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<b>General Insurance:</b> Bhargav Dasgupta

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Business Standard
Last Updated : Jan 21 2013 | 1:22 AM IST

I am currently insured under the group health insurance policy taken by my employer. However, soon I will be quitting this job. Since the claim amount due towards the cover has already been taken from my compensation, will I continue to enjoy the cover? If not, is it possible for me to buy it from the same insurer and get low premium? Are there any other advantages of doing so?
Since you are moving out of the insured employees pool when you resign, you will not be able to remain insured under the current policy. However, you have various options of retail health insurance policies in the market. The coverage and premium of these retail policies may or may not be similar to the group health insurance provided by your employer.

Certain terms like maternity which are provided under the group policies may not be available under the retail health insurance policy. The premium that is quoted for a group health policy is the negotiated price given for a large number of employees for whom a single policy is issued. Therefore, the price policy on a group cannot be passed on to the retail. It is possible to get portability benefits from the group policy to retail policy, which essentially means a waiver of waiting period applicable for pre-existing diseases under the retail policy. However, this practice varies from insurer to insurer and not all insurers provide it.

I am 38-years and plan to buy a family floater health plan for my wife, two sons and self. In addition, I want to buy a critical illness cover for my wife and myself. Should I take it separately or with the base policy? Which would be more cost efficient?
A family floater health cover is an efficient plan for covering your family on a comprehensive basis at a reasonable cost. A critical illness cover, on the other hand, insures you against certain predetermined illnesses and procedures only. Both products are independent of each other. A critical illness cover operates on a benefit basis and pays a lumpsum amount, while family floater health plan reimburses the actual expenses incurred. Hence, critical illness cover can be taken separately, in addition to the family floater health plan.

The writer is MD & CEO, ICICI Lombard General Insurance Company

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