I am 72 yrs and my wife 62. We have Mediclaim from National Insurance for 5 lakh each for last >20 years. However, due to high premium, we reduced it (by step) to 3 lakh each and also losing bonus accrued. Now I am thinking to have another insurance from Star Insurance for Rs 2 lakh each.
Is it advisable and what are the pros & cons?
Ans: Hi Subhas, instead of buying a new policy for 2 lakh each to increase sum insured you can buy a super top up on your current policy which will cover more sum insured on a lesser premium.
If you purchase a new policy, it will not cover your pre-existing diseases. Moreover, waiting period associated with the new policy will be there because of which you will not be able to claim your sum insured.