Last Updated on April 5, 2026 by teamtfl
I ask every new client one question before we start their financial plan: “What’s your health insurance cover?”
The most common answer from senior executives: “My company provides me Rs. 5-10 lakh group cover.”
And my response: “That’s your employer’s health insurance. What’s yours?”
This distinction — between employer group cover and personal health insurance — is one of the most consequential gaps in the financial plans of Indian professionals. Let me explain why.
⚡ Quick Answer
Yes — buy personal health insurance even if your employer covers you. Group cover vanishes the moment your employment ends. Buying your own policy while young and healthy (before 40-45) builds a claim-free track record, avoids pre-existing disease exclusions, and ensures you enter retirement with uninterrupted coverage. In 2026, with medical inflation at 14-15% per year, the minimum cover for a senior executive family should be Rs. 15-25 lakh — not Rs. 3-5 lakh.
Why Your Employer’s Cover Is Not Your Cover
Group health insurance is purchased by your employer for the benefit of employees. The employer is the policyholder. You are a beneficiary — but not a party to the contract.
This creates a fundamental vulnerability: the moment your employment relationship ends — by your choice or theirs — your coverage ends with it. No portability. No extension. No grace period. Day 1 of unemployment is Day 1 of no health cover.
In 2024-25, India saw large-scale layoffs across technology, manufacturing, and financial services — including at companies that were considered safe employers. For the affected executives, many discovered they had no personal health policy. Some were between jobs for 6-18 months. A hospitalisation during that period would have been entirely out of pocket.
The Five Risks of Relying Only on Employer Cover
Risk 1 — Job loss or resignation. You leave the job, the cover ends. This is true even if you are changing to a better role. Between the exit date and the new employer’s cover kick-in (which typically takes 30-60 days of joining formalities), you are uncovered.
Risk 2 — Employer changes the policy. Companies are free to change the sum insured, the insurer, the family members covered, and the terms — every year at renewal. What was a comprehensive Rs. 10 lakh cover this year may be a Rs. 5 lakh cover with more exclusions next year. You have no say in this.
Risk 3 — Pre-existing disease waiting periods don’t accumulate. Under your personal policy, once you’ve served the waiting period for a pre-existing condition (typically 2-4 years), that condition is covered permanently. Under a group policy, waiting periods may not accumulate the same way — and every time you change employers, you effectively restart the clock on any new employer’s policy. Get your own policy young, serve the waiting period once, and the condition is covered for life.
Risk 4 — Retirement.** Group cover ends at retirement. The day you retire from corporate life, the Rs. 10 lakh group cover you’ve relied on for 25 years disappears. Buying health insurance at 60 with a list of conditions is expensive and comes with significant exclusions. The time to build your personal health insurance track record is in your 30s and 40s — not at 58.
Risk 5 — Insufficient cover amount. Employer group policies are often benchmarked at Rs. 3-10 lakh per family — figures set years ago and rarely updated for medical inflation. A 5-day ICU stay at a reputed private hospital in Mumbai, Delhi, or Bangalore in 2026 can easily cost Rs. 8-15 lakh. A cardiac event or cancer treatment can run Rs. 20-50 lakh. Rs. 5 lakh group cover is catastrophically inadequate for a senior executive’s family today.
⚠️ The Medical Inflation Reality
Medical inflation in India has been running at 14-15% per year — far above general inflation. Rs. 10 lakh today buys what Rs. 3.5 lakh bought in 2015. In 10 years, Rs. 10 lakh will cover what Rs. 2.5 lakh covers today. A cover you buy today needs to be large enough for the healthcare costs of 15-20 years from now. This is why top-up plans exist.
What Cover to Buy — The 2026 Framework
For a senior executive aged 35-50, with family (spouse and children), in a Tier 1 city:
Base individual/floater policy: Rs. 10-15 lakh minimum. This builds your no-claim bonus track record, keeps the policy active, and covers smaller hospitalisations. From reputed insurers with good claim settlement ratios — Star Health, Niva Bupa, Care, HDFC Ergo.
