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Jinal Mehta |89 Answers |Ask -Follow

Financial Planner - Answered on Jun 17, 2024

Jinal Mehta is a qualified certified financial professional certified by FPSB India. She has 10 years of experience in the field of personal finance.
She is the founder of Beyond Learning Finance, an authorised education provider for the CFP certification programme in India.
In addition, she manages a family office organisation, where she handles investment planning, tax planning, insurance planning and estate planning.
Jinal has a bachelor's degree in management studies. She also has a diploma in in financial management from NMIMS, Mumbai.
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Asked by Anonymous - Jun 15, 2024Hindi

I am an exserviceman. Covered under ECHS. Should I still go for some health insurance ?

Ans: I think the coverage is sufficient for you. Hence no need to buy additional insurance

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Sanjib Jha | Answer |Ask -Follow

Insurance Expert - Answered on Jun 10, 2022

Question by THANGAVELU - Jun 10, 2022Hindi

My family is covered under Ex-serviceman Contributory Health Services (ECHS). She is having health insurance coverage from three other insurance entities. Still continuing. So, there was no pre-existing conditions. Two and half years back, we have opted for claim re-imbursement only for blood transfusions during the pre-diagnosis period. Later, her medical condition was diagnosed and the same was falling under IRDA exclusions. She was treated once in-patient and afterwards as outpatient. All claims for admission and medicine re-imbursement were availed from ECHS. (Once I have opted for enhancement of insurance coverage from one insurer and the TPA has refused under these clauses). Now, after two and half years, she has recovered better (Even Doctor's perception). But she is continuing medicine with lessor dosage. Presently, her condition is fine. My questions are: 1. Can I avail insurance facilities from insurance companies for the same issue in future? 2. Can I avail insurance facilities from the insurance companies, for other issues than the specifically excluded? 3. Can I prefer ECHS for any eventualities for the specified issue to the extent admitted, and remaining expenditure from other insurance companies? Please guide.

Ans: Hi Thangavelu, good to know that your wife is doing better. Coming to your questions, yes you can avail the insurance facilities for the same ailment in future from your existing insurance companies. However, if you purchase a new insurance policy from another company, then whether you get the coverage or not will depend on the ailment and the insurer.

For other ailments, at the time of issuance an insurer analyses the risks, given the ailment of the insured. Accordingly, the insurer takes a decision whether the policy can be issued or not, there are few insurers in the market that will keep the pre-existing diseases excluded or will have a waiting period for it. However, if your ailments have developed after the policy issuance then you can avail insurance facilities for those ailments.

Answering your third question, yes you can prefer ECHS for this specific issues and the remaining expenditure can be claimed from other insurers.

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Sanjib Jha | Answer |Ask -Follow

Insurance Expert - Answered on Jul 05, 2022

Question by FAQ - Jul 05, 2022Hindi

5. I have a corporate policy do I still need personal insurance?

Ans:

Yes. Personal plan is a great alternative to corporate policies -- even if you work for large companies. Corporate policies come with limited coverage with limited or no option to customise it. In fact, your coverage can even decrease over time.

Plus, there's no lifelong renewability once you exit the group. Thus, when you actually need the plan, that is, in your post-retirement phase, you would have to opt for limited coverage available in senior citizen plans.

Also, individual health insurance plans give the flexibility to choose the right kind of protection and better coverage. You can customise your policy, such as selecting the cover according to your needs. It ensures lifelong renewability and additional coverage options, such as hospital cash benefits, pre-existing conditions coverage, etc.

Proper health insurance planning includes high coverage of personal health insurance plans with lifelong renewability over and above group plans!

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