[justwheels]

I am 38 and covered under insurance from my employer. However I plan to take a critical illness insurance from outside to assist with large sums of money in case of any critical illness.
There are plans like from ICICI prudential which gives you full sum of money on detection of the illness. Similar plans from LIC and others also. Has anyone taken any critical illness insurance and what was the preferred plan?

Additionally, if I take additional insurance (normal health insurance) from outside over and above the employer one, how does a claim work? Can I use both to cover for any addutional cost?

[sunilch]

Originally Posted by justwheels

I am 38 and covered under insurance from my employer. However I plan to take a critical illness insurance from outside to assist with large sums of money in case of any critical illness.
There are plans like from ICICI prudential which gives you full sum of money on detection of the illness. Similar plans from LIC and others also. Has anyone taken any critical illness insurance and what was the preferred plan?

Additionally, if I take additional insurance (normal health insurance) from outside over and above the employer one, how does a claim work? Can I use both to cover for any addutional cost?

I am not sure if LIC provides critical illness cover on its own. They may be acting as a broker and the cover will actually be from some other GIP mostly.

Critical Illness is simple - a list of illness will be specified and you will get a full sum if you suffer from anyone in future. So go for the company that has a good claims ratio and lower premium for the illness that you think you may end up having when you grow old.

Second Medical Insurance can be used only after exhausting the first one. Recommended to utilize the employer provided one first and if the treatment cost goes beyond the cover, use your personal. Otherwise keep the personal one untouched so as to continue to enjoy lower premiums or any bonus cover in future. You will need to submit the settlement documents from the first one to claim rest of the amount. Terms and Conditions and Processes vary from provider to provider.

[jomson13]

Hey Everyone,

I'm 33 and am looking to buy medical insurance for my immediate family to complement the already existing one provided by both our employers.

I have been going through this thread in detail since yesterday and it has cleared quite a few of my questions. I will be doing a bit more research by visiting individual websites before reaching out to policy bazaar.

While it seems logical for the insurance companies to increase premiums as the age of the insured increases, isn't it a bit unfair to not differentiate between seemingly heathy and unhealthy customers? I know that many companies mandate a health checkup at the time of first buying the policy but can't such a checkup be done every few years and the benefits be passed on to healthy individuals in the form of reduced premiums?

Any policies that have this feature already?

[Lobogris]

Originally Posted by jomson13

Hey Everyone,

I'm 33 and am looking to buy medical insurance for my immediate family to complement the already existing one provided by both our employers.?

Why do you want to create an unnecessary expense at such a young age? You already have insurance from two employers and people your age are unlikely to develop serious health issues. You will most likely need to use this insurance in your fifties and would have paid over 10 lakhs by then for little to no benefit. In my view, it would be better for you to start a health fund where you deposit the 20 odd thousand you would pay each year plus a little extra if possible. In a few years you would have a few lakhs saved which can cover most needs in addition to the existing insurance provided by your employers. Why incur a certain loss to mitigate a potential one that might or might not occur? Once you approach 45 to 50, you can start this process.

[Akshay6988]

Hi Everyone,
Seeing the rising Covid 19 cases has made me worried for my family's well being.
I'm looking for health insurance for me, 25 years old, my sister 27 years old and my mom, 50 years old. All three of us are healthy, have no pre existing health condition. Although, we all are little obese. I'm looking at Star health Insurance providing cover of 5 lacs per year for each member, at collective yearly premium of 27,000 ₹. Is this policy good enough ? I do have my employer insurance upto 3 lacs.
Any inputs would be very helpful. TIA

[Arun_S]

Originally Posted by justwheels

I am 38 and covered under insurance from my employer. However I plan to take a critical illness insurance from outside to assist with large sums of money in case of any critical illness.
There are plans like from ICICI prudential which gives you full sum of money on detection of the illness. Similar plans from LIC and others also. Has anyone taken any critical illness insurance and what was the preferred plan?

Additionally, if I take additional insurance (normal health insurance) from outside over and above the employer one, how does a claim work? Can I use both to cover for any addutional cost?

It is a good decision. I too took private medical insurance, at the same age. The primary reason all the private insurance ask for lot of tests post 40 years. Plus I work in a private company, due to increased layoff's everywhere when something happens i don't want my family without medical coverage.

I took from Star Health Insurance. It is a comprehensive one, for which premium comes around 16k for a family of 3.

[AZT]

For anyone under 35, Religare is offering a 25 lakh cover for around 8800. I was going for 5 or 10 lakhs but this seemed good by adding a little more. Policy bazaar also has this plan but I went with an agent.

