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L & T General Insurance Super Top Up.

 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 premium, although the range of sum insured actually rises with a higher deductible.

Thus, a Rs 2-10 lakh cover is more expensive than a Rs 3-12 lakh cover and a Rs 5-20 lakh cover is the cheapest at Rs 810 per year for a 30-year-old. This is because most health insurance claims fall within Rs 3 lakh.

Sen said that the 'Super Top-up' would not have any sub-limits for room rent or procedures. Premium rates are much higher for those over 60 and a Rs 3-12 lakh cover costs Rs 13,200 for those in the 60-plus bracket. "But the advantage is that for senior citizens there is no change in premium for life," said Sen.

"The other difference between this plan and the 'Super Top-up' policy is that the initial limit is not per ailment but for all hospital expenses during the year," he added.

source: times of india


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