5 Points to Consider Before Purchasing a Second Health Insurance Plan in Indian Market

Buying a second health insurance plan is not a trivial task. You need to assess several things before buying an additional plan for a successful health insurance investment.

In this article, InsuranceDekho attempts to help potential insurer buyers choosing a second health insurance policy make an informed decision. Before going in for a second health insurance plan, do consider the existing conditions and future requirements. 

Some of these requirements are as follows:

* Your age and family members to be covered

* Number of family members to be covered under the plan

* Current income

* Entire family members’ medical record, past and current

* Coverage available under the current policy

Policy Coverage 

If your existing plan is falling short of delivering the promised offerings, then it’s time to look for another plan. Sometimes policies cannot meet a family’s medical needs due to some limitations, exclusions or capping features. You should ensure that the second policy acquires no sub-limits, co-payment clauses, or any other hidden limitations or exclusions. This will help avert any type of hurdle during hospitalization.

Top-up Plans

Besides going for a second health insurance policy, you can buy a top-up plan. A top-up plan provides coverage beyond the sum insured in the insurer’s existing plan. It enhances health insurance features and benefits.

A top-up plan can be bought on an existing plan or as a basic policy. You can opt for such plans either from the current insurer or from any other insurer. If you possess an insurance cover offered by your firm, you can pick a top-up policy on the same and can enhance his saving.

So, consider going in for a top-up plan before buying a new health insurance policy.

Critical Illness Riders

A critical illness rider is an optional add-on feature. It enables policyholders to avail a lump sum (Sum Assured) amount in case he/she is diagnosed with critical illnesses mentioned in the policy wording. Thus, it can protect you and your family from any financial crunch that may arise due to some unforeseen critical illnesses.

The best thing is that a critical illness rider is available at a lower premium rate than the premium paid for second health insurance. You can buy it to compliment his existing health insurance. It can protect you and your family from any financial crunch that may arise due to some unforeseen critical illnesses.

So, it is advisable to opt for a critical illness rider instead of going for another policy in certain cases.

Look for portability feature

The portability feature is an option to change health insurance policy from one insurance company to another without losing benefits the insurer has accumulated.

If planning on buying a second health insurance policy just because the services are unsatisfactory, it is advisable to change the insurer. This way you will not lose the benefits of the existing policy.

While availing the portability option, you should opt for a higher sum insured (higher than the sum insured of the current insurer) with extra offerings and benefits such as critical illness cover. So, portability can be an ideal option to upgrade your existing plan and avail more coverage benefits and better service than before. 

Lifelong Renewability

If you have a health insurance policy, which allows the renewability option up to a certain age only, then you must opt for a new plan with lifetime renewability feature. This is beneficial because once you reach the age beyond which you can’t renew your policy, a plan with the lifetime renewability allows you to renew your policy lifetime i.e. without any age restriction.

So, even if you forget to renew your plan before the due date, the grace period (the policy will be renewable provided you pay the premium within 15 days after the expiry date) can give you a chance to renew your plan post the due date without losing its benefits.