Monday, October 8, 2018
by
Indian Real Estate News
Often, costs estimated at the time of buying a health insurance policy go up significantly over time, though the cover remains the same. In such a scenario, instead of increasing the existing cover, one can buy a top-up policy. This acts as an add-on cover.
Health insurer One can buy a top-up policy either from the existing insurance provider or a different company. Top-up plans are available with most health insurers and one can get a quote after entering basic details online.
Age
The minimum age of entry is 18. However, age of entry for dependent children can be three months. The maximum age for entry is typically 80 years, and for dependent children it is 25 years.
Choosing deductibles A deductible needs to be chosen at the time of buying a top-up policy. In the event of a claim, an amount equal to the deductible will have to be borne by the insured or the existing policy. The amount over and above the deductible will be paid by the top-up seller. In a floater policy, the deductible may be applied to individual claims.
Premium and sum assured The premium depends on the sum assured, age and deductible. The higher the deductible and lower the sum assured, the lower the premium.
Medical tests
Many insurance providers prescribe medical tests only for those above 45 years of age. However, this can vary across insurance companies.
Points to note 1. Choose the policy after examining if expenses for day-care procedures, pre-existing diseases, preand post-hospitalisation expenses are covered or not.
2. Top-up policies are eligible for income tax benefit for premium paid under Section 80D of the Income Tax Act.
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