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Health Insurance 2105 views May 19, 2021
Care Health Care Shield Add-on Plan is a rider that policyholders choose with their base plan to deal with the rising medical treatment costs every year due to inflation. It also covers the expenses incurred on certain consumables and healthcare items that base plans do not cover. When you choose this add-on, you can also protect your No Claim Bonus (NCB) as it will not lapse on making even a small claim in a policy year.
This add-on from Care Health provides three benefits to policyholders — Claim Shield, NCB Shield and Inflation Shield. Before understanding this plan further, let’s look at its key features mentioned below.
On this page, we will discuss the features of the Care Health Care Shield Add-on Plan in detail so that you can understand the plan better. Keep reading to know more!
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Policyholders can only purchase Care Health Care Shield Add-on Plan with the base health insurance plan either on policy issuance or renewal. It cannot be purchased in isolation. We will be discussing the features of this add-on plan below. Have a look!
As we mentioned earlier, some health insurance plans do not cover certain consumables and healthcare items. Care Health Care Shield Add-on Plan will cover the following non-payable items related to a particular claim under the base health insurance plan (up to the sum insured).
If a policyholder does not claim in a policy year, Care Health will provide No Claim Bonus (NCB Super, if opted). With this facility, the sum insured amount will increase at a definite rate on renewal if a policyholder has not made a claim during the policy year.
With the NCB Shield benefit, the accumulated NCB will not be reduced at the time of renewal if the total claim amount payable in the previous policy year under the base plan does not exceed 25% of the base policy sum insured. However, if the total claim amount payable is more than 25% of the base policy sum insured, policyholders will not get this benefit.
Inflation shield benefit from the Care Health Care Shield Add-on Plan ensures that your sum insured remains unaffected from inflation. You would be wondering how? Well, this shield provides an additional increase in the sum insured under a base policy according to the inflation rate in the previous calendar year.
The percentage of increase in the sum insured will apply only to the sum insured under the base health insurance plan and not on NCB or any other benefit.
Note: The inflation rate will be the change in the average Consumer Price Index (CPI) of the entire calendar year published by the National Statistical Office (NSO). In case this rate is unavailable at renewal, the rate of the previous year will be considered.
Under the add-on rider, there are no waiting periods. However, the waiting period will be applicable as per the base health insurance plan.