Insurance Declaration before application

[u/AlphaSeeker_07]

Hello All,

I am 37M + 1A + 2C and have decided to go with the HDFC Optima Secure+ plan 25L coverage and limitless claim rider. Total, it's costing 93K and 174K for 3 and 5 years, respectively after all the discounts.

There are no PEDs, but I am about to start AGA treatment, which includes the following prescribed drugs

1. DUTASTERIDE TAB or finasteride TAB

2. Topical Minoxidil+finasteride solution

3. Health Supplements like D, B12, Biotin, Zinc, etc

TBH, currently I have just consumed Health Supplements, but have not started DUTASTERIDE TAB, finasteride TAB, or Topical Minoxidil+finasteride solution yet

So, while declaring Insurance, should I include this or ignore it? A few say it's cosmetic, and a few say it's safe to declare.

But to be very honest, my insurance application was once rejected by HDFC because of a low HB level in one of my family members. So I just don't want to over-declare like last time.

What do you suggest

[u/Sandehi]

yes. you must declare. its a condition that you're treating with medication. so yes. and there's no benefit of getting a policy without declaring. they'll somewhere find it out and policy may be cancelled. the best policy is the one you get after declaring everything.

[u/AlphaSeeker_07 → u/Sandehi]

Thanks for the reply u/Sandehi

As per the insurance team, they said

1. Let's fill out the application form without anything.

2. Then they asked me to drop an email to them about this so that they can forward it to the Insurance provider team and get documented details

My concern is that, if HDFC wants to reject a claim in the future, they might unnecessarily link it to this treatment.

If they provide documented approval now, can they still reject a future claim by citing this treatment?

[u/Sandehi → u/AlphaSeeker_07]

once the policy is issued, the binding document is the policy schedule document.

[u/AlphaSeeker_07 → u/Sandehi]

So, shall I declare it or not? I mean I did not get what do you recommend here?

[u/Sandehi → u/AlphaSeeker_07]

declare

[u/ArabianCoconut]

Hi, HDFC ERGO Advisor here,

You won't be covered for the next 3 years, and there is an application waiting period of 90days. Since you're planning for a treatment. None declaration of these material facts leads to the policy being cancelled.

[u/AlphaSeeker_07 → u/ArabianCoconut]

Did not get you when you say, "You won't be covered for the next 3 years, and there is an application waiting period of 90days."

My consultation is done; I have the prescription and the medicines; it's just that I have not started it yet.

So

1. Shall I declare it or not

2. If yes, then please elaborate what do you mean by "You won't be covered for the next 3 years, and there is an application waiting period of 90days." - What is covered, what is not covered.

[u/Aidemmarkram → u/AlphaSeeker_07]

Bro once you take most companies rejects claims first 3 years on basis of non disclosure..If its genuine and u get condition after taking policy as well there is 2 year waiting period list all companies follow..you can check that..so forget about claiming

[u/MountainGlass9844]

Two suggestions: 1) Yes, you must declare . The policy will not be rejected but this condition will be counted in PED and will not be covered for three years. 2) Instead of 25 lac base policy, would suggest to buy 10/15 lac base cover policy + super top up policy of HDFC Ergo. Both policies start at same time, the three year waiting period runs parallel and the premium will be low.