Health Insurance 201 views November 12, 2021

The rising medical expenses have made it necessary for us to have health insurance that covers numerous diseases and conditions in exchange for the premium one needs to pay periodically. Different plans with varying sum insured and premium offers are available for you to choose from. But do consider other exciting features too before selecting the plan to make the most of it. Health insurance comes with many game-changing features such as No Claim Bonus, Automatic Restoration Facility, Portability, No Room Rent Capping, etc. These features of health insurance ensure increased savings and convenience. Let’s understand these features in detail.

Health Insurance

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Let’s Begin with the No Claim Bonus Feature of Health Insurance

Won’t you appreciate the idea of getting more without having to pay extra for the same? This is what you will get with the no claim bonus (NCB) feature of health insurance wherein the coverage amount i.e. sum insured increases on renewal if you don’t claim in a policy year. What’s more, the base sum insured can rise by a maximum of 100%. With chances of hospitalization being less while you are young, the sum insured could increase substantially. So when the claim situation does occur, you will have plenty to meet healthcare expenses, which are inflating at a faster rate.

At an assumed 10% annual inflation rate, the treatment of a disease costing INR 5 lakh now would rise to INR 6 lakh in just two years. Such a rampant increase calls for a much higher sum insured, which can be greatly assured with this powerful feature. Else if you choose the maximum sum insured at policy inception itself, the premium will be a lot higher. If you can’t afford that, choosing a relatively lower sum insured but multiplying it periodically by the NCB could help you accumulate enough to feel assured should a claim arise later.

Automatic Restoration Facility

Frequent hospitalizations can exhaust your health insurance claim amount. But there’s no need to worry if you have the automatic restoration facility available. With this facility, the insurance company will restore your sum insured automatically for future claims. Some health insurance companies restore the sum insured even upon partial exhaustion. Such a game-changing feature keeps your hopes of sustained health cover alive. However, insurance companies may allow restoration for illnesses other than the ones for which you have claimed previously. Also, it depends on companies whether they keep this facility forever or for a specified number of times. For example, Niva Bupa offers unlimited restorations to customers through its policies.

Policy Upgrade/Portability

There’s no denying the possibility of choosing a not-so-perfect health insurance policy. And if you have done so, make sure you compare your plan with its competing products. If your existing insurer has some other plan having exciting features, you can request it to add those to your current policy. The insurer will go through your request and approve the same if it deems fit to do so. Most likely, regular health insurance plans can get upgraded based on spotless premium payment, whereas dedicated plans for critical illnesses, maternity and others may not. In case the insurer rejects your policy upgrade request, you can contemplate plans of other insurers which would have the benefits you want.

You need to submit the portability request to another insurer at least 45 days before the date of renewal. During that time, necessary formalities will be carried out, including the retention of benefits earned with the existing insurer.

No Room Rent Capping – One of the Most Sought-after Features of Health Insurance

Health insurance comes with limits not only on the sum insured but also on the rent of the room where the treatment takes place. If the daily rent goes past the limit as specified in the policy, you will need to pay the extra amount. For example, if your plan comes with a capping of INR 5,000 per day but the actual cost is INR 8,000 daily, the extra INR 3,000 is your liability. The extra amount may feel insignificant if the treatment lasts for a day or two. But in case the treatment lasts for say a month, you will have to shell out nearly INR 1 lakh. That could make you feel for the policy with no capping on room rent! Below are some of the health insurance plans that come with zero capping on room rent. Take a look!

Health Insurance PlansSum Insured (In INR)Premium (In INR)
HDFC Ergo Health Optima RestoreUp to 50 Lakh Not specified by the insurer, it will depend on the sum insured opted, the age and gender of the policyholder, etc.
Niva Bupa ReassureUp to 1 CroreStarts from 9,111 annually
Star Comprehensive Insurance PolicyUp to 1 CroreStarts from 7,015 annually
Care Family Health InsuranceUp to 6 CroreNot specified by the insurer, it will depend on the sum insured opted, the age and gender of the policyholder, etc.
Aditya Birla Activ Assure DiamondUp to 2 CroreStarts from 6,371 annually

Important Notes

  • All these plans cover Room rent or any other expenses up to the sum insured limit only
  • Aditya Birla Activ Assure Diamond has no capping on room rent for people choosing a sum insured of INR 7 lakh or above.

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