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Renewal Policy- Increase SI and change policy HDFC ego my: health Suraksha Policy vs optima secur

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23 Dec, 2022 by  Ramanji Jerugula

 Hi,


I am having below HDFC ergo Health insurance plan Base + superTopup. staying in Hyderabad.


  • HDFC ergo my: health Suraksha Policy: Silver-Family Floater for 5Lacks premium of 18,075/-

(40y,35y,4y) _ NCB is 1.5L added for the past 3 yrs.

  • HDFC ergo my: health Medisure Super Top Up Insurance-floater - for 15 Lacks for a premium of 4154/-
  • company corporate policy - 4L


Plans are due for renewal in 15 days.. the total cover is 5+1.5+4+15 


I have queries on renewal and increasing premiums.


1) Are these plans and SI sufficient? or should I increase the base policy to a higher premium of 10L?

if the increase is required, there are other options from HDFC ergo like optima restore, and optima secure.

should I consider increasing the same within My: health Suraksha or go with optima secure?

more or less, all have similar features.are there any major differences between these two policies which should be considered.

for 10 L floater - premium as below.

  • My:health Suraksha - 26,309
  • Optima restore - 28,718
  • Optima secure - 28,983


2) During renewal, as plans within the same company also considered Porting?

does it consider as new policy? the earlier plan has 1.5 L NCB. does NCB also carry forward?


3) I have one hospitalization claim - chronic rhinosinusitis last year, if opting for increasing premium, is this hospitalization considered to change the premium of both existing policies renewal and/or increase of SI premium during the next renewal?

is this surgery need to report to other policies - super top-up plan?


3) My: health Suraksha with 10 L (26,309) vs optima secure with 5 L (23,098)

as optima secure says.. from day one, is double cover allowed. does it stays forever.. can be changed at any time?


  •  is it better with Optima secure with 5L? As it is giving the same 10L benefit with double cover from day 1. or double cover can go any time? should opt always base as 10L itself.
  • As I have a top-up of 15L with a 5L deductible, is it better to stick to 5L itself with optima secure or My: health Suraksha?


I am unable to decide - 

  • should I increase the base plan premium or not.?
  • if so, should I use the same policy(My: health Suraksha) with the high cover or go with the better option which has more premium (optimaSecure)?


Please help me in clarifying my queries and avoid confusion. Thank you Beshak Team,


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25 Dec, 2022
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Hi,


Optima Secure (OS) is the best among all these 3 plans and rightly so, the premium is a little higher. I'd suggest you to apply for migration to OS plan. While migration, also opt for the 'unlimited restoration rider' which would cost just ₹145 extra (i.e. 0.05% of the premium you mentioned).


Based on your current health history (if it's all clean except for the claim which you've taken), I'd suggest you to increase the base SI to 10L or even 15L and discontinue the top-up plan (now or an year or two later to waive off the waiting periods for enhanced SI) which would give you higher coverage (2x coverage) than with your current base + top-up combined. The premium would also most likely be similar or even lesser.


If (only if) you want lesser premium, you can explore the 25k deductible option in OS plan which will make your OS plan premiums lesser by 25%. This is a good option in the long run since you already have a corporate cover.


But the premiums you mentioned for are not matching for any plans for the ages you've given nor for an year extra (i.e. 41y, 36y, 5y) for either tier1 or tier2. Do you have any other rider/add-on added or was there any loading applied on your premiums initially?


When you migrate the plan, you'll have to disclose about the claim taken (just mention the claim number in the CRF form) and also disclose about any new symptoms and any new health issue which was diagnosed post taking the base policy. I don't think only the claim for chronic rhinosinusitis would make any change in the premiums.


You'll not need to disclose about the claim or any new diagnosis for the medisure policy renewal unless you're making changes to that policy like increasing the SI/adding a rider etc.


For a further comprehensive review, discuss these with your agent or get it touch with a beshak advisor.


Thank you.


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26 Dec, 2022
Ramanji Jerugula
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Hi,


My suggestion is to increase the coverage if there is any major claim then throughout your life you will be covered with chosen coverage.


In HDFC ergo you can migrate to Optima plan secure or restore both are good which gives you restore benefit keep your base policy for 10 lakhs or 20 lakhs and increase your Top-up coverage to 20 lakhs your family total coverage should be minimum of 30 lakhs.


You can also think about porting to other companies there are other plans which are very good.


You can connect with me for more information


Thanks and regards

Vikram Aralikatty, CFP

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26 Dec, 2022
Ramanji Jerugula
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