I have an 8 lakh floater health insurance policy that I have been renewing for the past six years. I would like to know if I can get a top-up plan at any time due to certain health issues or if I can only increase the amount insured when my policy is renewed. Additionally, can I use my current insurance to cover pre-existing medical conditions if I purchase a top-up plan?
- Name withheld at request
In light of the steadily rising cost of medical care, approximately Every year, the sum insured should be increased by 10 percent. Since you didn’t say what kind of pre-existing condition (PED) you have, we assume you have diabetes, high blood pressure, or thyroid problems. You can purchase a top-up plan (subject to Underwriting evaluation) even if you have such medical conditions.
It is essential to keep in mind that if you choose to add to or increase the amount insured under the same policy, you will be subject to a waiting period because of your PED conditions. In any case, today, numerous guarantors offer items to lessen the holding up period from three years to one year.
If that feature is not included in your current policy, you might want to consider porting or migrating your policy and selecting a plan that will shorten your PED waiting period.
However, purchasing a separate policy and a super top-up policy instead of a top-up policy will keep the overall premium low and guarantee greater benefits rather than increasing the sum insured. Because it provides a greater number of benefits than top-up plans, a super top-up plan will be more beneficial than a top-up plan.
