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Group: Forum Members
Last Login: 08-05-2012 14:28:17
Posts: 4,
Visits: 46
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Hi,
If I have an mediclaim insurance of with sum insured of 3 lacs (policy A with insurance company ABC) and further I buy 5 lac insurance (policy B with insurance company XYZ) as a top-up plan with 3 lac as deductible, so effectively I am covered for a claim upto 8 lac for hospitalization, however now if I increase my sum insured for policy A (which I had taken with insurance company ABC) from 3 lac to 5 lac at a later date, what is my total insurance coverage/sum insured? Is it still 8 lacs or 10 lacs, in other words will I be able to be make a claim for 10 lac?
Cheers,
Jaideep
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Group: Forum Members
Last Login: 08-05-2013 20:53:31
Posts: 170,
Visits: 690
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Hi Jaideep,
That's an excellent question.
Here's the answer.
Whatever is your standard mediclaim coverage, the top-up will pay only claims which cross that deductible amount.
So in your case, when you have a Rs. 5 Lakh standard mediclaim, and a 3 Lakh deductible, 5 Lakh topup. You would be able to maximum claim Rs. 8 Lakhs, even after the upgrade. This is because top-up is an indemnity based product, and will not pay more than the total claimed amount.
Hence, our suggestion in case you upgrade your core plan, would be to increase the deductible on renewal of the top up policy to Rs 5 Lakhs, which will reduce the premium of your top-up product, and enjoy Rs 10 Lakh cover.
Mahavir Chopra | www.Medimanage.com
Mahavir Chopra from www.medimanage.com
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