Top 5 Options to upgrade your Health Insurance Policy

1.Upgrade later, if needed:

Though this will likely look like the most affordable, thing to do, mind you, this can be the diciest options of. Medical Insurance companies need your upgrade request until you are young and healthy. No one wants you to enter their portfolio or books, an individual will be old, grumpy or dying. Jokes apart, regardless of whether one of the family suffer a chronic ailment like Diabetes, Thyroid etc. or worse claim in the health care insurance policy, your chances of upgrade from the policy are nearly zero. If you aren't aware, permit me to clarify: once you sign up for upgrading, you'll have to produce a fresh application to the insurer for your upgrades giving promise of any new diseases contracted etc. The insurer will likely then appraise the upgrade request similar to a new application and decide. All said and done, get the job done upgrade is approved, all waiting periods are used on the upgrade section of the policy, from your year of upgrade, and never retrospectively.

2. No procrastination. Change your cover now:

This is in no way, the best option when you have an eternity health insurance plan and your household in all fairness healthy. Just submit an application for an upgrade on the highest coverage available first, prior to deciding to try everything else, including a Top-up plan. Yes, you'll need to request for the upgrade during renewal by filling a credit card applicatoin, which is be subject to approval of the insurer. Should you one of you family members have experienced an incident for the chronic disease, you need to explore upgrade for the people.
3. Port your quality of life policy upgrade:

If the sum insured you've is the highest provided with the present Insurer, you are able to explore the option of porting your policy to a different product from the same insurance provider, or another insurance company, containing higher coverage plans. Note, for portability, typically, you have to connect with the modern insurance carrier, 45 days upfront. While looking for portability you should get your chosen sum insured in the proposal form. Of course, you're going to get portability simply for the present sum insured and not to the upgraded sum insured. The waiting periods will begin again for that upgraded area of the coverage.

4. Buy second Health Insurance policy:

If the sum insured you've availed may be the maximum sum insured provided by the insurer, and portability is not possible as explained above, another choice takes an additional medical insurance policy from another Insurer. If you happen to claim higher than the sum insured of Policy 1 you can always claim from Policy 2 for the rest of the claim. Information on how to claim from two plans are available here and here. Be sure you inform about the existing policy with your proposal form for the new policy.

5. Top-up Cover:

Though Top-up plans are recently a well known option to get some new coverage, you need to understand how they work, before enrolling and signing-up for such plans. The policy provides a high coverage having a threshold amount upto that you simply cannot make any claims. As an illustration, you acquire a 10 Lakh cover using a 3 Lakh threshold (also referred to as deductible) 2013 it is possible to claim with this policy only when you have made claims of above Rs. 3 Lakhs.