My wife and I are covered under a joint health insurance policy of Rs 2 lakh. I underwent a surgery recently and my insurer reimbursed the medical bill of about Rs 1.5 lakh. What is the status of my policy now? And next year, will the Rs 2-lakh cover still be available to us?
Deepak Garg, Chandigarh
You basically have a family floater health insurance policy, under which both you and your wife are insured. Such a policy is cost effective and at the same time comes with the restriction on the total sum assured under it, as the sum is spread for both of you. The way such policies work is that when you make a claim, in that policy year, the sum assured reduces to the extent the claim was made. So, if you have made a claim of Rs 1.5 lakh on a Rs 2 lakh policy in the 8th month of the policy, you will still be entitled for health insurance cover repayment in case of a claim to the extent of the balance Rs 50,000 in the policy. In some policies you have the option to reinstate the sum insured for the balance period of the policy by paying extra premium. However, when you renew the policy next year, full amount of Rs 2 lakh will again be restored.
