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Want to increase health insurance coverage?Need Opinion?

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11 Feb, 2022 by  shailesh taori

Q1-I am having a Family Floater (2+1) plan from HDFC Ergo of SA 2 lakh.Further having a top up policy OPTIMA plus of 5 lakh ( 2 lakh deductible).How I can further increase/upgrade the family coverage or should I take another policy. My age is 44 years.


Q2-Recently one of the member was detected with diabetes .Should it is to be disclosed immediately to the policy provider?


Rgds


Shailesh Taori

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A1. You can look at a 5 lac base cover with a minimum 10 lac super top up for your family.


Ideally a 10 lac base plan is better as it covers most of the hospitalisation cost & reduces the dependency on super top up . However it is economical to structure the plan as base+ super top up if affordability matters to you.



A2. Disclosure is necessary incase you're going to be porting in the future for your waiting periods to be carried fwd... It is a good practice nevertheless to disclose of your new conditions to the insurer. It has no bearing on your claims experience.

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17 Feb, 2022
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It is always advisable to have a good track record with existing insurance companies, so instead of changing you can increase the Sum assured during the renewals. Ideal SA should be 10 lakhs else you can increase your SA to 5l.

Further it is advisable to inform the insurance company reg the detection of any new diseases. In long run it will help in reducing the PED and ensuring claims are honoured.

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18 Feb, 2022
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Hi Shailesh,


A1- At your age you need to have sufficient cover. Have a base cover of Rs.10 lacs which can be enhanced at renewal especially with the history of diabetes. If claims are of concern then you can migrate the diabetes adult to hdfc s diabetic plan Energy so that pre existing waiting period isn't there.

Further the other product you have is top up plan which has maximum sum insured of only 5 lacs. And top up means deductible has to be crossed each time to claim. So migrate to a super top up instead which would provide enhanced cover.

In your case what needs to be kept in mind is the waiting period for the enhanced sum insured.


A2- Yes.While enhancing the insurance cover you should disclose the condition so that in claims are rejected in case of claim.

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