I have a medical insurance with National Insurance in the name of my father & mother (77 years) of Rs. 1,50,000/- each. The said Mediclaim policy was renewed on 10th April 2021 for a year (Mediclaim policy due from 17th April 2021). But on 15th April 2021, my father expired after I renewed the policy on 10th April 2021.

What is the procedure to delete the name of my father from the said policy due to his death and convert the entire sum of Rs. 3,00,000/- in the name of my mother since I already paid the premium for 2021-21?

Will the policy to be treated as new? If new, what would happen for the cumulative bonus for the existing policy? Will the CB be lost?

Ans: I am very sorry for your loss Anirban. The procedure to undertake is simple: you need to visit the nearest branch with a request letter, death certificate and original policy documents. Once one of the members is deleted, the insurance company will recalculate the premium and renew the family floater policy with your mother becoming the sole policy holder. Also, the cumulative bonus benefits should normally be retained by the insurer.

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.

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Question by SUBHANKAR - Sep 08, 2022Hindi

I have an ongoing group insurance from Manipal Cigna for my parents aged 62yrs and 58yrs respectively from past 2 years under Union Bank Customers Group Insurance. I would now like to include them in a more inclusive and definitive plan wherein coverage and facilities are there as both are going into senior citizen category down the line. Is it possible to change my insurance from group to family floater Co-sitting of father and mother only while retaining the NCB and Critical Illness Continuity as I have not claimed anything for past 2 years and would like the critical illness cover to remain as it was due after 3 years and this is 3rd year ongoing. So they would have been eligible for the same next year but there are some limitations in the group insurance which has forced me to think to change the current policy to family/individual. Please guide the best in terms of value for money and what should be the ideal course of action. My coverage is Rs 10 lakh.

Ans: Hi Subhankar, to answer your query, there are insurers in the market which provide the facility of porting a group policy to family floater policy along with no claim bonus (NCB). However, Critical Illness Continuity will depend upon the coverage of the policy.

If Critical illness is in policy coverage then it will be covered but if the same is included in the policy as a ‘Rider’ then in this case it cannot be ported.

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