When it involves medical health insurance, newlyweds typically fear about combining their separate insurance policies right into a single household floater plan. After all, who needs to lose valuable advantages like pre-existing illness protection? And even when there isn’t a such loss, is that this so simple as merely merging a few insurance policies?
Yes, says Priya Deshmukh Gilbile, COO of ManipalCigna Health Insurance. Individuals can port their well being insurance policies with a household floater plan after marriage and get all advantages, however with some riders. For instance, if the coverage holding interval differs for every particular person, the insurer will merge the insurance policies with the chance begin date of the later coverage, supplied the hole in coverage durations isn’t massive and the insured have given their consent.
But what about ready durations? Parthanil Ghosh, president of retail enterprise at HDFC ERGO General Insurance, says the insurer will, whereas switching insurance policies with a household floater plan, consider the coverage ready durations for every particular person individually, guaranteeing seamless transition.
But earlier than taking the plunge, it’s vital to notice that as of 1 January, the Insurance Regulatory and Development Authority of India (Irdai) has made Know Your Customer (KYC) norms necessary. This implies that the proposer (buyer) might want to submit the requisite KYC paperwork.
In case of a change of surname after marriage, the insurer will ask for KYC paperwork and the wedding certificates for verification.
So, is a household floater plan best for you? It might not be essential for working {couples} to purchase one after marriage, nevertheless it does provide increased protection per declare and the restoration profit throughout merchandise. Plus, porting requests will be made as much as 60 days from the expiry date of the earlier coverage, and tax advantages can nonetheless be claimed underneath Section 80D of the Income Tax Act, 1961. It’s value contemplating all these factors earlier than making a call that can influence your healthcare.
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