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As far as I know..
1. It resets every year in August/September
2. Parents are covered only for 80%.
3. The insurance have 3 bands where you can claim 3,4.5 or 6 lakhs based on the plan you choose. You can always upgrade to the highest band but can never downgrade.
4. You can read further on DeloitteNet. Bajaj Allianz is the provider.
Thank you