In today’s world, health insurance is no longer just a formality but has become the strongest shield for your family’s financial security. Often, lured by low premiums, people choose policies that only succumb to hefty hospital bills, ultimately costing them money. If you’re considering purchasing insurance for your own health or your family’s health, or renewing an old plan, this information can save you millions of rupees and give you peace of mind.
1. Critical Illness Cover
Diseases like cancer, heart attack, stroke, or kidney failure not only wreak havoc on the body but can also wipe out your life’s savings in one fell swoop. Ordinary health insurance often fails to cover the full cost of the lengthy and expensive treatment for these illnesses. This is where Critical Illness Cover comes in handy.
This feature is different from simple reimbursement. As soon as a critical illness is diagnosed, the insurance company pays you a fixed lump sum. You can use this money not only to pay hospital bills, but also to cover expensive medications, overseas treatment, or even to compensate for lost income during illness. This cover serves as your family’s biggest financial support during long-term treatment.
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2. Disability Cover
Trashes never come unannounced. If an unfortunate accident leaves a person permanently or temporarily disabled, it directly impacts the household’s income. Disability cover is designed for this difficult time.
This cover isn’t limited to hospital expenses, but also helps compensate for the loss of your regular income. Experts believe that this feature should be included in every policy to cover medical expenses as well as daily needs. This ensures that your family remains financially independent despite a physical disability.
3. Unlimited Restoration Benefit
People often fear that if they take out a policy worth Rs. 5 lakh and it’s spent all at once, they’ll be insecure for the rest of the year. But Unlimited Restoration eliminates this fear forever. As soon as your policy’s base sum (Sum Insured) is exhausted, the company refills it 100%.
This feature is a boon for families who use a ‘floater’ policy. If more than one family member falls ill during the year, this restoration ensures you have adequate coverage each time. Keep in mind that many companies offer this only for specific illnesses, so be sure to carefully understand the terms and conditions before purchasing a policy.
4. No Claim Bonus
If you remain fit and don’t make any claims throughout the year, the insurance company rewards you. This is called the No Claim Bonus. Your Sum Insured increases with each claim-free year, and best of all, your premium doesn’t increase.
This feature is very useful in the long run. For example, if you have a policy of ₹5 lakh and don’t make a claim for 5 years, your cover can increase to ₹7.5 lakh or ₹10 lakh due to the NCB. This is a smart safeguard against rising inflation and increasingly expensive treatment.
5. Room Rent Modification
Choosing a hospital room isn’t just about comfort; it impacts your overall bill. Many policies have a room rent limit (e.g., 1% of the sum insured). If you book a room above this limit, the company not only deducts the room fee, but also makes a proportionate deduction on doctors’ fees and surgical expenses.
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