Super top-up plan: Rs. 50 lakh to Rs. 1 crore on a Rs. 10 lakh deductible. This is the most cost-efficient way to add very high coverage. The premium for a Rs. 1 crore super top-up on a Rs. 10 lakh deductible is significantly lower than a Rs. 1 crore standalone policy — because the deductible (covered by your base policy or employer cover) absorbs most claims. For a 40-year-old, a Rs. 1 crore super top-up can cost Rs. 15,000-25,000 annually.
Combined effective cover: Rs. 1 crore+ at a very manageable premium. This is the structure most senior executive families should be working towards.
Recommended Health Insurance Structure — Senior Executive (2026)
LAYER 1
Employer Group Cover
Use it while employed. Do NOT rely on it alone. Covers day-to-day hospitalisations if you remain employed.
LAYER 2 — ESSENTIAL
Personal Base Policy: Rs. 10-15L
Buy now, while healthy. Builds NCB track record. Covers you at job loss, between jobs, and at retirement.
LAYER 3 — CRITICAL
Super Top-Up: Rs. 50L-1Cr
Low premium, very high coverage. Activates after base policy/employer cover is exhausted. Essential for catastrophic hospitalisation.
When to Buy — The Urgency Is Real
Health insurance underwriting gets stricter with age. If you are 45 and develop Type 2 diabetes, hypertension, or a thyroid condition — all extremely common in senior executives under stress — your health insurance application at 55 will likely come with: premium loading of 25-50%, permanent exclusion of the pre-existing condition, and possibly outright rejection.
The right time to buy personal health insurance was 5 years ago. The second right time is today.
Buy before a health event forces you to disclose conditions that make coverage difficult. Serve the waiting period in your 30s and 40s when you are (hopefully) healthy. By the time you actually need major hospitalisation cover in your 50s and 60s, the waiting periods are behind you and the coverage is in full force.
The No-Claim Bonus Advantage
Most individual health policies accumulate a no-claim bonus — the sum insured increases by 10-50% for each claim-free year, up to a specified maximum (often 100-200% of original sum insured). Some policies also convert this bonus into a premium discount.
A senior executive who starts a Rs. 10 lakh personal policy at age 40 and makes no claims for 10 years could have Rs. 20-30 lakh cover at 50 — for the same or lower premium than the original policy. This is the compounding of health insurance — and it only works if you start early and stay claim-free through the years when you’re healthier.
💡 One Rule About Employer Group Cover
Use your employer’s group cover for hospitalisation whenever you are employed — let it pay the claims so your personal policy preserves its no-claim bonus and waiting period clock. But never let the employer cover be your only cover. Think of it as a bonus layer, not your primary protection.
Want help structuring the right health cover for your family?
The base policy + super top-up combination requires careful coordination with your existing employer cover and financial plan. 30 minutes with an advisor gets you clarity on the structure, cover amount, and the right insurer for your age and health profile.
Frequently Asked Questions
Should I buy health insurance if my employer covers me?
Always. Your employer’s group cover vanishes the moment employment ends. Buy your own personal policy while young and healthy — ideally before 45 — to build coverage continuity, serve pre-existing condition waiting periods, and accumulate no-claim bonus. Relying solely on employer cover is one of the most common and costly financial mistakes Indian executives make.
How much health insurance should I buy in 2026?
Minimum Rs. 10-15 lakh base individual/floater policy, plus a Rs. 50 lakh-Rs. 1 crore super top-up on a Rs. 10 lakh deductible. Effective total cover: Rs. 60 lakh to Rs. 1.1 crore. With medical inflation at 14-15% per year, anything below Rs. 15 lakh total cover for a Tier 1 city executive family is inadequate.
What are the risks of relying only on employer health insurance?
