I’ve a base medical health insurance coverage with ₹5 lakh cowl however wish to renew it with a greater plan to get wider protection. What is the appropriate approach to enhance the sum assured?
-Name withheld on request
It could be best so that you can improve the sum assured together with your present insurer. Most insurers provide sum assured enhancement choices on the time of renewal. Your present insurer might give you to maneuver to the following slab of sum assured with none medical underwriting. In case of additional enhancement, the insurer might ask you to declare your present well being standing and even ask you to endure a medical check-up.
If the insurer is unwilling to boost the sum assured or the premium could be very excessive, you possibly can think about porting your coverage to a different insurer. It is advisable to start out this course of at the very least a month prematurely of renewal. If you might be above 45 years of age or the sum assured chosen is greater than ₹10 lakh, it’s doubtless that the brand new insurer would ask for a medical check-up earlier than issuing the coverage. Porting the coverage would make sure that the ready interval that you’ve accrued within the present coverage for ₹5 lakh would get transferred to the brand new insurer. Most plans have a ready interval on particular ailments and pre-existing illnesses of 24 to 48 months. If you purchase a recent coverage with out porting, all accrued ready durations would get misplaced. Without a port, you’d be at a considerable loss, particularly if you have to make a declare that falls underneath the ready interval.
Given the rising healthcare prices, the sum assured of ₹5 lakh is low. You ought to think about a plan with a sum assured equal to your annual earnings with a minimal of ₹10 lakh. You also needs to want a plan with excessive no-claim bonus. A couple of plans provide a bonus of as much as 50% or extra of the sum assured. No-claim bonus is a wonderful approach to improve the sum assured yearly at zero value.
Abhishek Bondia is principal officer and managing director, SafeNow.in.
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