Can a lapsed mediclaim policy be renewed for elder parents

[samkapoor77]

My parents are in their early 60s and had a mediclaim policy from New India Assurance for last 7 years with Rs. 5 lakhs cover. This time I forgot to get it renewed and even I didn’t receive any reminder from insurance company. It has been month since the policy has lapsed. Now, I am getting new policy for a maximum cover of Rs. 1.5 lakhs only. What should I do?

[samkapoor77]

Take a new policy with Rs. 1.5 lakhs cover. Meanwhile enquire with NIAC if the old policy can be revived after paying some penalty (chances for which are bleak).

[Author]

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