Insurance Expert - Answered on Sep 08, 2022
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.
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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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.
Post the age limit the daughter can be part of a new individual plan and can avail all continuity benefits or part of her husband’s floater plan with terms and conditions applicable to that policy.
Family floater gives higher discount as several family members share the defined sum insured. Hence it can be a smart option for your financial health. However, in case of a family which has aged or elderly members, a family floater may not be appropriate as the premium in case of a family floater is highly dependent on the age of the eldest member.
Also, the sum insured may not be adequate for the family in case of a more complicated health intervention. A floater works best for a younger family.
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.