Biology, asked by miracle2463, 1 year ago

could particular critical illness cover by both mediclaim and critical illness rider

Answers

Answered by davanubha
0

I am covered by group health insurance plan. I want to purchase an individual health insurance policy as well. Should I opt for a vanilla health plan or one with a critical insurance rider?

Raj Khosla Founder and Managing Director, Mymoneymantra.com replies: Purchasing health insurance, even if you are covered by a group health plan is important as it will provide you with an added safety net. It will come in handy should your company change its policy on providing group health cover or should you choose to move to another company, which may not have a group health cover. You should first buy a regular mediclaim policy because it covers hospitalisation expenses, including critical illnesses. Then supplement it with a standalone critical illness insurance rather than a critical illness rider. The standalone plans are better because their disease coverage is more comprehensive and they also cover diseases which may not require hospitalisation.

I want to buy a critical illness policy for my 36-year-old daughter. Can one buy standalone critical illness insurance policies? Please suggest plans.

Yashish Dahiya Co-Founder and CEO, Policybazaar.com replies: Yes, you can buy a standalone critical illness insurance policy for your daughter. These are fixed benefit plans where a lump sum is paid to the policyholder in case a critical illness is detected. Both life and health insurance companies offer standalone critical illness plans. You may consider choosing from among the following plans: Future Generali Life Insurance Heart and Health Insurance Plan covers 59 critical illnesses; Apollo Munich Health Insurance Optima Vital covers 37 critical illnesses; and Max Bupa Health Assurance Criticare covers 20 diseases. The premium for a Rs 10-lakh cover will range between Rs 5,000 and Rs 7,000.

I am 35 and I bought a term plan with a sum assured of Rs 50 lakh, five years ago. Now I want a higher cover of Rs 1 crore. Should I take another term plan with sum assured of Rs 50 lakh? Will my family be able to claim from both the plans, if such a situation arises?

Ashish Vohra, ED & CEO, Reliance Nippon Life Insurance replies: Please check if your existing plan has the option of increasing the sum assured as it will be convenient to have a single policy with the higher sum assured that you desire. You can also opt for another term plan for the additional cover of Rs 50 lakh. Your nominee will be able to claim from both the policies if you pass away during the policy term.

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