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Progressive insurance cover

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30 May, 2022 by  Bindu Ananth

Are there health insurance products that provide progressively increasing coverage? That is, start at say 1 Lakh cover and with additional premiums over the course of time, go up to say, 5 lakhs.

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Coverages won't increase by themselves apart from your no claim bonuses that you accumulate from my understanding.



Most insurers will offer you an option to increase coverage on renewals, however relevant disclosures have to be made with regards to your health & waiting periods will apply to the additional coverage that you'll buy.

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30 May, 2022
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Most insurers provide you an option to enhance your coverage on renewal if you request for it...subject to payment of extra premium and your fitness/health check up if required or self disclosures/declaration and consent/approval from the underwriting team.

Some insurers give you an inbuilt inflation linked enhancement in sum assured as well.

All these are additional options apart from the standard NO CLAIM BONUS which all companies provide as per their respective policy features.


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30 May, 2022
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Many Insurers provide you facility of enhancing sum insured on renewal subject to health declaration and No claim has been made.

Some insurer will enhance your insurance taking into consider the inflation.

Digit Insurance has the option to increase your suminsured every year without any waiting period if you opt for Sum Insured Increase rider.

For more detail please feel free to arrange a call

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31 May, 2022
CEO, Insurance Samadhan

Dear Bindu

What you are asking is concept of insurability, meaning that inspite of change in health condition you have right to increase sum assured .

So there is no product which underwrites your insurability .


Today , you can increase sum assured subject to underwriting . Each additional sum assured would have separate waiting period and exclusions and would cause many confusion.


Premium reduces for incremental sum assured hence it is better to buy a sum assured of Rs 2.50 lakh now and increase to Rs 5 lakh whenever your budget allows.

Best wishes

Shailesh

Insurance Samadhan

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01 Jun, 2022
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There are companies which increases your Sum Assured taking inflation into consideration.


Otherwise you can increase it in renewals


No claim bonus is another way which increases your Sum Assured


Can connect for details


Komal Jain

Qualified personal finance professional ®



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