Cover ends the day employment ends. Employer can reduce cover without notice. Pre-existing condition waiting periods don’t accumulate across employers. Group cover cannot be ported to personal policy. Buying personal cover at 55-60 with health conditions is expensive or impossible. All five risks materialise at the worst possible time — just when you most need the cover.
What is a super top-up health insurance plan?
A super top-up pays hospitalisation costs that exceed a deductible amount in any year. A Rs. 1 crore super top-up on a Rs. 10 lakh deductible means: your base policy covers the first Rs. 10 lakh; the super top-up covers everything above that, up to Rs. 1 crore. This combination gives crore-level coverage at a fraction of the cost of a standalone Rs. 1 crore policy.
Your employer’s health insurance is their investment in your employment. Your health insurance is your investment in your family’s financial security. One ends when the job ends. The other is yours forever — if you build it while you still can.
Build it before you need it. Because when you need it, it’s too late to build it right.
💬 Your Turn
Do you have a personal health policy separate from your employer cover? What’s your total effective cover (base + top-up + group)? Share below — you might be surprised how many of your peers in the same income bracket are underinsured.
Experts,
Suppose I buy an additional health insurance cover on top of the company group mediclaim policy. Lets take a case where both policies provide an individual limit of 25,000 on hospitalization for maternity reasons. (I am assuming that company group policy will cover at least 70% of most of my medical expenses.)
In case the bill comes to 40,000, will I be able to cover the entire amount using both policies, say 25K from group mediclaim and 15K from personal policy.
Unless this works, I see little point in paying for additional cover, if I can only use each policy exclusively for any specific hospitalization.
Would like to understand this in context of going for multiple policies.
Hi Jaydeep,
In such cases the two companies will decide mutually what is the ratio each of them is going too pay. Like life insurance company health insurance benefit is given for covering your medical emergencies. If individuals started claiming from multiple companies everyone will be in a profitable situation which goes against the objective of Insurance.
Also, as we have mentioning group policies are fine till you are with the company.What happens after then? What if suddenly company reduces benefits in your policy say stop covering parents.Then you will have to scout for a standalone policy. At higher age there are not enough policies and existing one are majorly co payment policies limiting benefits they provide.Even in your case if you join another company the benefits may not be the same. Some companies do not give you high coverage.
Hence to protect you and your family from all these difficulties there is always a need to cover from a standalone policy and not rely on group insurance.Also, as i have said in my quote, you reap maximum benefits when you continue for at least three- four years with the insurer as waiting periods of most illnesses gets over.
Hi Jitendra,
Thanks for replying. So what i understand is that you can make a claim to both companies and actually get the full amount. doesnt matter what the ratio is. I will have to ask this question to both my group and individual insurer before signing up for my new policy.
Although, I dont agree that the claimant will be profitable since he is already paying premiums to both companies and claiming only in case of medical emergency.
So I am trying to understand the strategy: considering I am already on group mediclaim, is it advisable to start an individual policy with some basic coverage for the entire family as additional medical risk cover? Is it possible to increase coverage on this after few years if need arises.
Jaydeep,
It all depends on the payment clause of respective companies and the maximum limit they have.If the limit from any company allows the payment of up to your claim you will receive it The ratio is decided by companies mutually.Say, a policy holder has two policies—one for Rs 2 lakh and the other for Rs 1 lakh. If he makes a claim of Rs 1.5 lakh, the first policy will pay 2/3rd of the amount (Rs 1 lakh) while the second policy will pay the remaining 1/3rd (Rs 50,000).
However, you may face problems like getting two original documents from hospitals to submit with both companies. The cashless treatment is the most tricky part and sometimes leads to lot of confusion..Also in past many individuals have done this for receiving higher sum so companies also look these cases very minutely which may delay the process.Hence it is advisable to claim from primary insurer.
The amount of coverage will depend on your residence and your income.If in metros, no less than Rs 5 lakh cover is sufficient enough.To buy a floater or individual need to do a bit of research.If the premium difference between two options is not very large go for individual.Or combination of individual and a floater can also be helpful.
