Take Lower Health Insurance now and increase it in future ?

POSTED BY vaidup ON March 10, 2014 4:45 pm COMMENTS (4)

Hi,

I already have a health insurance cover of 5 Lakh for my family provided by my employer. In addition to that the employer has also taken a bigger group floater policy which can be used any employee once their 5 Lakh cover runs out.

I am now considering to buy own health insurance cover. My question is – Is it sensible to keep my health insurance cover low for initial years and then increase it later. Because I will always be using the employer provided first and may not even use my own insurance cover. Then by keeping the cover small I can reduce premium which can in any case increased be later. Please suggest if this thinking is alright.

4 replies on this article “Take Lower Health Insurance now and increase it in future ?”

  1. ashalanshu says:

    Dear Vaid, as you understand this point, go ahead with a lower cover. Life is full of surprises and in case you are down with a permanent illness which can not be covered under your health policy’s T&C, the increased sum assured for such case’ll be useless.

    Thanks

    Ashal

  2. vijay says:

    If your tax deduction still provides for further ‘cushioning’ (80D), you might just as well go ahead with a higher sum assured. Otherwise, there are also options in top-up and super top-up plans that might be of interest to you…

  3. ashalanshu says:

    Dear Vaid, are you aware that each increase in sum assured is considered for existing illness clause?

    Thanks

    Ashal

    1. vaidup says:

      Hi Ashal,

      Not clear what your point is here. However, I understand that waiting period under the existing illness clause will only apply for the increased sum assured and not for the initial sum assured.

      My point is when I have the employer provided cover and some basic sum assured on my own. So when I increase it in future the waiting period will only apply for the increased portion, which in my opinion should be okay unless I am completely missing something here.

      Thanks
      Upender

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today