I have a corporate mediclaim policy of Rs 15 lakh. Do I still need to buy personal insurance for my family and myself?

Ans: Having a corporate mediclaim policy is undoubtedly beneficial, but it may not cover all your needs adequately. Here are some reasons why you might still consider purchasing personal insurance for yourself and your family, despite having a corporate mediclaim policy:

1. Coverage Limitations: Corporate policies often come with coverage limits, and these may not be sufficient for your family's needs, especially in case of severe medical emergencies or prolonged treatments.

2. Job Change: If you change your job or your employer changes the insurance provider, there could be a gap in coverage, leaving you and your family uninsured temporarily.

3. Portability: Personal health insurance policies are usually portable, meaning you can carry them forward even if you switch jobs or companies, ensuring continuity of coverage.

4. Tailored Coverage: Personal insurance allows you to tailor coverage according to your specific needs, including adding riders for critical illness, maternity benefits, or other specialised treatments which may not be covered under a corporate policy.

5. Family Coverage: While corporate policies might extend coverage to your family, the coverage amount might be inadequate, and having a separate family floater policy ensures comprehensive coverage for all members.

6. Pre-existing Conditions: Corporate policies may have restrictions on coverage for pre-existing conditions, whereas personal policies often offer coverage after a waiting period.

7. Comprehensive Coverage: Personal policies often offer a broader range of coverage options, including outpatient expenses, alternative treatments, and more extensive network hospitals, which may not be available under corporate policies.

8. Continuity of Coverage: In case of job loss or retirement, personal insurance ensures continuity of coverage without any gaps.

9. Tax Benefits: Personal health insurance premiums are eligible for tax deductions under Section 80D of the Income Tax Act, providing additional financial benefits.

10. Control and Flexibility: Personal insurance policies offer greater control and flexibility in choosing coverage options, network hospitals, and policy terms compared to corporate policies, which are generally standardized for all employees.

While having a corporate mediclaim policy is undoubtedly advantageous, it's essential to assess your family's healthcare needs comprehensively and consider supplementing it with personal insurance to ensure adequate coverage and financial protection in the long term.