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Which health insurance to be maintained: New India or Care advantage
Share Dear Sir,
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.
With regards,
Satheesh Rao
1 Comments
Reply Reply Dear Mr Rao
Your Broker friend is right and I recommend you the following :
- you do not need Rs 50 lakh cover , such a high premium .please close .
- continue rs 10 lac cover of National Insurance because you have continuity benefit . Your claim would move without any problem.
- Buy another cover of Rs 5 lakh from another stand alone Health Insurance company along with a super top of rs 20 lakh .
You will save approx Rs 20000 per annum and have larger network of hospital .
You have insurance of over Rs 35 lakh which will be good enough .
Best wishes
2 Comments Reply Reply Reply
Dear Satheesh,
Glad to know that you have been a regular reader of articles related to insurance. It is always advisable to have a personal health insurance if one can afford.
With regard to your query regarding discontinuance of one of the policies you should stick to your decision of closure of group health policy as a bank customer as you already have a comprehensive (no room rent capping) and bigger(50 lacs vs 10lac) cover in your personal health insurance policy with Care.
Please feel free to write to us if you have any further queries
Cheers..