I got a call from my bank AXIS to get Medical Insurance. Axis bank has tied with TATA AIG insurance they are providing low premium for the policy. They said this premium amount will be till my age 55. In this period i have to keep bank transactions with Axis bank. If not you can withdraw from policy or you can transfer the policy to TATA AIG. If i take the policy, what will happen to policy seniority? Can I take direct policy with the insurance company? I am confused help me.
Ans: It is advisable to take medical insurance from the insurance company directly as it offers lifelong renewal without any conditions relating to your banking relationship. It means once you have taken the policy, insurance company can’t deny the renewal unless there is any fraud or non-disclosure of relevant information.
A lifetime renewal surety gives an insurance shield & worry-free life against financial burden of medical expenses. However, you need to compare the covers provided and the premium charged before making any decision. To enjoy continuity benefits on applicable waiting periods in your bank provided health insurance policy, you have an option to port your policy directly with the insurance company if you wish to withdraw from the policy offered via your bank tie-up.
For more details you can get in touch with insurance company.