L&T General Insurance has received approval from the Insurance Regulatory and Development Authority ( IRDA ) for a top-up health insurance plan of up to Rs 25 lakh, which can be bought by those even without an underlying insurance policy. A top-up policy acts as a supplementary cover. For instance, if an individual is covered up to Rs 3 lakh under his company's group insurance plan, he can buy a top-up policy where the claim amount exceeding Rs 3 lakh is paid . Although L&T General's new cover is named 'Super Top-up' plan, it can function as a basic policy with a deductible, if there is no other policy. "Instead of buying a Rs 3 lakh cover, a 30-year-old can choose to keep Rs 3 lakh in a fixed deposit and get an insurance policy which providers cover for claims between Rs 3 lakh to Rs 12 lakh for a premium of Rs 1,870 annually," said Joydeep Roy, CEO, L&T General Insurance. The pricing is such that higher the deductible, the lower the
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