I have an ₹8 lakh floater health insurance policy that I have been renewing for the past six years. I have certain health issues and would like to know if I can get a top-up plan at any time or if I can only increase the sum insured when my policy is renewed. Also, if I buy a top-up plan, can I use it with my usual insurance to cover pre-existing medical conditions?
– Name withheld on request
Considering the medical inflation that has been increasing, approx. 10% year on year, it is smart to enhance the sum insured amount every year. Since you did not mention what kind of pre-existing disease (PED) you have, we assume you are suffering from any commonly known PEDs like diabetes, blood pressure or thyroid. Even with such medical conditions, you can purchase a top-up plan (subject to Underwriting evaluation). It is important to note that a waiting period will be applicable due to your PED conditions if you opt for a top up or enhance the sum insured in the same policy. However, today, many insurers offer products to reduce the waiting period from three years to one year. In case your existing policy does not offer that feature, you can consider porting/migrating your policy and opt for a plan that allows you to reduce your PED waiting period.
However, instead of enhancing the sum insured amount, purchasing a separate policy and buying a super top-up instead of a top-up policy will keep the overall premium low and ensure more significant benefits. A super top-up plan will be more helpful than a top-up as it offers numerous benefits, which are always greater than top-up plans.
The query is answered by Rakesh Jain, CEO of Reliance General Insurance.