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Question regarding Pre Existing Health Insurance

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27 Aug, 2021 by  Lina Carols

My parents are aged mom 46 and dad 48.

My dad was working in bank and all health insurance was covered.

He took golden handshake being offered due to work stress then and left 4 years back to join my mom in UK. He has insurance lapse for long time because mom UK policy was covering us all in UK.

So i was searching for new policy now we came back to India.

He had previous heart issues 5 years back.

Now i got call from ICICI Lombard when i was checking there group insurance in my banking account and i told them clearly about my father situation, and they say there is option to cover Pre Existing Disease in group insurance with 2 year hold period and premium but would be high and premium was almost double for 2 people on declaring the Pre Existing Disease.

I was ok with it. So I was going to buy the same, but then when i talked to my Bank Relationship Manager since we have Privilege account with them, she said the claims would be rejected and not to make group insurance / floater policy and take individually to avoid issues in future.

Again we got call few days later and that person said not to declare pay low premium and anyways with new IRDAI rules of 8 years no claim, all claim in future be covered. Its so much contradiction from same company, saying we are different bank and insurance companies , etc etc

Why is there so much contradictions, while world over we stayed, whether UK, Dubai, Taiwan, anywhere the health insurance simple and straightforward and available for all humans with or without existing disease.

Am so loss and stressed for buying even a thing as simple as health insurance.

Anyone shedding some insights on same would help me get out of this rigmarole.


Lina C

Health Insurance
Basics of Insurance

2 Answer

28 Aug, 2021
Chartered Accountant, Personal Finance Advisor

Hi Lina

Major portion of Insurance sales in India is done by Relationship Managers and Agents who are looking at meeting their targets. So they keep coming up with suggestions to help them meet their target business procurement.

Here's my suggestion regarding health insurance for your family.

Since your Dad has suffered a Heart Attack previously it is advisable to go for Individual plan Star Cardiac Care which is exclusively issued for insureds who have previous medical history relating to heart. On top of that ensure you dont miss to declare any other medical history to ensure that you dont have any issues at the time of claim.

The remaining family members can take a comprehensive floater health plan declaring the medical history, if any.

In addition to buying health insurance start building a corpus for health emergencies as a backup plan.

Feel free to post any follow-up questions, if any

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29 Aug, 2021
CEO, Insurance Samadhan

Dear Lina

All insurance contract come under a concept called Buyer Beware which means that insurance seller would solicit business and it is the duty of buyer to ask questions as many as possible .

Do not assume any thing unless seller shows you in writing as part of contract .

Buyer is expected to read the contract and return policy within 15 days if not satisfied .

Buyer is gusranteed of full refund .

My recommendations

1. Do not spend time on looking for right product , spend time in a stable reliable agrnt . You are hiring a life long relationship , hence spend time with agent ,check knowledge, credentials.

2. Never buy from bank , relationship manager . They sell for thrir career and can move from one bank to other leaving you alone . But agent remain with one company and more permanent. They sell and remain in touch for reference . Hence they serve you . A professional agrnt will not misguide if you ask questions.

So look for good career agent , ask few frirnds and you will get a name . Interviw agent thoroughly begore giving business . If misguided , cancel contract within freelook and look for better agent . There are very professional good agent in every town who are customer oriented .

Best wishes

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