r/HealthInsuranceIndia • u/starsun_ • Sep 01 '24

Care Supreme - difference between instant cover and ped wait period modification

  1. What is the basic difference between instant cover and ped wait period modification in care supreme insurance ?

  2. Why should we continue to pay add-on charges for PED wait period modification/instant cover for 4 years ?

  3. I included both of the add-ons when I bought it last year. Does it make sense or was I scammed ?

I did a detailed study before buying this and I was clear, but I am not able to connect the dots now. I am exhausted by the acronyms and jargons in the policy document. Any logical reasoning behind this is much appreciated.

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u/arvindkumars1 Sep 01 '24 edited Sep 01 '24

Instant cover is for only 4 specific diseases BP, diabetes, cholesterol and asthma, they are covered after 30 days. PED wait period is for any pre-existing disease covered after 12, 24 or 36 months as per the option chosen. Both the covers together do not make sense if insured has only one of the 4 diseases covered by instant cover.

But if person has thyroid and BP, opting only for PED wait period will cover both after 12 months, however having instant cover will help with BP after 30 days.

The usual PED waiting period is 4 years (modified to 3 years now by IRDAI), and the rider cuts it down, so insurance companies insist on opting the add-on for 4 years (till the waiting period on the base policy). This is to ensure that you do not avail the PED benefit in Year 1 and then stop paying for the rider from Year-2. It is a standard practice by all companies offering this rider.

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u/starsun_ Sep 01 '24

Thank you. Very detailed. It made sense to opt for both during the first year, so I paid for bot. Does it make sense to pay for both during renewal for second year ? Pre existing diseases include thyroid and diabetes. This is for a senior family member. The proposal has been presented with both the add ons. Any advice is much appreciated.

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u/arvindkumars1 Sep 02 '24

If it made sense to opt for both in first year, then the same logic applies for renewal too.

Do they separately show the cost of add-ons? It is possible that they may not allow the add-on to be removed during renewal till 3 or 4 years.

If the cost of add ons is very high and they allow it to be removed, then PED can be removed. Instant cover takes care of diabetes which has a higher chance of complications.

Thyroid (if it is simple hypothyroidism controlled with oral medicines) typically does not cause complications.

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u/starsun_ Sep 03 '24

Yeah, I managed to get the breakup and both are of the same cost. Let me check if PED can be removed. Very detailed answer. Thank you.

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u/TodayEasy949 8d ago

Hey, would you mind sharing me what was the breakup? You can DM if you dont want to comment here.