Can I increase my Sum Assured of my existing Oriental Health Insurance Policy ?

POSTED BY dhiman1966 ON March 11, 2014 11:24 am COMMENTS (6)

Presently i am holding Individual mediclaim policy of Oriental Insurance company with Cover of 2 lakh each for me and wife and 1 lakh each for 02 kids.My policy is expiring on 10 may 2014.My age now is 47 years,my wife 42,kids 11 and 6 years.current policy is from last 5 years,fortunately with no claims.
Now when i look at higher cost of medical procedures,i want to increase my insured amount to somewhere near 5 lakh each and addition family floater of 10 lakh.i need advise on (1) should i increase insured amount in same policy (2) should i go for portability to some other policy,in that case which can be best policy (3) should i take some parallel policy,Which will be best policy.May i request you to suggest ,,way forward and best policy for me and family

 

6 replies on this article “Can I increase my Sum Assured of my existing Oriental Health Insurance Policy ?”

  1. ashalanshu says:

    Dear Dhiman, in that case, you w’d have to do that.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Dhiman, how about increasing the maximum possible cover in existing policy and purchasing Top up cover instead of a regular plan?

    thanks

    Ashal

    1. dhiman1966 says:

      Hi Ashal,

      Just need advise,as advised by i went to oriental insurance office to get increase in my SI for individual mediclaim policy for me/spouse/02 kids.They say since the proposer i.e me is over 45 years,you cannot increase SI.They are advising me to convert the policy into family floater SI 5 lac…Premium around 15k.Please advise .

  3. ashalanshu says:

    Dear Dhiman, please increase the sum assured in this original policy. For extra cover, you may purchase either one family floater or a Top up cover.

    Thanks

    Ashal

    1. dhiman1966 says:

      thank for the reply.Just need one advise ashalashu, people are advising me for portability to max bhup family first sliver plan 5 lac each member plus 15 lac floater.My premium for present policy is around 10k.if i increase insured amount to 2.5 lac each for me and spouse and 1.25k each for kids(that is permissible for increase this year) my premium get increased by 25 % i.e around 12500.and if i take floater for 5 lac from apollo/star/max premium for that will be 23000 approx(since my age is 47 years)so total premium of present plus floater will be around 35k.In-case i go for portability for max bhup silver plan my premium will be around 27k and will get all benefits of previous policy for amount ported.so please suggest what should i do ??? regards

  4. dhiman1966 says:

    dear Manish chauhanji can i get your expert advise on this

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