I have family floater policy since 5 years with Apollo Munich, Which is changed now to HDFC Ergo. I am paying approximately 36000 for 2 +1 family, I am aged now 62 years.

I am not getting proper service from the person from whom i took the Apollo policy he is called Intermediator in the Apollo company and when it’s changed to HDFC his Records (like his name Mob Number and his Code) are not shown in the policy. In the absence of the above details, I don’t know whom to contact for any information and follow up for claim reimbursements.

In the past years, with Apollo and HDFC Ergo my reimbursement claims was not settled ON TIME as well as the full amount not settled, approximately 50 to 60 percentage only settled even after many follow ups, courier and emails. Though the claims were around 50000 only.

I am the bread winner in my family, after paying so much for Premium, if I get admitted in hospital, the family members can’t do follow up and intermediary is not helpful, even he doesn’t bother to attend phone call, though he is substantially earning 15% premium as his commission (I hope) in such scenarios I am fearing that you won’t get help.

What is your advise? Should I change the intermediary in the policy, if there is provision in system? Why in HDFC Ergo why those intermediary details not there or portability is another option and what are conditions to meet portability at the ripe age/ financial scenario I should not be denied cashless facility/ at the need of my HOUR.

Ans: For your first query it is advisable to speak with the insurance company you wish to port to for understanding the exact procedure for porting. You may also wish to engage a trusted insurance agent to help you with the porting process as they will be fully abreast with the procedure and will guide you well.

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.

Ans: Managing Life and Health Insurance: A Comprehensive Guide
Your concerns regarding life insurance and health insurance are valid, and addressing them is crucial for your financial well-being. Let's explore your options and provide guidance on managing your insurance policies effectively.

Assessing the HDFC Life Insurance Policy
Understanding Policy Terms
Review the terms and conditions of the HDFC Life Insurance policy to understand the cancellation and refund policies.

Policy Cancellation
Contact HDFC Ergo Life Insurance to inquire about the possibility of discontinuing the policy and whether any refund is applicable.

Refund Eligibility
Evaluate the refund eligibility criteria based on the policy's surrender value and the duration of premiums paid.

Exploring Health Insurance Options
Family Health Insurance
Research and compare various health insurance policies available in the market to find the most suitable option for your family of three.

Key Considerations
Consider factors such as coverage amount, premium affordability, network hospitals, claim settlement ratio, and policy features.

Recommended Health Insurance Providers
Research reputable health insurance providers in India known for their comprehensive coverage and reliable services.

Crafting a Health Insurance Strategy
Coverage Requirements
Assess your family's healthcare needs and determine the optimal coverage amount required to safeguard against medical expenses.

Customized Policy
Customize your health insurance policy to include coverage for critical illnesses, pre-existing conditions, and other specific requirements.

Premium Affordability
Choose a health insurance policy with a premium that aligns with your budget while providing adequate coverage.

Benefits of Regular Funds Investing through MFD with CFP Credential
Disadvantages of Direct Funds
Direct funds require active management and market knowledge.

Investors may lack expertise in fund selection and portfolio management.

Benefits of Regular Funds Investing through MFD with CFP Credential
Working with a Certified Financial Planner ensures personalized guidance and expert advice.

MFDs provide tailored investment strategies aligned with your financial goals and risk profile.

Conclusion
Managing insurance policies effectively is essential for financial security and peace of mind.

Evaluate the options for discontinuing the HDFC Life Insurance policy and explore refunds if applicable.

Research and select a comprehensive family health insurance policy from reputable providers.

Consult a Certified Financial Planner for personalized guidance on insurance management and financial planning.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: I suggest you go ahead with the separate health policy for the new child as of now. Going further if you still find their service quality level poor you can decide about porting suitably.

Ans: Hello;

In any insurance adequate disclosure is essential to get a thorough underwriting check and risk acceptance.

Once insurance company agrees to insure with the disclosures then chances of claim rejection are remote.

You may escalate the matter with Compliance Officer of the insurance company, insurance ombudsman or IRDAI for an amicable settlement, if possible.

You may also check with organisations such as "beshak.org" for any possible help in the matter.

Best wishes;