My family comprises of me (28 year male), my father (aged 63), my mother (aged 58) and my sister (aged 32).
We have a Mediclaim policy (Family floater) from The New India Assurance Company. We pay a premium of around INR 16000 every year and the total amount for which we are insured is INR 300,000.
Considering that the medical expenses are high these days, I feel the amount for which we are insured is too low. Hence, I need to upgrade my health insurance.
I have the following questions :
Should I upgrade my current policy and pay a higher premium or should we retain this policy and buy separate individual policies (If separate policies, who should these policies be for – parents or me and my sister) ?
In either of the cases, I am looking for a health insurance policy which offers the following :
Sum Insured – Should be around INR 15 – 20 lakh
Insurance which offers the option of Private Room Eligibility (i.e. INR 20000)
Covers major hospitals in Mumbai, Goa, Mysore and Himachal Pradesh
Offers super top up with no room rent limit
Also, can you please throw light on medical insurance for cancer ?
In my view, first you have to separate your parents. Same way individual policies you both. For parents try to enhance the base plan for around Rs.5 lakh. Then go with super top up plans of your desired sum insured. For both you and your sister, at this juncture 5-10 lakh is sufficient.