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POSTED BY ON March 21, 2013 10:27 am COMMENTS (9)
Dear All,
My company is ofeering Parents Medical Insurance Offer under our Group Mediclaim.
The details are as below.
Sum Insured : 1 Lac
Premium : 7,865
This is 1 Parent Yearly.
Below are the salient points they mentioned.
Ø Pre Existing Disease Covered For All Members
Ø No Medical Check Up
Ø 30 Days Waiting Period For Non Accidental Claims Waived Off
Ø 2 Year Waiting Period For Specific Diseases Waived Off
Ø Pre & Post Hospitalization Covered*
Ø 10% co-pay for all claims.
***In case an employee leaves the organization, the premium will not be refunded if a claim has been made. If there is no claim, then the premium will be refunded for the remaining policy period.
How do you guys see this, i am planning to take for both my father and mother. As external Medical Insurance policies demand Medical Checkup (and increase premium) and also they don’t cover existing diseses immediately.
I feel this is a good thing.
Please let me know your views.
Regards,
Sunil Ramidi.
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Your parents have many ailments so all companies will think a lot before underwriting their policies.
Go for these options
1. Pls go for Icici Lombard Complete health insurance as they covers Pre exisitng disease after 2 years.
2.Then try religare health , as their premium are bit lower and underwriting norms are relaxed.
3. In PSU , try for New India or Oriental.
Go to this link to clear your thought process.
http://www.healthinsurancechandigarh.com/health/20-point-checklist-when-you-buy-best-health-insurance-policy-for-family/
dear sunil plz check the group health insurance policy offered by syndicate bank..its known as synd arogya i think … just visit the site. and check for the insurance plan b.. u should get the complete family floater for ur family and ur parents covered for 5lac for just Rs12k..thank u
Yes Ashal i shall do that.
Dear sunil, please opt this policy as of now as an stop gap arrangement. Later on purchase another policy from the morket in next 2 months.
thanks
Ashal
Thanks Ashal and FFC,
I shall enquire with the private particpants as well..
But as of now i feel to take the cover and also opt for individual policies, so that by the time they start to cover existing diseases i can stop this (if i stay in the same company)
Any ways the window for existing diseases is getting reduced without much risk, as i have this policy from company.
Dear FFC,
Thanks for the thoughts poured in,
Age of Parents : 55 and 50.
Yes, they do have existing ailments (Diabetic and High Blood Pressure, Asthma).
No i am not going to stay with the company forever though, but the point of covering the existing diseases right away is a good one.
Depending on their age this is reseanoble (i would not say a best one though). But still the coverage of existing diseases is the one which is inclining me to this offer.
However, you have given a wonderful thought at the end, to continue with this and parallelly take another policy so that by the time the new policy covers the existing diseases i can stop this.
Thanks for the wonderful advice.
Also, want to confirm on one thing, the tax saved on this would be above the limit of 1 Lac right???.
Yes of course the tax component falls under 80D and not 80C.
15K for self, spouse and children and 15K for non-senior citizen parents.
Your parents are still young. So get individual policies without delay.
Dear sunil, please contact first a pvt. insurer & demand quote for your parents based upon their current health condition. A minimum cover of 3L Rs. each should be there.
thanks
Ashal
How old are your parents?
Do you intend to stay in this company forever (assuming the company will exist of course!)?
The company may change its policy each year depending on its profits etc. So that may inconvenience you.
These days a 1 lakh cover and that too for an older person is too small.
A 10% co-pay for a 1 lakh cover does not sound reasonable. There are maybe better offers depending on their age.
If they have pre-existing diseases then go for it.
In any case it is always better to get individual polices. Many floater policies are there which are reasonably priced. Even if there is a waiting period once you establish the relationship with insurer it is easy to get it renewed with age. Choose one which offers life-long cover.
Once the waiting period is over in the individual policy you can discontinue the company cover.
Have a look at
http://www.medimanage.com/health-insurance-experts-blog/post/2011/05/15/10-smartest-things-to-check-before-you-buy-Mediclaim-in-India!.aspx