Hi Sreekanth,
Firstly, Thanks a lot for the relakhs website, it has tons of useful information.I recommended it to all my friends.
I am planning to buy health insurance policy for my parents aged(62 and 55 yrs) for around 10 lakhs. This would be their first policy. When i tried searching various policies i found that all of then are charging very high premiums of around 40k, so i was inclined towards the bancassurance.
I have a few queries below ,which none of the information available online could answer.
- What would happen to my policy if the tieup between bank and insurer breaks?
- which is better among Dena bank (Apollo munich) vs Canara Bank (apollo munich) vs Andhra bank(United india)?[attached links of all as unable add attachments]
- Can i take 2 bank policies and claim both in case of hospitalisation?
- Which is better a single dena bank(8lakhs policy) or Dena bank(5lakhs)+Andhra Bank(3lakhs)?
3 Answers
Best Answer
Dear Gowtham,
Thank you for liking my work!
It is very tough to provide suggestions on health insurance policy. Each individual / family have their own requirements and medical history.
The premiums of the plans offered by Insurers through banks can be enticing but it all depends on the terms and conditions that the bank(s) has with Insurer and also the T&Cs of Plan(s) itself.
There were cases where Banks can break the tie-up with insurer and enter into a fresh contract with another Insurer and the policy holder may have to transfer the policy to the new Insurer.
Also, note that the benefits and features of a plan as mutually agreed between a bank and Insurer might change periodically.
I heard that there can be serious 'service' related issues in these group plans.
Every thing will have its own pros and cons. But do note that any insurer do need to settle genuine claims. Premium alone can not be the main deciding factor. If it is THE FACTOR for you then you may kindly go ahead with any of the mentioned plan.
Suggest you to buy one Plan with a large sum assured than buying multiple Plans with smaller insurance covers.
Kindly read :
https://www.relakhs.com/factors-tips-best-health-insurance-plan-india/
https://www.relakhs.com/health-insurance-parents-senior-citizens/
https://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/
https://www.relakhs.com/hdfc-ergo-myhealth-medisure-super-top-up/
Thank you Sreekanth for the reply.
Are you aware of any case on how a insurance company handles the policy in case there is break in tieup, i am asking this because dena bank policy is a new one and there are less subscribers compared to others.
My only worry is on taking it is in case they stop the policy my parents would cross the age to enter new policy.
requesting your help to know if you can help on this.
Hi,
I do not have real-time experience or have not come across any such scenario (based on my interactions with blog readers as well). If there is a break-up (Banks - Insurer) then existing policy holders will be given a choice to port to the new insurer but the terms & conditions may change. Dena bank earlier had tie-up with Oriental insurance I guess, after few years, they broke-up and entered into allicance with United insurance. You may go through this article on this topic..
I do not have real-time experience or have not come across any such scenario (based on my interactions with blog readers as well). If there is a break-up (Banks - Insurer) then existing policy holders will be given a choice to port to the new insurer but the terms & conditions may change. Dena bank earlier had tie-up with Oriental insurance I guess, after few years, they broke-up and entered into allicance with United insurance. You may go through this article on this topic..
@sreekanth Thanks for answering.It helped me in understanding. One last query i have is if i wanted to get the rebate from income tax for the premium for parents being paid.Should i pay it from my account only or what is the procedure and proofs required.Lets say if i take individual retail policies for them then how can i prove that i paid the policy and claim rebate
Hi,
If you are going to claim tax benefits for premium paid on the health insurance policies which are in the name of your parents then advisable to pay the premiums through bank account (cheque/online).
Kindly read :
https://www.relakhs.com/health-insurance-tax-benefits-ay-2019-20/
https://www.relakhs.com/income-tax-deductions-list-fy-2018-19/
https://www.relakhs.com/fy-2018-19-section-80ttb-senior-citizens/
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