Comprehensive Discussion on Group Mediclaim Policies and Health Insurance Queries

Hi friends,

We are a leading insurance broker with a huge clientele. We can structure group mediclaim policies and also rework existing or expiring policies. Based in Chennai, we can handle policies across the country. You may email us at [Login to view] or contact 919884034555 for any information on general insurance matters like property insurance, liability insurance, group personal accident policies.

Thank you.

Dear Mr. Raju,

For your first question, you can search for a Financial Healthcheck calculator on the internet. Anyway, I can work out one and post it next week.

Answering your questions pointwise:

1. There is no bar on taking any number of policies, but you should be honest and disclose because if you have more than one policy, you will be eligible for proportionate payment. It is better to take a top-up policy on your existing mediclaim policy issued by United India or Star Health.

2. There have been changes in the limit for dependent parent coverage deduction. Your limit is Rs 15,000 under Sec 80-D if you have paid for your individual policy. If you are under a group mediclaim policy, then it depends upon your company, CTC, and terms of FBT.

3. I don't know whether you are thinking mediclaim and health policies are separate. In commercial language, a health policy is called mediclaim.

4. Regarding the taxable limit, the deduction is in a separate section 80D, which is part of your computation.

A personal piece of advice is that even if you are in a group policy, it is always better to have a personal family policy. This way, if you are out of a job or shifting to another job and you are sick in the period in between, the personal policy would be handy.

For any queries, you may email me at premiuminsurance@gmail.com.

Krishna

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Good to see your contacts... First, I would have a few queries in front of me.

I am Raju from Chennai working in a private firm. My question is:

1. What is the percentage limit that I can frame as a budget in my life, for example?
Expense breakup from my income:
- Daily expenses x %
- Food Items y%
- Entertainment z%
- Medical expenses
- Vehicle maintenance
- House maintenance...etc.

This will be very useful for all Citehr members if you can frame it out in detail. It will help build trust with you even better to have good contact as well. Also, I do have other personal queries.

1. Can an individual have any number of mediclaim policies if he is interested?
2. What is the margin limit in the taxable income for mediclaim if he has:
I. Individual policies
II. Group policies
3. Can mediclaim and health insurance policies be taken at the same time?
4. What would be the relational limit under taxable income?

Please advise.

Thanks in advance.

Regards,
Raju

MY ID: premiuminsurance@gmail.com

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Hi Krishna,

I would like to take family mediclaim for my mother (62 years old), myself (35), my wife (31), elder son (6), and younger one (1.5). What is the best one available in the market, and what are all the documents required? Do you have anybody in the north, i.e., Delhi or Noida? Please revert at the earliest.

Thanks in advance,
Devarajan

Hi,

If you are looking for your mother, then she needs to undergo tests prescribed by the insurance company. For you and your wife, you only need to declare your present state of health. You can mail your details to [Login to view] or call 09884034555.

Regards,
Krishna