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I am an employee and covered by the collective health insurance of my employer until ??4 lakh, which includes my parents. I would like to purchase an additional option with this health fund, but I do not know whether I should opt for an additional option or purchase a separate health insurance. I am 29 years old and I plan to get married within a year. Given this situation, is purchasing separate health insurance a good option? If so, which insurance should I choose from the two options I have: ICICI Lombard or HDFC Ergo?
—Vikas Bakshi
It is generally good practice to maintain independent coverage separate from an employer’s health insurance plan. Such plans give you the ability to maintain uninterrupted coverage in the event of a job change or company policy change. Plus, it helps supplement a plan’s waiting period while you are covered under the employer’s plan and acts as a second line of defense for your employer’s coverage. This is especially true for your parents’ blanket.
Supplemental plans can be a good way for you to optimize the cost of supplemental health insurance for yourself. However, you should purchase this regardless of your employer.
A supplemental plan would have a deductible, which must be paid by your other plan or directly by you.
The cost of a supplemental plan is significantly lower than that of a traditional health insurance plan. Some top-up plans also offer the possibility of converting to a regular plan at a later date.
To select a health insurance plan, you should favor plans with no co-pay or policy limit, such as room rent or disease caps.
Also, think about insurers with high claims settlement ratios. Finally, preselect the plans that offer a high no-claim bonus.
I have an individual accident policy with an insured capital of ??50 lakh. Can I purchase another policy with a sum insured of ??1 crore? Can my nominee claim a death benefit from both? In addition, can I apply for a permanent full / partial disability benefit from both?
—Name hidden on request
Personal accidental death and disability policies are fixed benefit policies. Most general insurance policies operate on an indemnity basis, in which expenses incurred by the policyholder are reimbursed. To avoid taking advantage of the insurance, the same claim cannot be made with two different insurers.
Since fixed benefit policies are not intended to reimburse expenses, the benefit can be claimed from multiple insurers. Thus, you can take out additional personal accident insurance. In the event of a loss, whether it is disability or death, all active policies would pay the benefit amount.
Abhishek Bondia is Managing Director and Managing Director of SecureNow.in.
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