Which health insurance to be maintained: New India or Care advantage
I am having a group health policy for Citibank customers which is renewed by me for the past 17 years.( Good health policy- by New India Assurance-Rs 3 lakh each ,individual sum insured for myself(52 yrs), wife (44 yrs)and two children. In this policy, in room rent limit (1%) calculation no claim bonus also taken into account. No proportionate deduction in case of higher category of room. Maximum sum insured is Rs 10 lakhs. Total premium for 4 members is Rs 25000/-).Once, a claim was made and the TPA settled the cashless claim within 40 minutes.
I read several articles including one by Mahavir Chopra Sir that one should have personal health insurance policy even if company medical schemes are available. Hence, during 2014, I have taken Religare Care policy (Room rent limit: single A/C room upgradable to next level)with Rs 30 lakhs sum insured and continuously renewed without any claim. During January’2021, I have migrated the policy to Care Advantage policy (No room rent limit, but no AYUSH treatment, no annual health check up)with sum insured of Rs 50 lakhs.
I thought of closing the New India group policy after continuous renewals of Care policy for 4 to 5 years. When I contacted one of my broker friend (Institutional Broker), he advised me that since I have maintained the policy with New India assurance for long period of time, and New India is largest insurance company in India and also a PSU, it is better to maintain the policy with them and if required close the Care insurance policy. Kindly advise me in this regards.