You can start with basic coverage and later on look at Super surplus policies to enhance it. These policies charges you very less premium with high coverage and have deductibels of Rs 3 lakh or Rs 5 lakh.But take them early as they also do have waiting period.
Jaydeep. Yes you’ll be able to claim the entire 40,000 amount. Otherwise the whole point of having the additional cover becomes quite useless.
Hi Sumeet/Jaydeep,
Insurance is a great product but we realize its importance only when we don’t have it at the time of emergency.
Let me quote a real example: My sister is working in one of the biggest corporate house in India & she is in HR department. They have some group mediclaim policy & last year there were some changes – employees were asked to contribute some premium & she paid the minimum required amount. Thinking that even hubby’s group mediclaim can be used if required. (Hubby is also working in top co.) Couple of month’s back she was hospitalized & bill was over Rs 2 Lakh. She thought she will get this from insurance company – she got a rude shock when she was approved just 30% of the claim amount. As she opted for minimum payment in co. policy & there was one clause that your bills will be settled in ratio of hospital room cost. Approved room rent was Rs 3000 but actual room rent was Rs 10000 per day. She also not got anything from hubby’s policy as he was in process of joining new company. She paid more than Rs 1.5 Lakh from her savings. 🙁
But let me add – whole world around your personal life can’t be insured. You can retain some risk with you if you really understand its impact.
Also remember kiran’s point “Pre-existing diseases are excluded/covered after a pre-determined time or can lead to loading. This can be avoided if health cover is taken at earlier age when health conditions are good. If you decide to take health cover at 55 ages, these factors will come into play.”
So my suggestion is visualize your situation & analyse your policy.
Dear Sir,
I (age 31 yr) want a health insurance for my family – wife (age 28 yr), Child (age 2 yr) Parents ( age )59 & 52 yrs. At present I have cover of Rs. 100000 from my employer. What things shall I consider while taking health insurance, which riders shall be taken and how much Risk cover shall be considered. Please suggest the best suitable plans for me
Hi Sandip,
You can get some help from discussion on this page
https://www.retirewise.in/2011/06/lic-jeevan-arogya.html
please answer this query
I am an retired senior executive from PSU ,BHEL and covered for OPD and indoor Treatment facilities on reimbursement basis under employees contributory Health Scheme of company ,Do I still require to take Mediclaim Policy .if yes in that case which is the best option to cover self ,wife, son /daugter in law and grand daugther in a composite policy with tax saving benefits.
thanking you
drukgupta
Hi Dr Umesh,
As such you don’t require insurance but again this is about visualizing your situation.
Make sure that this benefit is available in all good hospitals. Think of 2 hospitals where you will go in case of emergency – will government provide partial or full amount in case of treatment. Also talk to your friends who have already availed this benefit.
Please do a favour to central governement employees. Kindly answer the question as to whether people insured by CGHS should also go for health insurance.
Hi Sudhanshu,
CGHS is again a contributory scheme where some amount from your salary goes towards payment of its premium. But I am not sure about coverage of hospitals – again a case of visualizing your situation.
Let me add my Mom’s example: My mom is state govt teacher & getting some group mediclaim benefits. I told my mom that you should also have separate health insurance policy but she doesn’t agree with me. She said we get almost 100% reimbursements – meri chinta karne ki jaroorat nahin hai apne clients ki karo. 10 years back I met with an accident & we got around 90% reimbursement – other than this we never have to use mediclaim.
Recently Mom met with an accident & had a fracture. Doctor told it will be operated (surgery is a product available with doctors – some time they push it even if it is not required. Are we as an advisor following how they work or they are trying to mimic financial advisor in their profession. Clueless…) There are 2-3 type of rods & my mom want best one (swiz titanium plate) – budget was more than Rs 60-70000. Mom had a word with her office staff & came to know that they will not approve this expensive plate. Even she will have to be operated in either govt hospital or 2-3 other smaller hospitals where they have tie-up.
