How Can You Customize Your Insurance Riders To Fit Into Your Family's Medical History

In a health insurance policy, riders can enhance coverage beyond what is provided in the base policy. The best time to opt for a rider is when the base plan does not cover a specific medical need. Reviewing your family history for hereditary conditions and opting for a particular rider in advance is wise. Only you can determine the most relevant riders for you, considering your family medical history. Riders like Outpatient Department (OPD) coverage and hospital cash can come in handy irrespective of family history, but if one has a family history of critical health conditions, the critical health rider is a must. 

Critical illness rider is important if there is a history of major health conditions like heart disease, cancer, and others. “This cover provides a lump sum payment on the diagnosis of the covered critical illness. Lifestyle habits such as drinking, smoking, etc must also be considered,” says says Dinesh Mosamkar, Senior VP, consumer underwriting, TATA AIG General Insurance. 

For instance, if there is a family history of critical illnesses such as cancer, heart disease, or stroke, adding a critical illness rider to a standard health insurance policy would be advisable. “Due to changing lifestyles, these Non-Communicable Diseases (NCDs) are increasing, and everyone should opt for this cover. Post-diagnosing a particular critical illness, this rider provides either a lump sum or a series of payments,” says Bhaskar Nerurkar, head- health administration team, Bajaj Allianz General Insurance. 

So, when selecting a rider is it crucial to assess add-ons based on one’s self and their family’s medical history. “It is a necessary factor to take chronic and critical illnesses into account along with common health/lifestyle problems along with the overall financial support that the insurance can provide against medical bills,” says Nerukar. 

Family Health Conditions May Impact Cost 

History of family health conditions can impact both the cost and availability of certain riders, especially critical illness riders. Insurers often consider the family history of certain illnesses when assessing the profile of potential policyholders. 

“If there exists a history of critical conditions related to heart, cancer, or diabetes in the family, insurers may charge a loading or impose exclusions for certain conditions.,” says Mosamkar. 

However, the Insurance Regulatory Development Authority of India (Irdai) has said that while insurers can charge a load and have exclusions and waiting periods, they cannot dent coverage.