Will your life, medical health insurance cowl stay legitimate if you happen to transfer overseas?

I purchased a 25-year time period insurance coverage cowl of ₹1 crore 4 years in the past. I even have a medical insurance coverage plan for myself and my household. I’ll quickly be transferring to Germany. Will my life insurance coverage and medical insurance coverage cowl stay legitimate if I transfer overseas?

-Name withheld on request

Moving to a different nation is not going to have an effect on your life insurance coverage cowl. It will stay legitimate so long as the premiums are paid repeatedly yearly. However, do inform your life insurance coverage supplier about your plan to shift to a overseas nation.

Your medical insurance coverage cowl will, nevertheless, not be legitimate outdoors India. A well being plan purchased in India is supposed to cowl bills on medical therapy in India. Almost all medical health insurance insurance policies have geographical restrictions, which say that bills incurred outdoors India is not going to be coated. This can also be why Indians going for research overseas are inspired to not depend on the medical health insurance plans purchased in India however to purchase a coverage within the vacation spot nation.

I’ll flip 60 in December. My medical insurance coverage coverage is due for renewal subsequent month. The premium for one yr is ₹24,775 however the firm is providing a reduction on multi-year insurance policies. A two-year coverage is for ₹45,600 and a three-year plan is for ₹66,400. Should I am going for a multi-year coverage?

-Name withheld on request

After the age of 60, medical insurance coverage premiums shoot up as a result of increased threat. The premium of your medical plan shall be considerably increased subsequent yr. A multi-year medical insurance coverage plan is a good suggestion as a result of it’s going to safeguard you from a hike in premiums. Yes, paying the premium prematurely could appear to be a burden, however the low cost provided by the corporate will compensate for the chance value of the extra quantity. However, do test if the corporate will refund the second- and third-year premium in case you determine to shift to a different medical health insurance supplier.

Raj Khosla is Managing Director at MyMoneyMantra.com. Queries and views at mintmoney@livemint.com

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