Personal Finance
Yes, you can include your parents in your existing family floater plan while renewing your policy
Updated : Jul 19, 2018, 06:50 AM IST
Yes, you can include your parents in your existing family floater plan while renewing your policy. While doing so, you must keep in mind that the premium for family floater plans is based on the age of the oldest member, which means paying a substantially higher premium. Additionally, your parents will be required to undergo pre-policy medical checkups. Furthermore, fresh waiting periods and exclusions will apply. Your parents can be covered simultaneously under both the group policy from the bank and any other health insurance policy cover (either on individual or floater basis).
It is always best to evaluate the claim, before deciding to file a claim. The policy may also have a deductible amount, therefore, you will have to compare the cost of repair versus the No claim Bonus amount and take a call accordingly.
As per Indian Motor Tariff Provision, No Claim Bonus can be availed up to 90 days from the expiry of the policy provided. Since no claims have been made in the previous policy and if it is beyond this period, NCB cannot be carried forward.
Pushan Mahapatra, MD & CEO, SBI General Insurance