I am a retired bank officer. I have retired 14 years ago. Since then I have two Mediclaim policies of ₹2 lakh for me and wife from United India insurance Co. I am 67 and my wife is 59. My bank is offering a group insurance policy with a lower premium and a higher coverage: ₹7,500 premium for ₹4 lakh cover for self and the spouse, with a provision to cover pre-existing diseases.
Our individual policies are coming up for renewal in January next year. I am panning to join the scheme offered by the bank this month.
Please advise if there is any way I can make maximum use of my individual policies by opting for top up facilities? If there is any way I can get an additional cover (Not pro rata), please advise.
- KP Rajagopalan
You should be extremely careful about the health insurance cover at your age. First, make sure that the bank is not selling you any other policy in the name of a health insurance. Double check the policy brochure and documents. Also, fill the form yourself to avoid any mis-selling. Make sure that the new insurer is reducing the waiting period as you have spent 14 years with your existing policy. You must also ensure that the new policy offer you all existing benefits from day one.
You may go for a super-top up policy to increase your existing cover by paying a comparatively lower premium than for increasing the sum insured in the existing policy. Super Top Up policy does not pay on a pro-rata basis, but it will get activated once your total admissible insurance claim during a policy year is exhausted. Select a deductible amount that is equal to the sum insured in your basic health insurance policy. United India offers a super top up plan that is suitable for you. For more details read: A Top-Up for Your Medical Needs
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