Your existing TP policy will be cancelled once you have purchased the new policy. You may get in touch with your current insurer or opt for another one for this new comprehensive motor insurance policy.

There is no change in premium for cars where the engine capacity exceeds 1,500 cc. For more clarity, get in touch with your insurer.

Additionally, you may consider engine safe, consumable and roadside assistance cover add-ons, which will be helpful for your daughter if the vehicle gets stuck or damaged during her daily commute.

Please ensure that you get the damage surveyed by the surveyor appointed by the insurance company before starting repair work.

Also, students going abroad are asked by their universities to buy a health plan having minimum pre-defined coverages or benefits. Your existing plan may not be sufficient to take care of your university's requirement.

Seek confirmation from your insurer regarding the benefits available outside India to ensure you do not end up with inadequate coverage.

The non-hospitalisation or out-patient expense cover usually comes at a high premium with a lower limit. However, the hospitalisation plan usually covers non-hospitalisation bills related to pre-hospitalisation & post-hospitalisation period.

There are multiple advanced health insurance plans available offering limit up to 1 crore that cover hospitalisation and pre/post hospitalisation expenses and bundled with other prominent features such as ‘Daily  cash allowance’ to count on in case of hospitalisation – to cover expenses that are not usually covered in hospitalisation only linked plans.

Under section 80D of the Income Tax Act, 1961, the premium paid is eligible for tax deduction up to an amount of Rs. 50,000 for senior citizens.

Also, the Sum Insured gets reinstated at every renewal. For more details on your existing plan, you can get in touch with your insurance company and then decide which insurance policy best suits your need.  

Also note that some insurance companies provide coverage for treatment outside India only in case of an emergency when you are visiting the country for tourism or short business trips and not for planned treatments.

A lifetime renewal surety gives an insurance shield & worry-free life against financial burden of medical expenses. However, you need to compare the covers provided and the premium charged before making any decision. To enjoy continuity benefits on applicable waiting periods in your bank provided health insurance policy, you have an option to port your policy directly with the insurance company if you wish to withdraw from the policy offered via your bank tie-up.

For more details you can get in touch with insurance company.

Remember to ensure that you fully disclose your existing medical condition at the time of application itself.

As regards your second query it is advisable to go for separate individual policy for your husband because basis your current health status there are high chances of the insurance company charging higher premium for a floater.

Usually, the insurance cover is limited beyond this age. Due to unavailability of higher health insurance coverage the best option for you is to spend less and save more with most of your savings allocated towards liquid assets to meet emergency medical spends.

You may also choose to call your insurer to check if they have a specific format for making the change. This will help you avoid multiple visits to the insurance company’s office. Increase in sum insured for your mother to a larger amount is at the discretion of the insurance company and you may request for the same.

To get the receipt in the name of your daughter she should be the proposer for the policy that covers your wife.

In case you also have a comprehensive health insurance policy, the amount paid is on top of any of the insured’s existing medical benefits. Do remember that the hospital cash policy should be considered as a supplement to your existing comprehensive health insurance policy and not as a substitute.

There are several insurance companies that provide such policy, so it is advisable to go through their website and give them a call or get in touch with your trusted insurance agent.

A claim can get rejected if the insurance company discovers that the illness was caused due to a pre-existing medical condition that was not disclosed by the policyholder. So, it is advisable to disclose all pre-existing illnesses and to go for such pre-medical test as it makes it easier for both the insurance company and policyholder at the time of the claim.

Post the age limit the daughter can be part of a new individual plan and can avail all continuity benefits or part of her husband’s floater plan with terms and conditions applicable to that policy.

The rejection of any claim is basis incomplete or incorrect disclosure at the time of policy issuance or on account of applicable terms and conditions. I would advise you to go through the terms & conditions of the policy/ies purchased by you.

Family floater gives higher discount as several family members share the defined sum insured. Hence it can be a smart option for your financial health. However, in case of a family which has aged or elderly members, a family floater may not be appropriate as the premium in case of a family floater is highly dependent on the age of the eldest member.

Also, the sum insured may not be adequate for the family in case of a more complicated health intervention. A floater works best for a younger family.

Switch is recommended if the floater offers more/better benefits over your existing individual plans.

If one is still not convinced with the reason/s of rejection, then they can approach the Insurance Ombudsman, provide sufficient documents like bills and other related documents, and provide any other evidence when you file an appeal against the rejection.

It is recommended that all policyholders who file a claim keep track of all the communication with their insurer and follow up diligently.

If cancelled beyond the 15-day period, a different refund structure is applied by insurance companies depending on the period elapsed. The policy document has all details about the premium refund in case of voluntary cancellation.

All policyholders should read the 'Cancellation of the Policy' section of their policy or call your insurance company.  Alternatively, you may also e-mail them and get more information about the exact refund amount.

Ever increasing medical inflation and ongoing deadly infection makes it essential to not only have health insurance but also insurance cover with an adequate sum insured.

The need of a specified sum insured can be optimised by breaking it into two policies. One basic and another top up totalling up to sum insured required by you. This option is recommended rather than having a single policy with higher sum insured.

Please do read the policy terms and conditions for details.

You should also consider the other option of buying a separate policy for them after seeking quotes from a few insurance companies for both options.