Waiting Period on enhanced sum insured in a super top up
Policy Name : Niva Bupa ReAssure
Base Sum Insured : 5 lacs on floater basis
Ages of insured individuals : 52 and 47 respectively
Policy active since : 12 February 2022
Pre-existing diseases waiting period : 36 months
Pre-existing diseases declared : Yes
Pre-existing diseases : Diabetes and Hypertension
When I took the policy, my strategy was to gradually increase the cover till my father's age reached 55. I am unable to buy a large enough base cover from the outset due to financial considerations, and hence I opted for the strategy mentioned above so that every year I can plan and set aside the premium on renewal.
However, this year Niva Bupa decided to increase the premium by 15% and I was duly informed of it in advance. I was given the option to renew my policy at the old premium if I did so before 5th January. I thought of increasing the cover to 10 lacs and add a Super Top Up of 40 lacs but was unable to do so due to certain circumstances, therefore I just renewed the policy on old premium rates and base sum insured, that is currently my parents are covered for 5 lacs.
I have thought of buying a Super Top Up of 45 lacs with a deductible of 5 lacs this year as it would have been comparable in terms of buying a plan having 10 lacs base cover with 40 lacs super top up (Niva Bupa Health Recharge) on the old rates, and increase the cover to 10 lacs + 90 lacs on next renewal.
I need guidance and advice as to how my waiting period with respect to sum insured will be in the future if I take the above mentioned course of action. The policy mentions imposing the fresh waiting period for enhanced sum insured and I am not accounting for the NCB benefits as I want to keep it as a buffer.