I’ve an ₹8 lakh floater medical health insurance coverage that I’ve been renewing for the previous six years. I’ve sure well being points and want to know if I can get a top-up plan at any time or if I can solely improve the sum insured when my coverage is renewed. Also, if I purchase a top-up plan, can I take advantage of it with my common insurance coverage to cowl pre-existing medical situations?
– Name withheld on request
Considering the medical inflation that has been rising, approx. 10% yr on yr, it’s good to reinforce the sum insured quantity yearly. Since you didn’t point out what sort of pre-existing illness (PED) you will have, we assume you’re affected by any generally recognized PEDs like diabetes, blood strain or thyroid. Even with such medical situations, you should buy a top-up plan (topic to Underwriting analysis). It is necessary to notice {that a} ready interval will probably be relevant resulting from your PED situations when you go for a prime up or improve the sum insured in the identical coverage. However, right now, many insurers supply merchandise to scale back the ready interval from three years to at least one yr. In case your current coverage doesn’t supply that function, you’ll be able to contemplate porting/migrating your coverage and go for a plan that permits you to cut back your PED ready interval.
However, as a substitute of enhancing the sum insured quantity, buying a separate coverage and shopping for an excellent top-up as a substitute of a top-up coverage will maintain the general premium low and guarantee extra important advantages. A brilliant top-up plan will probably be extra useful than a top-up because it presents quite a few advantages, that are all the time higher than top-up plans.
The question is answered by Rakesh Jain, CEO of Reliance General Insurance.
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