My mom said she wants to have this plate & also operation in Fortis – budget was… you can just think. Luckily we consulted some other doctor & he told there is no need for operation. (still we have some good doctors) She is fine now.
Lesson is visualization. 10 year back I was operated in govt hospital but time has changed.
Please suggest a family insurance coverage in for an NRI to cover:
1. Family of 2+2 – both individual limit and family limit
2. with an option to add mothers of both the spouses.
3. To cover in Gulf country as well as in India
4. Cashless facility is preferred
Note: (1) In Gulf countries, employee is covered by employer but not the family and the insurance coverage by employer is not sufficient.
Thanks.
Hi Z Ahmed,
Why not you try some mediclaim policy in gulf only – talk to your colleagues.
Hi,
I heard that insurance company can deny renewal of your medical insurance anytime at their wish. Is it true? if yes than any one can end up in a situation where he found himself without insurance cover at the time whe he needs it most.
Hi Rajendra,
No insurance company denies mediclaim at their wish.
Please understand Like life insurance when you buy a mediclaim you are actually entering into a contract with the company which they have to abide by.For similar reason the company makes you sign every information they are taking so that they have a proof that you have agreed to the terms.
But most policy holders do not read policy wordings which actually states company terms and conditions. If you go through it you can find every detail what is covered and what is not.Like It states that if you do not disclose any preexisting disease it will be taken as information suppressed and so is not covered.
Hence in buying any kind of insurance it is necessary that you understand their terms to save yourself from any dissatisfaction during claim.If any of the terms i snot fulfilled the company can deny the claim.
Rajendra,
For renewals at higher ages the risk of getting a claim is high for companies.So previously they were not issuing any policies after a ceratin age.But with IRDA stepping in now you one can buy policies at even age of 75.
However, renewals do also depends on certain factors like claim history.Today company do not deny renewal but can exclude specified illness if they found it poses high risk of getting hospitalized.Or they may put a loading i.e. charge extra premium during our renewal.The renewal can be denied in very extreme case when the company is sure that policy holder has very high probability of getting hospitalized even in coming year.
Hence, renewals are there but loading,exclusions etc are also present as per your claim and medical history.
Dear Jitendra,
Nice views but I have one comment. If we have group insurance policy through the company and also personal Mediclaim, I was told that We dont have to declare the Group insurance policy to the Private Insurer as it is borne by the company . It is mandatory to disclose only if you ahve policy in your name (like oe fro National insurance and one from ICCI). Also it is always better to utilize the company fully before touching your personal insurance. Better to let it grow with no claim Bonus’s.
Hi Karthik,
Agree with you.
Dear Hemanta
My father age 55 and mother age 53. I want to a medicliam policy for them . Appolo munic easy helath std. is it best for them or anything else pls suggest me.
Hi Anirban,
It’s a good policy – you can go for it.
Thank you for ur suggestion. My age is 26 and my wife age 24 can we both for this policy.
Anirban,
Yes you can go for this policy.
Pl suggest a good policy for my family of 4. husband 51,myself 49,daughter 20 and son 17.both of us have group ins pol from our employers. which mediclaim policy is beneficial and whether 5 lac family pol would be sufficient .is appollo munich pol a good option
Hello
My copmany provides me 80% of actual bill (unlimited). So if in case of hospitalisation say 100000, i would get 80000 (taxable).. so actual amount I get claimed is ~56000. Since I have unlimited medical claim, should I opt for medical insurance or health policy?
Hi Arun,
Yes you should since group insurance is till your employment with the company and you may have to go for a fresh one when you need the most at higher age.Availing no will benefit you in maximizing the benefits in later years of life.
could u pls throw some light on child plans, like recently lic launched jeevan ankur .
which one is better smart kid jeevan ankur or any other such child plan.
