Sarbvir Singh, CEO of Policybazaar.com.
I’ve a floating medical insurance coverage with an insured sum of ₹30 lakh and an accrued bonus of ₹7.5 lakh for me and my spouse, aged 61 and 58. The annual premium is round ₹55,000. Presently, we shouldn’t have any well being issues. Nonetheless, contemplating the medical inflation and unsure setting, we had been planning to take an excellent prime up plan for ₹50 lakh with a deductible restrict of ₹10 lakh. To keep away from inconvenience and for an accurate settlement of claims in case of hospitalization, we favor to have each the bottom plan and the tremendous prime plan from the identical insurer. Nonetheless, we had been stunned to see the massive disparity within the premium quoted by the incumbent insurer, which is 5-7 instances the highest premium charged by the digital-only insurer or a brand new entrant.
Please kindly advise if a digital/new entrant’s decrease premium tremendous top-up could be safely mixed with the prevailing insurer and if there may be any threat of claims rejection by the prevailing or super-top-up insurers, if they’re totally different.
Roy, Kochi
To begin with, thanks to your inquiry. It signifies how there’s a better consciousness in regards to the significance of medical insurance. Moreover, your inquiry additionally reveals that this consciousness is not only restricted to creating positive, but additionally guaranteeing that the protection is enough. That is fairly encouraging to see.
Now, relating to the coverage, there isn’t any downside in having a base plan from one insurer and selecting an excellent recharge from one other insurer. Normally, buying a supplemental medical insurance plan from a special insurer shouldn’t have an effect on your skill to file a declare beneath your current medical insurance coverage. Your current coverage will proceed to offer protection for the providers and bills it covers, and the add-on plan will present further protection for any bills that exceed your current coverage’s protection restrict.
It might be smart to contemplate buying a refill plan from a special insurer if they provide higher protection choices or a extra aggressive worth. Due to this fact, for those who discover a vital disparity within the premiums supplied by your present insurer and different insurance coverage suppliers, you may make your choice with out worrying in regards to the threat of declare denial merely primarily based on the truth that your base protection and your further protection are from totally different insurances. firms. The choice, actually, needs to be primarily based on different vital components, such because the claims settlement charge, the benefit of claims processing, the hospital community, and naturally, the quantity of premium charged. It’s urged that you simply additionally not have a look at the premium in isolation, or base your choice on the insurer from whom you bought your present plan.
Should you select to go along with a special insurer for the highest up plan, or tremendous prime up plan, you will want to tell each insurance coverage firms on the time of creating a declare, in case your declare quantity is greater than ₹37.5 lakh In any other case , may result in the rejection of your declare.
Additionally, if you wish to additional decrease your premium on tremendous recharge cowl, it’s urged that you simply enhance your deductible from ₹10 lakh to ₹30 lakh. A supplemental medical insurance plan supplies further protection past your current medical insurance coverage. Since your present plan already covers you for ₹37.5 lakh, you wouldn’t want the top-up for claims as much as this restrict anyway. You might negotiate a considerably decrease premium by rising your deductible, with out compromising your monetary well-being.
Most significantly, it is all the time a good suggestion to fastidiously learn the phrases and situations of the present coverage and the top-up you are contemplating before you purchase it, to ensure it meets your wants and supplies the protection you are in search of.
The creator is CEO of Policybazaar.com
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Posted on December 10, 2022