Discontinuing Mediclaim policies after passing middle age would be unwise as medical uncertainties can arise any time
25-Sep-2014 •Research Desk
I have a Mediclaim policy from New India Assurance with a premium of ₹35000 to cover three family members for ₹5 lakh each. I also hold the ICICI Health Floater policy for Rs 10 lakh. Both policies have seen no claims for the last 7 years. I am 54 year of age. My wife is 50 years old and my daughter 16 years of age. Please advice on whether I should continue these policies.
- Pankaj Jain
Discontinuing your Mediclaim policies at this age would be very unwise. While medical uncertainty may arise at any time, one is especially vulnerable after middle age. You should in fact hold on to the policies because your no-claim record of 7 years would be extremely hard to replicate. By this time, you must have already finished waiting periods to cover pre- existing illnesses. You must be receiving loyalty additions and no claim bonuses which further add on to your coverage too. Continue with the policies. Hopefully you will never have to make a claim. But the policies ensure that in case of need you will be able to take proper medical treatment without worrying about expenses.