Hi Manish,
Read this – you will get your answer
https://www.retirewise.in/2012/01/lic-jeevan-ankur-review.html
Dear Mr Hemant ji
It is good article and as per your advise, I am interested to take a new policy for me and another for my parents (My company provides group medical insurance for my family and for my parents separately).
Request you to clarify me, is it mandatory or required for me to declare to the new policy vendor about the existing policies or not required to mention.
Also request you to suggest a good policy for my parents (father – 57 yrs & mother – 52 yrs). Father is Diabetic. I am sure that my present company parents policy will cover them for at least for next 3-4 years of period and hence, the existing diseases are covered under my present policy.
Pl. clarify me about the 2 issues., Thanks, KK Babu
In case of two personal family floater health insurance, is it compulsory to declare one mediclaim policy details to another health insurer? i.e. is it ok to utilize entire amount in case of claim from 1st insurer only and not at all disclosing to the 2nd insurer if SI of 1st insurer suffices the claim amount?
While taking a policy you should declare any previous policies you may have.
While filing a claim if you are taking it only from one company then no need to inform other company about the claim.
Query Regarding Group Health Insurance by Company and personal family floater and Super Top Up Policy .
Hi,
I have Group health insurance cover cover of 4 Lacs for my my family ( self , Spouce and One Kid) and A Family floater of Apolo easy heath of 3 Lacs.
My query is as below
1- Do I need to Iform TPA of both insurance companies in Case of Hospitilisation?
2-Is it possible that I can opt benefit only from my group health insurance till the limit is not exhausted i.e. 4 Lacs and If Limit crosess 4 Lacs then I can inform my personal health insurance company also. Because If claim from my personal health insurance company there will be reduction in No Claim Bonus
3-I want to take a Super Top Policy from some comapny for 7 Lacs with 3 Lacs deductible ? Do I need to declare Group Health insurance cover while taking the same?
Thanks & Regards
Pradeep
Hi Experts,
I am working in an organization serving notice period .My dad is hospitalized and my last day in my org is after 1 week from now. Will the policy given by my employer will be applicable when I leave the org. as I had already paid the huge premium amount in my current org.
Please reply , quick reply will be highly appreciated.
Regards,
Varun
Hi Varun,
Sorry to hear that but group medicalim policy will give benefit till you are employee of particular organisation & benefits will seize after that.
I have a query – I have a policy of Rs 1 lakh with 20% co-payment condition. In case I incur a medical expense of 1.5 lakhs, what will my medical company reimburse?
1. Rs 80,000 –> 80% of the policy coverage
2. Rs 1,00,000 –> 80% of the medical expense, subject to maximum Rs 1 lakh, the policy coverage?
Please help me understand.
Dear Saket,
A co-payment clause is applicable either on Sum Assured or on the bill amount. In case it is on SA then company will check all other sub-limits and within those will reimburse 80% of the amount. Similarly it will happen on the bill amount.
Hi Experts,
I have taken one family floater policy comprising of my married sister ( for maternity claim ) and my mother. At the same time, my brother in law also has got the mediclaim policy of the same insurance company from his office.
My question is, will I be able to claim the amount from both the policies in case it gets exceeded from any of the single policy ???
Thanks,
Prasad
Dear Prasad,
In case of multiple policies, the two companies may pay you proportionately. However, if one is a group insurance and other a standalone policy, you should get the claim if it exceeds. You should check with your company to know their claim procedure in such cases to avoid any dissapointment later.
Hi,
I have been insuring my parents through our companies group insurance policy for parents for the last 4 years. Now if I decide to buy a health plan for them from outside, would the pre-existing illness clause be factored in. They have been insured for more than 4 years and there is no health insurance claim during this period.
Please advise.
Regards,
Nishant
Dear Nishant,
With portability of group insurance to individual plans now, it can happen. But the decision of which benefits to continue rest with the company.
