Q: I am a 48 years old man and I had a mediclaim policy for my wife, daughter and myself for the last 4 years. I am also covered under group insurance policy with the company I work for. Do I need to continue with this individual insurance policy? If yes, why do I need an individual insurance? What are the advantages of the policy, as so far I have taken no claim?

A:You had made right choice to have a dual coverage as individual and group employee. Understand the group coverage is the benefit because of our membership/relation with the group. In your case it is the employment relationship/benefit. Many time when because of some reason like changing company, or change in coverage from one to other corporate the benefits are compromised and person is exposed to the risks. This time if person is having personal coverage then risk is covered. In addition once you approach the retirement age you will not find many insurance companies selling the health coverage. You will be totally exposed to the risk. There are many other befits of individual cover like a prolonged coverage for you and your family for any financial risk for most of the ailments. There is provision of no claim benefit as reduced premium or compounded bonus on sum insured. In event on a severe health risk the both coverage work together and extend the benefits. Hence it is always in interest of the individual to take the individual cover even if (s)he is covered with the corporate policy. There are two types of individual policy one is traditional individual policy and second is family floater policy. In traditional individual policy each individual health risk is cover up to the sum insured taken against him. While in family floater policy complete family is covered against a sum insured and, any one among them or all in family together, can claim maximum up to that sum insured. Depending upon individual (proper) risk perception one can make decision to take traditional individual cover or floater cover.