I bought a health insurance of Rs3 lakh for my mother when she was 57 years old at an annual premium of Rs8,000. Now she is 62 and does not have major health issues. I want to bump up the cover to Rs5 lakh now. Should I stay with the same insurer or buy a new policy?
It is always better to get the value increased in the current policy especially for persons of higher age and in cases where there have been no claims. In terms of procedure, there would be no difference in buying an additional policy or getting the current one enhanced. In both cases, the insurer will ask for medical tests. Also, a waiting period will be applicable in both the cases.
There are two disadvantages of taking a new policy for the additional amount instead of increasing the value of the current policy. One, you will have to pay a higher premium—by around 25%. Two, it is possible that you may have different third-party administrators in both the policies even if you have the same insurer. In such a case, you will have to lodge two claims in case the claimed amount exceeds the sum insured of one policy.
I want to buy health insurance for my parents. My father is 57 years old and my mother, a diabetic patient, is 53. I found out that there are very few options at this age. What factors should I look into before buying one?
—Sunny K. Sachdeva
As age increases, both the frequency and cost of medical treatment increases. Therefore, it is better to take individual cover for persons above 45 years of age. Another point you could consider is that it will be better to take a policy that covers diabetes as a pre-existing disease on payment of extra premium. This will provide a comprehensive cover to your father. There are options available with both private and government insurers to cover diabetes. The premiums would depend on the sum insured.
My car got damaged while I was on a road trip. On returning, I raised a claim with my insurer for the money I paid for the repairs. But the insurer wants a police complaint copy for the same. What do I do?
It seems that you got the dent repaired and filed the claim subsequently without giving the insurer an opportunity to inspect the damage. If that is the case, then the insurer does not have any proof, except for the bills, that the accident and the repairs took place. To substantiate the claim, the insurer is asking for a police complaint copy.
The correct process is to inform the insurer, then take the vehicle to an authorized workshop and have a survey done before the repairs start. The surveyor will agree upon the claim amount with you and authorize repairs. In such cases, insurers do not ask for a police complaint. A police complaint is a must only when property damage or injury to a third party is involved.
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