Insurance Expert - Answered on Oct 12, 2022
I also have a personal Family Floater policy for Rs 3 lakh and a Sr. Ctzn. Policy for Rs 1 lakh.
I have not used the personal policies till date for any hospitalisation claim.
I am aware that a claim exceeding the corporate policy limit can be claimed in the personal policy. Recently I was made to know that any planned hospitalisation exceeding the corporate claim limit, cannot be done using the second policy.
I also know that there is a product called as top up policy which can be used in such cases.
I have 8 years of remaining service where there is a medical insurance cover during the period.
After retirement, the employer provides a basic policy of 1.5 lakh for the family. The same feels to be insufficient in today’s times.
What would be your advice with regards to the existing medical insurance policies and their amounts? Should I need to undertake any tweaking of the policy amounts or switch to a top up policy?
Insurance is each to its own. Depending on your concerns and requirements a professional service provider will be able to give you the best advice, whether to tweak policy amount or switch to top up.
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As far as the top up plan is considered, given your age and pre-existing diseases, your risk profile is high and most insurers may not be able to offer Super top up plans.
The best option is to apply for a new base plan with a higher sum insured, however the premium will be on the higher side.