Q: I am a 49 years old male. I have a Mediclaim policy from a company for the last six years, which covers my individual family members. Now, another insurance company has approached me to switch over to their health saver plan and pay a premium for five years and get insured up to 75 years of age. Should I switch?

A:Generally, the no-claim bonus and other benefits for earlier clients are available only from the company with which you are currently insured. Switching of company would usually mean foregoing such benefits. This should be done only when there are definite reasons. You must critically examine the terms and conditions of the two companies to satisfy yourself that the new company is better and worth switching. Coverage till 75 years is not a special advantage. If you read up the policy bond of the old company, you would find that coverage is granted till 75-80 years. These policies are issued from year to year. As per law, the company cannot refuse to renew annually without definite reason.