Friday, 19 April 2019

Which critical illness insurance policy should a person with family history of diabetes buy? – Economic Times

Query: I am 37 and want to buy a critical illness insurance policy as there is a history of diabetes in my family.

I already have an individual health insurance policy and a group policy with covers of Rs 5 lakh and Rs 4 lakh respectively.

My family is covered by a separate floater health insurance policy. Please advise.

Yashish Dahiya Co-Founder and CEO, replies

: You could either buy a standalone critical illness plan or a term insurance plan with a critical illness rider. Since there is history of diabetes in your family, the insurer might ask you to go through a medical test. The premium will be decided after that.

You may choose from the following standalone critical illness plans: Apollo Munich-Optima Vital, Max Bupa Health Assurance Criticare and Religare Health Insurance Assure. These plans offer lump sum benefits covering between 20 and 37 diseases and come with life-time renewability. Another plan you may consider is Future Generali Critical Illness. It provides coverage against 59 critical illnesses including heart diseases and you can choose the policy term as per your convenience.

Query: I’m planning to buy a health insurance policy for my parents, aged 60 and 58 years. I want to buy a policy that allows OPD reimbursements. Please advice.

Yashish Dahiya Co-Founder and CEO, replies : Considering the age of your parents, you must look for plans which have no restrictions on OPD expenses and have a lower waiting period for pre-existing diseases. Senior citizens are more prone to diseases and may require frequent hospitalisation, even for minor medical issues.

Typically, a health insurance plan with in-built OPD cover will reimburse expenses such as doctor’s consultation fees and pharmacy and health check-up bills up to the pre-determined limit mentioned in the policy. Please read the policy documents carefully as some insurance companies have restrictions on certain reimbursements. Also, a health insurance plan with an OPD cover comes at an additional cost. You may consider the following policies: Apollo Munich Health Wallet, Max Bupa Go Active and Universal Sompo Individual Essential.


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