I have bought health insurance cover (individual policies) from Bajaj Allianz General Insurance for me and my family. The details are given below:
Self: ₹5 lakh (48 years)
Spouse: ₹5 lakh (42 years)
Daughter 1: ₹5 lakh (16 years)
Daughter 2: ₹5 lakh (10 years)
The total premium comes to ₹37,000 each year. I have been renewing this policy for seven years and we have the bonus accumulation of 50% of the sum assured. We have not made any claims so far, since we have the company's medical benefits. I am looking at any new product which has more benefits and good settlement ratio.
I would like to know:
- Is there another insurance company that offers more benefits and good settlement ratio?
- Should I go for a floating cover instead of individual coverage?
- Can I switch from individual policy to floating cover with the same insurance company?
- Siva
If you change your method and the product, you will save your time on processing individual policies and also save your premiums. You should port to a family floater policy which will restore sum insured if the sum insured gets exhausted in a year. This feature will ensure that other family members are not deprived of insurance cover if a member exhausts the sum insured.
Apollo Munich Optima Restore and Star Family Health Optima are two suitable policies. These plans offer wide coverage via auto sum restoration feature. Go for ₹10 lakh cover and you will automatically be eligible for 20 lakh cover subject to certain conditions. Restored sum cannot be used to treat same person for same or related illness on which the sum insured was exhausted earlier.
Approach insurers at least 45 days in advance of policy renewal date to port your policy.
Annual premiums under both family floater policies at your ages will be:
Apollo Munich Optima Restore: ₹26,267
Star Family Health Optima: ₹23,555
If in future you feel need of higher insurance cover, you may go for a Super Top Up plan. For details visit A Top-Up for Your Medical Needs
This article was originally published on October 16, 2015.
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