Hi I have taken an insurance Policy : Click 2 Protect 3D policy. its a combi policy where Term Insurance is from HDFC Life and Health Insurance from ERGO (In first year it was Apollo Munich). Its been 5 years since I have been paying the premiums, every year the health premium increased. Recently I paid 60k as premium where initially it was 54k. here Term is around 18K odd, rest is for health. I feel I am being charged more for lesser benefits, the insurance covers my wife and two kids (9 years) and me. By God's Grace till date its no claim policy. The base cover is 4L and added benefits is 4L. I see , their counter parties offer more benefits for such an amount say 40K. i tried to shift to Star Health but portability denied saying it is not possible since it is combined policy. Here i want more cover or able to port to other service provider. What shall I do?

Ans: I understand your concerns about the Click 2 Protect 3D policy and your desire for either more coverage or the ability to switch providers. Here's what you can explore:

Increased Premiums and Coverage:

Review your Policy: Carefully examine your policy document to understand the breakdown of the premium between term insurance (HDFC Life) and health insurance (ERGO). This will help you assess if the health coverage benefits justify the increasing cost.
Contact HDFC Life and ERGO: Reach out to both HDFC Life (for term insurance) and ERGO (for health insurance) to inquire about possible options for increasing your sum assured (coverage amount) within the existing plan. This might lead to a higher premium, but it would also provide greater financial protection.
Portability Limitations:

Combined Policy Challenges: You're right; combined term and health insurance policies like Click 2 Protect 3D can be difficult to port due to their integrated nature. While individual term insurance plans are generally portable, porting health components often faces challenges.
Alternative Solutions:

Consider Separate Policies: Explore the possibility of purchasing separate term life insurance (potentially with a higher sum assured) and a new health insurance plan from another provider that better suits your needs and budget. This might involve surrendering the Click 2 Protect 3D policy, but it could offer more flexibility and potentially lower costs in the long run.
Negotiate with HDFC Life and ERGO: You could try negotiating with HDFC Life and ERGO to see if they can offer a more competitive premium or increased coverage within the existing plan.
Here are some additional tips:

Compare Online Quotes: Use online insurance comparison platforms to get quotes for separate term life and health insurance plans from different providers. This can help you compare coverage options and premiums.
Focus on Needs, Not Just Cost: While cost is important, prioritize getting adequate coverage for your term and health needs. Don't compromise on coverage just to get a lower premium.
Remember:

Carefully review the terms and conditions of any new policy before purchasing.
Consider factors like your age, health condition, and family needs when determining your required coverage amount.
By thoroughly evaluating your current plan, exploring alternatives, and comparing options, you can make an informed decision about whether to adjust your Click 2 Protect 3D policy or switch to separate plans for better coverage or affordability.

Ans: I understand you're concerned about Reliance General settling claims properly. It's good to be aware! Here's how we can approach this:

Claim Settlement Ratio (CSR) Check: Every insurance company has a CSR, a public record showing the percentage of claims they settle. You can check Reliance General's CSR online to see their historical performance.

Policy Review: Review your policy documents carefully. Understand the terms and exclusions related to claim settlements. If something seems unclear, reach out to Reliance General for clarification.

Network Hospitals: Using network hospitals within your policy can streamline the claim settlement process.

Remember, a single experience doesn't represent the entire picture. However, your concern is valid. Let's not worry, we can assess further!

You did well porting your policy! Health insurance is crucial, and you've taken a great step for your family.

Moving forward: If you'd like a more in-depth analysis of your health insurance options, consider consulting a Certified Financial Planner (CFP). They can assess your specific needs and recommend the best plan based on your family's requirements.

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.