If you have moved from a non-metro to a metro, consider hiking the sum insured as treatment costs will be higher in metro cities.
“A single person living in a metro must have a cover of Rs 15 lakh today. Add Rs 5 lakh cover for each family member in a family floater,” says Kapil Mehta, co-founder and managing director (MD), Secure Now Insurance
Says Prasun Sikdar, MD and chief executive officer (CEO), ManipalCigna Health Insurance: “A super top-up is a good option for taking care of medical inflation.”
When a child is born, add him or her to the family floater. “If you inform your insurer within 90 days of birth, he or she will be automatically enrolled into the floater,” says Mehta. Your current policy may have features that could force you to pay out of your own pocket, like caps on room rent, co-payment and deductible.
The price differential between your policy and other similar offerings could be high. In all these cases, consider porting. “Make sure while porting that the new insurer understands your pre-existing conditions and factors in the waiting period served in the previous policy,” says Mehta.
Ensure you have the right insured declared value (IDV). The rule of thumb is to find out the price your vehicle will fetch in the used car market and have an equivalent amount as IDV.
Assess whether you have the right add-ons.
“If you use your car a lot, buy zero-depreciation cover and roadside assistance cover. Those who live in areas prone to waterlogging should buy the engine protect cover. People living in areas that witness thefts should buy the return to invoice cover,” says Animesh Das, head of product strategy, Acko General Insurance.
If your usage has increased or decreased, or the area you live in has changed, add or remove add-on covers.