Before purchasing a health insurance policy.

POSTED BY Anand ON February 27, 2013 9:46 pm COMMENTS (8)

While purchasing a health insurance policy, 
I have short listed the “Oriental Happy Family Floater” link :  
My father had a heart attack in 1997 , I also had called 2-3 private companies, but they said they can’t issue policy to a person, who had a heart attack.
I have decided to go with a S.I. of : 6 Lakhs for me and my parents aged 49 & 53.The premium for three of us is approx : 16 k.As medimanage people said that since its a PSU, and I am the proposer, they may issue a policy.

Is it OK to go with SI of 6 lakhs? Or should get more?

Also I would like to ask :  Shall I purchase it from  or a local oriental agent, who had visited us once, for informing premium amounts and features.
What are the pros and cons of both?
Also is it beneficial to go with riders as 
1) Accedental death benefit,just Rs: 60 / Lakh of cover &
2) Hard ship benefit? Approx 300-500rs extra per person

8 replies on this article “Before purchasing a health insurance policy.”

  1. Dear Pushkar, as you are the proposer, only you can claim the tax benefit.



  2. Pushkar Sapre says:


    @Mahavir Chopra,

    Your point about ” local agents shifting, quitting business, turning old” is exactly the same ,based on what, I am trying to convince my father.

    To be specific I am resident of Thane, and I think , it will be included in your cover area, & I will confirm the same from medimanag person I am in contact with.

    Also @Ashal : If I am proposer of the policy, and since its a family floater, all 3 of us are covered. So can my father claim for 15k and then I can claim what ever is remaining prem. amount?

  3. Dear Pushkar, 15000 Rs. limit for yourself & your family (spouse & kids) & another 15000 Rs. ‘ll cme from parent’s policy. As I already stated, your parents’ are not Sr. citizen hence this benefit is 15K other wise it ‘ll be 20K. So in total your eligible prem. ‘ll be 15K+15K = 30K Rs.



  4. Pushkar Sapre says:

    Thanks everybody for reply. Sorry for late.

    Hi @Ashal under 80D, I think only 15000, can be claimed for insurance policy ? And only if parents are dependent then additional 20k will be allowed for exemption right?

    @Mahavir Chopra : Can you please tell where I can find such a good advisor? And I had talked to medimanage team and they informed me all the details. Its very good.

    But I am concerned abt, if there is claim procedure then, I think , they can not send a person to my home for document collection or other details, as offices are located at 1-2 places in Mumbai.

    Also my father is concerned that, since insurance is a service based field, so he wants to go through some agent,like one who would visit us or something like that.

    If the heart diseases are excluded, then will it just imply to all heart related diseases, or will the company specify any specific diseases?
    Also in that case, if heart diseases are excluded, then shall I go with such a policy or not? Is there any other specific policy covering such diseases.


  5. Does Medimanage offer claim followup services for polices issued through them?

    The way I see it (based on my experience) agent or no agent claim follow up (responding to clarifications etc.) requires active participation of the insured (or his family). For someone who bothers to read rules an agent is of little use at that stage.

    1. Thanks for your response. That does sound convenient!

  6. Dear Pushkar, keeping the history of your father’s health in mind, I w’d like a SI of 10L Rs. from day one. Interestingly as it ‘ll be a family floater covering all 3 of you, the full prem. ‘ll be available for tax benefit under section 80D (up to the limit of 30K Rs. as your parents are not Sr. Citizen).

    You may opt medimanage to purchase.



  7. 6 lakhs for a start is good enough. Increase SI each as much as possible

    No matter where/whom you buy the policy from once there is a hospitalization the onus is on you to follow the rules of planned/emergency hospitalization, cashless/reimbursement. No one can help you there.

    If the riders do not interfere with the features of the main policy then fine. If they do then that makes it more complicated and best avoided.

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