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Financial Planner - Answered on Jan 31, 2024

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Asked by Anonymous - Jan 30, 2024Hindi
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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: It's understandable that you're concerned about the increasing premiums and the perceived lack of benefits in your current insurance policy. Here are some steps you can consider:

• Review Your Policy Documents: Make sure to thoroughly review your insurance policy documents. Understand the terms and conditions, coverage details, and any clauses related to premium increases. It's essential to be aware of the specifics of your current policy before making any decisions.
• Compare Policies: Compare the benefits and premiums of your current policy with those offered by other insurance providers in the market. Look for policies that provide similar or better coverage at a more reasonable cost. Take into account the coverage for both term insurance and health insurance.
• Contact Your Current Provider: Reach out to HDFC Life and ERGO to discuss your concerns. Inquire about the reasons for the premium increase and whether there are any options to customise your policy to better suit your needs without compromising coverage. Sometimes, providers may have different plans or options that could better fit your requirements.
• Explore Portability Again: Since you mentioned that Star Health denied portability, consider reaching out to other insurance providers to explore portability options. Different providers may have different policies on porting combined policies, and it's worth checking with multiple companies.
• Seek Professional Advice: Consult with a financial advisor or insurance expert to get personalised advice based on your specific situation. They can help you understand the nuances of your policy, assess your needs, and guide you on the best course of action.
• Consider Separate Policies: If portability remains challenging, you may explore the option of having separate term insurance and health insurance policies from different providers. This way, you can tailor each policy to your specific needs and potentially save on costs.
• Stay Informed About Regulatory Changes: Keep yourself informed about any regulatory changes in the insurance industry that may impact your policy. Sometimes, regulatory changes can affect premium calculations or portability options.

Remember that making changes to insurance policies requires careful consideration, and it's crucial to ensure that you maintain adequate coverage for your family's needs. Always read the terms and conditions of any new policy thoroughly before making a decision. If needed, seek legal or financial advice to make an informed decision.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7201 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 17, 2024

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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 32k as premium where initially it was 26k. here Term is around 12K odd, rest is for health. My first issue is like I feel I am being charged more for less benefits, the insurance covers my Wife and two kids (7 years) and me. By God Grace till date its no claim policy. The base cover is 3L and added benefits is 3L. I see , their counter parts offer more benefits for such an amount say 20K. i tried to shift to Star 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. plz suggest.
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.

..Read more

Ramalingam

Ramalingam Kalirajan  |7201 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

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I have bought a Health Insurance for My family 2+1 on Aug 23 with a 25Lacs covering from Reliance General Insurance Co. This Policy is port from Niva Bhupa which i had taken in 2021. I come to know some one from my surrounding is that the Reliance is not settling claims Properly and full. This policy is taken for 2year. Can u Suggest me
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

..Read more

Milind

Milind Vadjikar  |741 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 09, 2024

Asked by Anonymous - Sep 09, 2024Hindi
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Hello Team, I have clarification w.r.t Insurance and please find my details below 12-Jul-2023: Second Child born 10-Aug-2023: Floater Policy(2 Adults and 1 Child) took as suggested by Agent with 3 years Premium Second child cannot be added due to minimum eligibility days Agent recommended to add 2nd child after 60days and difference premium to be paid After 90 days (not sure about the date): Tried to add 2nd child to the policy through agent but it was not able to done Agent suggested that "We can add it in next year (i.e during Start of August 2024) 10-Aug-2024: When checked with Star health, they said that "Addition/deletion can be done at 2026" and said that "Addition of child should be done through mail after 91 days and website will not support to add a child" and when I asked the document reference for the same and no response yet from Star Health Current Policy holding: Corporate Insurane : SI (3L) for 2 Adults and 2 Childs Personal Insurance : SI (25L) for 2 Adults and 1 Child Star Health Suggestion: Take a separate policy for 2nd Child for 5L and it can be added to existing policy in 2026. Please let me know how to proceed further 1. Whether the Separate policy can be taken here or wait until 2026, to add the 2nd child 2. Whether the Star Health was really worth or can I consider for porting in 2026 due to disappointment with above issue Thank you in advance!
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.

..Read more

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