Q- I am 37 years old. I have mediclaim policy from a general insurer for Rs 3 lakh. I have undergone angioplasty three years ago. I want to have sufficient medical insurance. I earn Rs 30 lakh per annum. Please suggest health cover, indemnity products, riders and benefit-based plans and mediclaim.
A- Health conditions are one of the important criteria of underwriting in any health insurance company. Since heart diseases are high risk conditions, insurance companies may not agree to enhance extent of cover in such cases. Therefore, it is suggested that while buying an insurance cover one should keep in mind, the health needs in future and the growing cost of treatment as well. Given your health condition, it might be difficult for you to get mediclaim or benefit based plans. You can apply for other insurance policy like personal accident plan to cover contingencies.
Q- I need clarity on health insurance. There are two types of policies in health insurance — indemnity and benefit policies. Are life insurers allowed to issue indemnity policies along with benefit policies or not? If not why? What does IRDAI mandate in this regard? Please clarify.
A- As per existing regulations, life insurers are allowed to issue indemnity as well as benefit policies. However, many of the indemnity products offered by life insurers currently in the market are fixed benefit plans which may or may not take care of inflation in longer terms. Hence, while purchasing an insurance policy one should consider the health needs in future and the rising cost of treatment as well.
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