[jomson13]

Originally Posted by Lobogris

In my view, it would be better for you to start a health fund where you deposit the 20 odd thousand you would pay each year plus a little extra if possible. In a few years you would have a few lakhs saved which can cover most needs in addition to the existing insurance provided by your employers. Why incur a certain loss to mitigate a potential one that might or might not occur? Once you approach 45 to 50, you can start this process.

Well, I did not think of this particular angle. Now you have put me in a dilemma

Unlike life insurance (where the premium stays constant throughout the term) medical insurance premiums will keep on increasing as one gets older - so there is no real benefit of starting early.
Is my understanding correct over here?

[Safety is Param]

Originally Posted by jomson13

Well, I did not think of this particular angle. Now you have put me in a dilemma
life insurance (where the premium stays constant throughout the term) medical insurance premiums will keep on increasing as one gets older... no real benefit of starting early.

This is a vast subject with scenarios tailor made to suit individual needs.

But before you seek suggestions you should first decide whether you see value in Health Insurance or otherwise.

Will you be able to resist all temptations and save that amount every year?

How much time will you need to build a corpus?

For example - A premium of ₹20,000 right now gets a minimum of ₹20 lacs health insurance coverage for a family of three, with the highest insured person aged 40 years. This includes zero copay and no ceiling on room type/category or room rent.

So, how many years will it take for you to save ₹5 lacs and multiples of it there on?

Are you confident that your hospital claim will always be within your corporate coverage limit?

If one pre plans for insurance premiums by way of RDs, then the increase in premium doesn't impact his/her savings plans at all.

Also, many insurance companies provide an age group - for e.g. 30-35 yrs., 37-42 yrs., etc. Your premium remains the same for these years.

There are other things too, but as I said earlier, one needs to be sure whether he/she is for or against the insurance requirement, and build from there.

I personally believe that insurance is not about being too early or too late - it's about being there when the need arises. And since I don't have the capability to foresee such events, I chose to go the insurance route.

I am not associated with any industry that's being discussed in this thread. All inputs are from my personal experience

[Chetan_Rao]

Given the prevailing employment uncertainty, it would be prudent for everyone dependent on employer-provided insurance to read coverage terms carefully.

Some employers let you stay insured until the end of current policy period even after you leave (esp. if you've paid for additional coverage etc.), while some terminate coverage on your last working day.

[Lobogris]

Originally Posted by jomson13

Well, I did not think of this particular angle. Now you have put me in a dilemma

Unlike life insurance (where the premium stays constant throughout the term) medical insurance premiums will keep on increasing as one gets older - so there is no real benefit of starting early.
Is my understanding correct over here?

I think it ultimately depends on the person’s financial situation and risk appetite. If your savings and assets are such that you can afford to pay the odd lakh or two out of pocket without it being a major setback then you can self insure. If on the other hand, someone is barely managing their expenses with no substantial assets then a medical cost of say 2 to 3 lakhs could be a major issue. However you also have two employer provided insurance policies to lean on. Think of it like comprehensive cover for an older car. Let’s say the value of the car now is 3 lakhs. Would you spend 15 to 20k extra per year to insure it or take a chance and simply pay for any damages as needed? There are people who take extended warranties on ACs, TVs and even smaller appliances. I never do as I feel that it is better to take a chance than pay a certain extra cost for something that I can afford to replace. It is really a matter of your mindset as well as your particular financial situation.

[sushantr5]

Hello Experts,

My father used to have SBI Group Health insurance scheme. He is 70 years of age. SBI did not auto renew his insurance in August 2020. And later even after escalating issue to IRDA nothing came to help. I stopped pursuing the case and assumed this is the cost of being Indian citizen.

Now I am looking for new policy for my father. He is 70 years I have shortlisted "Star Senior Citizen Red Carpet". Or if there is any other recommendation then please let me know.

[earthian]

Hey Guys:
Sincerely hope some of you would be able to help me. I have an HDFC health policy 20 l+20 lacs top up. Both my wife and I are covered. I have no pre existing diseases ( or so I thought!) and recently had a serious stroke ( brain hemorrhage ) Much better now.

I would like a policy which gives me adequate and decent cover when i travel abroad, particularly the USA.

Any pointers would be very welcome.

[HappyWheels]

Originally Posted by earthian

... I have no pre existing diseases ( or so I thought!) and recently had a serious stroke ( brain hemorrhage ) Much better now...

Glad to hear that you are ok now.

+1 to the query posed.

[earthian]

I have HDFC health 20+ 20 top up policy for my wife and I for India . We like to travel abroad and do so regularly . What policy and from which provider would give us decent cover. We are both senior citizens


Sorry. Repeating the query. Didn’t realise