Home Investment Products Insurance Your Queries (Health Insurance): Can’t pay full premium for policy renewal? Do this

Your Queries (Health Insurance): Can’t pay full premium for policy renewal? Do this

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Your Queries (Health Insurance): Can’t pay full premium for policy renewal? Do this
However, if it does not allow migration, you will have to opt for a fresh retail policy and serve the applicable waiting periods.It’s important you keep sufficiently lined for unexpected exigencies and shield your hard-earned financial savings.

By Prasun Sikdar

I’m dealing with a money crunch. Can I defer cost of medical insurance premium for six months?
—Ajay Kumar

Renewal cost can’t be deferred by six months as grace interval provided to resume a well being coverage is 30 days. As soon as the coverage expires after renewal due date, the claims that come up in the course of the grace interval and past aren’t payable. In case you are not able to pay the complete premium in the meanwhile, a technique out is to request the insurer to give you the month-to-month installment cost choice (if accessible) in the course of the subsequent renewal.

My spouse works with a MNC and has a household cowl from her workplace. She is planning to begin her personal enterprise. I’m an entrepreneur. Ought to we take a household floater coverage now?
—Nirupam Mallick

Sure, it is best to. It’s important you keep sufficiently lined for unexpected exigencies and shield your hard-earned financial savings. You also needs to consider if the group insurance coverage coverage that your spouse holds from her employer, permits her emigrate to a retail cowl from the identical insurer with continuity advantages on the ready intervals served.

My father was discharged from the hospital. He wants nursing, oxygen help, and so on. Can I declare cash from insurance coverage for house preparations?
—S Ok Gupta

Sure, you may if the well being coverage covers these bills underneath house therapy profit. Typically house therapy covers the bills incurred for a particular time period, on account of nursing bills, moveable and surgical medical tools corresponding to particular beds, oxygen cylinders, and so on, if they’re really helpful on the time of discharge from in-patient hospitalisation.

I’ve medical insurance by my employer. If I give up my job, how can I get similar well being cowl later?
—Vijay Kumar H Ok

Verify with the insurance coverage firm on migrating this group employer worker coverage into its retail particular person coverage with continuity advantages. In case it accepts the request of migration, topic to underwriting, then you may migrate your self to the retail coverage. Nonetheless, if it doesn’t permit migration, you’ll have to go for a contemporary retail coverage and serve the relevant ready intervals.

The author is MD & CEO, ManipalCigna Well being Insurance coverage. Ship your queries to fepersonalfinance@expressindia.com

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