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Suggestion on Family Floaters

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24 Jun, 2021 by  Ritesh

Hi, I am looking to purchase 3 family floater plants for my family (joint family). There would be 4 members in each. Parents are of age 45-48 age in all and kids of 15-20 years age. SI required of 10lacs in each. One of the parent has existing condition of BP or Diabetics in each family


Which would be the best insurance to buy? My key requirements/concerns are,

1) No hassle in cashless and post hospitalization claims. This is very important. Frankly after dealing with Bajaj people (in my own corporate policy), I am very concerned of post hospitalization claims and don't have enough time to deal with the nonsense

2) No cap on room rents, includes cashless claims, no co payment

3) Day care procedures

4) AYUSH benefits

5) Homecare treatment


Good to have in the policy,

1) Annual health checkups (if they are not increasing premium a lot since these checkups costs like 2.5k anyways)

2) less than 2 years in lock-in for the existing diseases (only BP and Diabetes are there)


For COVID, i think it would be better to get the add-on on COVID available currently.


Also can someone please educate on the premium revision policies of the insurers? I did some research and Max Bupa and HDFC seems good but not entirely sure on the provider and the plant to proceed with.


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Health Insurance
Purchase
Opinion
Advanced
Basics of Insurance

5 Answer

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25 Jun, 2021
Ritesh

Additional question to add to above,

So I got a call from HDFC Ergo for the health insurance and the guy was pretty adamant on selling me the insurance himself rather me buying from the website. I am sure there would be some commission involved which is fine. But he mentioned that if I buy from him, I will get contact details of this department for any further help regarding the insurance while when buying from website I will only get the toll free number.


Can someone please also explain what kind of nonense is this? I would agree if a 3rd party was involved regarding the service but an HDFC employee (who contacted me after I put my details on their website only) would get be helpline numbers directly with the claim department while buying directly from website would get me only customer support. Is that even allowed?

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25 Jun, 2021

National Insurance Company's National Parivar Mediclaim Policy suits your requirement.

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25 Jun, 2021
Ritesh

Additionally I would prefer choosing from the 3-4 mainstream providers only

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26 Jun, 2021

Dear Ritesh


Good to know that you have done research on buying the health insurance for all members of your joint family and splitting them into 3 different policies. I have policies of my family members with both Max Bupa and HDFC Ergo. Both are pretty good when it comes to service.


Considering the age group of the family members I would recommend Reassure from Max Bupa. In case of BP & Diabetes there would be additional loading applicable at application stage itself that makes it easy for us as consumers to plan for the budget.


With regard to your query regarding support for claims at the end of the day every company has dedicated customer care for support in case of renewals, claims and other service issues. It is advisable to buy insurance from an Insurance Advisor who has been in the business for decent number of years. He would be able to help with the claims support as he has to manage his reputation in the industry to procure more business.


Hope I have addressed your queries


Stay Safe


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26 Jun, 2021
Ritesh
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26 Jun, 2021

Taking a separate individual cover for Uncle and floater cover for remaining members of the family would make it easier for the issuance, there may be a possibility that the insurer may not issue the policy. If budget is a concern I would still recommend Floater for all. Reason, the insurer may come up with a counter offer to deny policy for your uncle or apply loading.


With regard to finding a good adviser, I would still recommend going with word of mouth. Check with your family and friends who already have health insurance for at least 5 plus years and have had claims experience. They should be able to refer you to their advisor if they were happy with the post sales and claims servicing.

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26 Jun, 2021
Ritesh
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