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Portability of health policy and Top up policy from same company or different company?

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25 Sep, 2021 by  Prabhat

Hi All,




I am having a health policy from CARE having SA value of 10 lacs. It's premium is 21000 for my family( me, spouse and a kid). It seems to be on higher side after a little bit of comparison. Here , I have two questions.




1) first is about portability of my policy to some other better policy. Can somebody please suggest which policy would be best to switch to and is it advisable to switch?




2) second is about,a top plan. Top up plan of care is very costly. For a SA of 10 lac , premium is 6000. But other policies seems to be very cheap. For example, max bupa policy is costing me 1700 for SA of 90 lac. Can somebody please suggest if I am taking Max bupa policy as top up, then will it ceate any difficulty in making claim as my main policy is from CARE. Also, is max bupa policy fine or do I have any other better option.




Thanks in advance.




Regards


Prabhat

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Health Insurance

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25 Sep, 2021

Dear Prabhat,


1)Portability at renewal is always an option if you feel the premium is exorbitantly high after comparing with policies with similar coverage and Age wise Sum Insured available in the market. 

Would advise you to also cross check if any optional cover which is making the policy costlier can be excluded.


2)Top up plans are mostly cheap as the probability of them being triggered is very less and this one indeed looks costly. Ideally one feels more comfortable if both base policy and Top Up are with the same company but technically, yes, you have every right to choose different insurers for both.

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25 Sep, 2021
Rohit Dhingra

Hi Prabhat,


1) Portability of health insurance is not like porting your sim card. Before Portability is done one has to understand past and current medical history, any diseases that were contacted after taking the policy, etc. I hope you are aware that at time of portability ncb accumulated becomes zero.


2) In general the super top-up should be from same company as your base plan. It works as cashless then. Two seprate insurer would mean that one plan will work as cashless while other will be on reimbursement. Many super-top-ups have low premium but this does not guarantee that these premiums will remain low forever. I consider such low premiums as bait for consumers to buy their combination of base+ super-top up plans. Also insurer know that a 90 lacs top-up with 10 lac deductible will rarely be used to full extent.


Have a look at this recent video that was recently posted by Mahavir ji https://youtube.com/shorts/_8AveC5ZFew?feature=share


Hope this helps you.


Regards

Rohit Dhingra




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26 Sep, 2021

Dear Prabhat

All insurers are licensed by IRDA and all products are approved after a long process .

You need to select your insurer on the basis of local research .

Each insurer has seected specific geographic area and work on market share . So go to your hospital , check which insurer are authorised in your hospital . Take feedback then port your care policy before 45 days of renewal. Do not see from price perspective but convenience . Choose vanila product . Focus on room rent , sublimits on specific diseases , claim settlement , waiting period .Do not go for fancy features which increaee premium.

Super Top up is an independent product with deductible . So opt for a different insurer which gives ypu wider prrspective and both insurer would maximise efforts to retain you as customrr .

Hope this suffice

Shailesh

Insurance Samadhan

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