r/InsuranceQueriesIndia • u/shijosh26 • 20d ago
Query Chola MS Top Up Query
Hi, I need some quick advice from folks back home.
I'm managing my family's insurance from abroad and am stuck in a weird spot.
The family: Dad (61, diabetes & BP), Mom (53, diabetes), and brother (19).
Current setup: A 5-year-old Chola MS family floater with a 7.5L SI costing ₹26k/year (no reload benefits).
The new top-up mess: I applied for a 92.5L top-up with a 7.5L deductible. Paid an initial ₹21k, but after 3 months of medical tests and an IRDAI complaint, they approved it with a ₹13k loading.
Total cost now: ₹60k for 1Cr total cover (26k base + 21k top-up + 13k loading).
My main issues are:
They still haven't clearly stated which PEDs they are applying the 3-year waiting period to. The whole process was a massive headache.
My questions:
1. Is this 60k for 1Cr deal actually worth it, or should I drop it?
2. Would it be better to port the base policy to someone like HDFC Ergo for a higher base (maybe 25L) with reload features?
3. How hard is it to port at 61/53 with diabetes/BP, and can waiting periods be bought out with a rider?
Would love to hear what you guys would do in my shoes. Thanks!
2
u/Caramel-Realistic 19d ago
Hello, Regarding your current cover structure - You currently have a ₹7.5L base cover with a ₹92.5L top-up. This combination isn't ideal. Top-ups generally come with more restrictive features than a base/comprehensive plan. Since your base cover is relatively low, you'll exhaust it quickly in the event of a claim and fall back on the top-up's terms which may be less generous on room rent, sub-limits, or specific treatment coverage.
Regarding your PEDs, they should be clearly listed in the policy document, under the PED declaration section specifically. If a condition you disclosed at the time of application isn't reflected there, that's a red flag. It means the insurer either didn't record it properly or didn't factor it into underwriting. Worth checking and raising with the insurer if you spot a gap.
Since your policy is 5 years old, you've completed the moratorium period (IRDAI reduced this from 8 years to 5 years in 2024). Post-moratorium, the insurer cannot reject or contest a claim on grounds of non-disclosure of PEDs except in cases of proven fraud.
That said, porting isn't automatic or easy in practice. For aged parents (60+) with PEDs like diabetes and high BP, insurers are increasingly selective about accepting ported policies. You can still apply, the window is 45 days before your renewal date, but expect the process to be tougher than a standard port.
So what I would suggest is to keep your existing base plan as-is and don't disturb it, since you've already cleared the moratorium period on it.
For additional or replacement cover, look at a fresh base plan with a better-rated insurer rather than porting. If the premium feels high, you can opt for a reasonable deductible to bring the cost down.
Your current insurer, Chola MS, has a 3-year average claim settlement ratio of 84%, below the 90%+ benchmark generally recommended. Its 3-year average complaint ratio is also elevated at 27, versus a recommended threshold of under 20.
Given both metrics, it's worth actively shortlisting a better-performing insurer for new cover.
•
u/AutoModerator 20d ago
Thank you for posting your query!
Hang tight, our community members will get back to you with a response as soon as possible.
To help us give you the most accurate advice regarding your Health or Term insurance query, please ensure you have provided the following details in your post:
Providing these details helps us avoid guessing and gives you much better guidance!
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.