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Health Insurance 635 views September 28, 2021
A daily cash allowance is provided to health insurance policyholders for a specific period of hospitalization. This benefit is available to you in base cover or sometimes you can add this feature as a rider to your health insurance plan. The insurer offers you a daily cash benefit to cover miscellaneous expenses. The daily cash benefit can also be utilized to cover the income deficiency that might occur due to your hospitalization. Read this article below and know more about the daily cash allowance.
Table of Contents
What are the Advantages of Daily Cash Allowance?
The following are the benefits of having a daily cash allowance in health insurance –
- Extra coverage during the hospitalization
- Payable till the period you are hospitalized
- A fixed amount of money is paid and it remains the same during the policy term
How to Get the Daily Cash Benefit?
The daily cash benefit is available in the health insurance plan as an in-built cover or if it’s not, you can add this benefit as a rider for which extra premium will be charged. You can avail of this benefit in your health insurance if you get sick or injured during the policy term and are hospitalized. The insurer shall pay the daily cash allowance only if the in-patient hospitalization expenses are admissible for a claim. You’ll receive a daily hospital cash benefit for a maximum of 30 to 45 days. However, this may vary from one insurer to the other.
Which are the Top Health Insurance Plans with Daily Cash Allowance?
You’ll get the in-built daily cash benefit under the following health insurance plans –
HDFC ERGO Hospital Cash Insurance
The insurer provides you a daily cash benefit if you’re hospitalized during the policy term. You’ll get the following hospital cash options under the policy –
- INR 500
- INR 1,000
- INR 1,500
- INR 2,000
- INR 2,500
The insurer pays the daily cash allowance for up to 30/60 days for each continuous period of 24 hours of hospitalization.
ICICI Lombard Hospifund Insurance Plan
If you get sick or injured, the insurer will pay a daily cash allowance specified in the policy schedule. You’ll receive a daily cash benefit for each continuous and completed day of hospitalization, subject to the following conditions:
- Hospitalization should be for at least 24 hours and upon the written advice of the treating medical practitioner
- You’ll receive a daily cash amount up to the number of days as specified in the policy schedule
- The insurer’s liability is more than per event deductible or franchise as stated in the policy schedule. If you choose a franchise of two days and get admitted for one day, nothing shall be payable. However, if the hospitalization is for more than two days, you’ll be entitled to the daily cash benefit. And if you choose a deductible of two days, the benefit shall be payable to you after the first two days of continuous hospitalization.
- The insurer shall not provide the daily cash benefit before the commencement of the policy period or within the waiting period unless it is caused due to an accident.
Future Hospicash Plan
The insurance company provides you cash benefits in case you are hospitalized during the policy period. You can claim the hospital cash benefit for each day of hospitalization. You’ll get ICU daily cash benefit available for up to 10 days for each hospitalization, subject to a maximum of 20 days during the policy period. The daily cash benefit is 2X if you are hospitalized in an ICU within the city of residence and 3X in an ICU outside the home city. Plus you’ll get an additional convalescence benefit of INR 5,000 if the hospitalization is of more than 10 days. Check out the daily cash you’ll receive as per your chosen plan –
| Events | Plan A (up to 30 days) | Plan B (up to 60 days) | Plan C (up to 90 days) | Plan D (up to 180 days) |
|---|---|---|---|---|
| Hospitalization due to sickness | INR 500 | INR 1,000 | INR 2,000 | INR 3,000 |
| ICU admission within the home city | INR 1,000 | INR 2,000 | INR 4,000 | INR 6,000 |
| ICU admission outside the home city | INR 1,500 | INR 3,000 | INR 6,000 | INR 9,000 |
IFFCO Tokio Hospital Daily Cash Policy
You’ll receive a daily cash amount for each continuous and completed period of 24 hours if you’re hospitalized during the policy period due to an illness or accidental bodily injury. The daily cash allowance options –
- INR 250
- INR 500
- INR 750
- INR 1,000
- INR 1,500
- INR 2,500
- INR 5,000
You can choose the daily cash payout limit from the following –
- 30 days
- 60 days
- 90 days
- 180 days
Note – If you’re admitted to ICU, the daily cash benefit is 2X the normal allowance.