Special offer mediclaim policy
8/29/2011 2:43 PM Monday
Q. I am 56 years old and my wife is 49. We are both in good health. I am subscribing for a New India Assurance Mediclaim Policy for the past 7-8 years, under a so-called 'special offer' from a credit card company. The policy cost me about Rs 8300 in premium for FY 2011-12, for Rs 1.5 lakh cover each. Till date, no claims have been made.
Since I am not using the credit card, I am planning to surrender the same. If so, can I directly pay the premium to the insurer? Since the policy is being offered under a so-called special arrangement for the card holders, I am not sure if the same will be renewed at the same rates, terms and conditions and whether I am eligible for no-claim bonus.
If this is not the case, which is the best medical policy available in the market now? Can I subscribe online, which may cost me less? Will the pre-existing diseases be covered? Please advise.
- R A Murali Mohan
A. Generally the insurance cover would be terminated when your credit card expires. In the event that you have not yet surrendered your credit card, then you must get a new policy before the old one expires. The existing policy can be shown while applying for a new cover, to get maximum benefit.
One can consider Apollo Munich’s health covers as comparable to Mediclaim, since the payout conditions are more flexible. Needless to say, the fine print must be studied in detail. Sometimes, you may end up paying a higher premium, but the benefit will only be felt if and when you have to make a claim.
Since you have mentioned that both of you are in good health, there is no need to worry about pre-existing diseases getting covered. Any such ailments generally get covered 36 months onwards. If there are any existing ailments, be prepared for a loading on the standard premium.
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