Buy a separate health policy despite having a company mediclaim

I am 24-year old. I have just taken a job at MNC as an executive in Mumbai. My per month salary is Rs 30,000 /-. My office has provided me with a health cover of Rs 5 lakh. My father has asked me to invest in mutual funds through SIP and to also buy a separate health insurance policy. I don't suffer from any disease, hence I am not sure if I should buy a health insurance policy or not, besides my office is anyways covering for me. Please guide that for my profile, what policy is apt and if I should buy health cover at all—Vishwanath Pillai

Employer-sponsored health insurance will remain in force until you are with your current employer. Later option of portability with the same insurer is available, however, this is subject to respective policy terms and conditions. It is a good option to have a separate individual health insurance policy even if you are covered in the health policy offered by the company because you remain covered during a break period of two employments and can also claim income tax rebate under section 80D for the premium paid for health insurance. There is an increase in premium as age increases and insurers would medically underwrite a proposal. In case of any health complications loadings, exclusions become applicable or even sometimes there is a possibility that the cover is refused.

I am a 34-year old single woman. My annual income is Rs 15,00,000/-. My brother is no more with us. I have a health insurance policy for my parents. And I want to buy health insurance for my sister-in-law and education cover for her 6-year old son. I am the sole bread-winner. I am likely to get married in the next year. In this situation, please guide if there are a single policy/policies wherein I can pay one annual premium for all my requirements (consisting health cover for parents and sister-in-law and education cover for my nephew).—Forum Bhatt

Insurance companies offer coverage to an extended family which relations include self, spouse, children, parents, dependent siblings, daughter in law, son in law, parents in law, grandparents and grandchildren.To cover your sister in law and nephew in a health insurance policy there are 2 options:

1st Option- Sister in law to be the proposer of the policy covering herself and her child. Even if she is not an earning member she can be the proposer of the policy. The premium will have to be paid by her only.

2nd Option- Your in-laws can be the proposer and cover their daughter & grand-son.

Education cover is not available in an individual health insurance policy. Child education support cover is offered in Personal Accident policy.

—Shreeraj Deshpande, principal officer, Future Generali India Insurance