The standard health insurance Arogya Sanjeevani policy was designed by Irdai and is available with all insurance companies. In this policy, maximum coverage is up to Rs 5 lakh and it has a sub-limit on the room rent. If you need policy up to Rs 5 lakh then this is a good option. However, you should always consider the growing inflation and be ready for it. The policy you opt for should be from a long term perspective— a policy whose coverage is not insufficient even when you are 65-70 years old. Look at coverages which don’t have any capping.
My parents are above 60 years old and have no health insurance policy now. Should I include them in my office group policy or buy a separate policy for them? —Deepak Rastogi
You have both the options. The advantage of a group policy is it doesn’t have any waiting period for its members. However, if your employer decides to stop the group cover for parents or asks you to bear the price for the same or you switch jobs and join a company which doesn’t have a parental cover, they may end up with no cover. Opting for retail fresh policy will be subject to the under-writing rules of the insurance company and may need medical tests as well. There will be waiting periods and an age co-payment as well. Ensure that you declare all present/past medical conditions and past hospitalisation history. In a retail policy, your parents will have a cover for themselves and there will be tax benefit up to `50,000 under Section 80D. You may go for a combina-tion of base plan and top-up plan so that you don’t spend a lot on the premium.
I am not satisfied with my private company health insurance policy and want to port it to a government company like New India Assurance. How can I do it and will the premium structure be the same? —R S Reddy
Both private and PSU companies are regulated by Irdai. The same rules apply to both. The premium structure varies from product to product and from company to company. You can apply for porting 45 days in advance to your current renewal due date and ensure the activity is completed well within time.
(The writer is MD & CEO, ManipalCigna Health Insurance. Send your queries to firstname.lastname@example.org)