I have oriental family floater Medi-claim policy for 6 lacs since last 6 year cover father 64 mother 63 myself 42 wife 35 son 12 it is due for renewal on 22.5.16 and this year premium is coming rs. 54 k for all . Last year was 29 k. Apart from this we have group mediclaim policy provided by our society JIO for 5 lacs last one year and this year oct 15 i had paid 17k premium for 5 lacs. but this year they have more restriction like last year my father has done angioplasty and it cost 4.5 lac with three sten cost and we claimed whole amt by cashless but this year they have fixed 1.75 lacs weather three Or two sten cost & 20% co pay and i dont know wheather it continue in future or not. should i go with oriental 6 lacs policy and pay 54 k premium or shud i look new policy for parents or leave oriental and stay with my society group policy or shuould I portble orientAl WITH OTHER. WHAT IS UR SUGGESTION WHICH IS BEST OPTION FOR US. U CAN MAIL ME ALSO [email protected] DHRUV
First, try to separate your parents from your family. the Oriental health insurance is costing you more due to the combined family floater where your parents matters more for premium than your’s. However, don’t jump to cancel it. First buy the same separately for your parents and you, then cancel the existing one. Regarding the society provided insurance plan, try to stick to it. The advantage is, existing diseases of your parents will be covered from day one. If possible try to increase the sum assured. In my view, let your mother and father be in society provided insurance with more insurance. Your family can buy separate floater plan from same oriental.
If I am go with your first suggestion to buy new policy for parents then I compare with new insure the premium is very high with most of 3-4 year exclusion of pre disease and i dont think at this stage i hv to take new policy with 3 -4 year waiting period alongwith high preimm instead of new with all this thing better to stay with existing and pay 54K your second option to stay with group insurance with increase cover but it is not possible its group policy cover 5 lacs and i m proposer but this year they have included many clause fixed and co pay but premium is less only Rs.17k while last year it was Rs.7k but lots of hurdle with the procedure and not sure that they will be keep n future for ( long period) and and it can be happened that next year premium can be same as market. T hired option is remove parents with oriental and stick group insurance and take top up insurance for parents so my premium burden will be less. if i remove parents then my premium will be 14 k for 6 lacs with oriental and if i keep 2 lcas insurance with society as fixed and take another top up insurance for 8-10 lacs. but i didnt check this option with market player. i dont know how much premium and exclusion will be there? what is your suggestion in these situation. if you have knowledge about any policy cover my parents at his stage with existing diseases. or any good company where i can portable oriental to new one where waiting period not there and less premium. your advice is
In that case, I suggest you to stick to your society provided health insurance for parents (even thought they came with so many restrictions). Because your father just underwent heart treatment. I don’t think it will repeat soon. For them you can buy super top up plans. For you, you can chose the same insurer. For your information, no insurer will come forward for your parents to issue policy with the clauses like inception of existing diseases from day one and all. Even before issuing the policy your parents must undergo medical check up. Hence, try to avoid such compulsions. If possible and affordable to you, then continue the existing set up.