Dear Sir,
I have taken GHPL Health insurance (Self +Spouse)in Feb 2010 from Andhra Bank, now i want to switch to any other insurance company but i afford only Approx Rs 4000 Premium a year, so please tell me which is the best policy with no caping and best result,
For your information i have talk to Tata AIG, Max Bupa-Health Companian, Apollo Munich- easy Health, HDFC ERGO- Health Suraksha, Bharti Axxa.
So i please suggest and tell any agent where i can buy the policy, because i do not want to buy directly because they will not help at the time of claim.
Sandeep Katyal
Faridabad
Age 34
M 9811486831
Dear Sir,
I have taken GHPL Health insurance (Self +Spouse)in Feb 2010 from Andhra Bank, now i want to switch to any other insurance company but i afford only Approx Rs 4000 Premium a year, so please tell me which is the best policy with no caping and best result,
For your information i have talk to Tata AIG, Max Bupa-Health Companian, Apollo Munich- easy Health, HDFC ERGO- Health Suraksha, Bharti Axxa.
So i please suggest and tell any agent where i can buy the policy, because i do not want to buy directly because they will not help at the time of claim.
Sandeep Katyal
Faridabad
Age 34
M 9811486831
I have a Jeevan Arogya policy against which I dint get the health cards till today . The said policy is running since 2011. What is exactly the usage of these health cards ? Secondly my policy has completed 3 years . What are the coverages applicable on customers with three no claim years
dear as ihave purchasedjeevan arogy7a i gota policy by may 13 after that i forget to pay prm bymay 14 i pay it by june revivaled now ihave a problem in my ear as i have swellealingin my middle ear so i need to my staptese by titaneum so pl tell much how much waiting for claim is requimg hwen i should submit my operation so i can put aclaim
Dear Sir,
I (32 Yr.)have mediclaim policy for me and my wife. I recently got divorced from my wife. Now what happens to my policy. can i remove her name from it? can i get revision in my yearly Premium? What should i do? please advise.
Please advise.
Dear Sir
I have a New India Assurance family floater medi claim policy of 5 lakhs covering me and my spouse. I get the 80 D benefit of it as well. Can I take another medi claim of 5 lakhs from the same/another company with my wife as principal insured and me as spouse, so that she gets 80 D benefit and both of us are covered by the 2nd policy as well, so we have a total health cover of 10 lakhs ? Which public/private company should I opt for as the second insurer ? Is LIC Jeevan Arogya a good alternative ?
Experts
We are retirees from a PSU Bank & against some one time payment from our final bill, our Bank has given medical cover of Rs 8 lacs for life (means we have to accommodate all our hospitalization expenses for our entire life within Rs 8 lacs )for our family. Since this amount would be insufficient, our Association has been pursuing with the Management to enhance it upwards.Recently the Bank has tentatively offered a Group Health Insurance with comparatively very low premium ( pending finalization of offers receivable from various Insurers, say of the order of Rs 12000 for Rs 5 lacs & Rs 18000 for Rs 10 lacs cover for the ex-employee & spouse) & taken up a survey as to how many want it. We already have our private/own Mediclaims of Rs 5-8 lacs ,separately for self & spouse policies to top up Bank’s limit of Rs 8 lacs .
Now our question is whether despite having Bank’s Rs 8 lacs & proposed contributory Group Health Insurance, should we also continue with our own Mediclaim ONLY TO COVER the eventuality that at future date, Bank’s HR policy changes or its insurer backs out, whereupon we may not get any Insurer at that advance age.
An important aspect seems to be missed out in this trail of queries and answers.
In a Group Health Insurance Scheme for employees or retired employees by a
Bank or a Company, are the subscribers eligible for income Tax benefit under
Section 80 D ? Thanks.
Is claim of hospitalisation for dengue available under this policy???
My father is going to retired next year .he has his group insurance policy in the current company.my question is that can I port before 45 days of the retirement date to individual family health plan ?? If yes..then can i still have to fulfilled the waiting period or not ?
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