, this I had done in 2020.


The premium that I am paying is ~20K for base and ~9K for super top up.


I want to know if it would make sense to port to a better policy with better features or should this only be continued.

If porting is possible and should be done then which policy should be under the consideration set.


Warm Regards

Amrit

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14 Oct, 2020
Amrit Choudhary

By the way in continuation of the question above I just checked, there are so many limits and sub limits in the policy that it makes sense for me to get the same ported to a better policy even if it comes at a slightly higher premium, please advise.


Warm Regards

Amrit

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15 Oct, 2020

Hey Amrit,

Here are my observations:

  1. Medi Classic 3L has room limit of 5000 per day. Could you please share which city your mother stays in, so that I can assess whether 5000 will be sufficient in near to long term.
  2. Have you declared all the medical history (thyroid, hysterectomy) while purchasing the top-up policy? Are all these mentioned under the PED section in the policy?
  3. What is the renewal date of your Medi Classic policy. Porting will work only at the time of renewal. As you mentioned your mother will complete 65 years next month. Two scenarios can play out for you - (1) Many plans do not allow entry after 65 yrs of age, and that would apply even to ported policy, so you will miss out on them. (2) In several plans, if entry age is 60+, they apply a mandatory 20% copayment clause, meaning you'd end up paying 20% share in every approved claim.
  4. You're right, Medi Classic has several limits. But it is also a very cheap product. Any switchover to a more comprehensive product will come at a cost. This would mean a sudden jump in the premiums. I hope you've your budget sorted out on that.

Let's see what are your options once you share the information I have asked above.

Anuj Jindal

Co-founder

SureClaim

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15 Oct, 2020
Amrit Choudhary
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15 Oct, 2020
Amrit Choudhary
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15 Oct, 2020

Amrit,

You can drop me the details on anuj@sureclaim.in and I will try to answer them.

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