Which rider is suitable for your health insurance policy

1
Health Insurance Plan

• - includes individual health insurance plans,
  family floater health insurance, health cover,
  senior citizens health care and critical illness
  health insurance policies.

2
Which rider is suitable on your health policy?

• Introduction-
• Given the rising health care costs, buying a
  suitable health insurance plan is very useful.
  You can also save tax on the money paid on the
  premiums. However, just buying a policy might be
  insufficient at times take into consideration
  some important aspects of day-to-day life. These
  could be facing a critical illness, personal
  accident, high hospitalization costs etc. You
  might be unable to quote the financial
  requirements incurred during the crisis time.
  Therefore, its better to buy add-on covers or
  riders that provide added benefits at some extra
  cost. Add-on cover is the convenience it offers
  such as common underwriting process, one-point
  renewal and endorsement for both coverages.

3
Some of the covers commonly available in India

• Critical illness cover
• Personal accident cover
• High-deductible insurance cover
• Hospital cash cover
• Room rent waiver cover

4

• High-deductible insurance cover A
  high-deductible health policy is an additional
  coverage for people who have an existing
  individual health insurance plan or are covered
  under a group insurance policy from employer. It
  is for reimbursement of expenditure arising out
  of hospitalization beyond the limit of the
  existing cover or a defined threshold.

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Critical illness cover This provides a lump sum
benefit for certain pre-decided ailments, as
defined by the insurance company. If the insured
is diagnosed with any of these, then he or she
gets a payout apart from the health insurance
policy.
Personal accident cover It covers the risks
that arise due to death or disablement caused
directly and solely by accidents. It is helpful
in cases of medical emergencies arising out of
accidents and are available for a sum insured
ranging from Rs 10 lakh to Rs 20 lakh.
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Hospital cash cover These covers provide daily
cash upon hospitalization due to sickness,
accident, day-care procedures, etc. The amount
could be anything from Rs 1,000-3,000 depending
on the number of days decided by policy terms.

• Room rent waiver cover A room rent waiver
  rider allows you to have a higher sub-limit or
  rooms without sub-limits in case of
  hospitalization. Typically, most insurance
  policies have a defined sub-limit on the room
  rent, room type (single or double occupancy).

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• It is important that one should select an add-on
  cover keeping in mind factors such as existing
  plan coverage, family expansion, unplanned
  expenses, prevention and wellness care needs and
  so on.
• For instance, if one is planning to start a
  family, his wife can opt for a maternity and
  newborn baby cover with the floater health
  insurance plan, which provides coverage for
  delivery expenses and hospitalization of the
  baby.
• However, this cover has a waiting period. If
  youre a salaried employee already covered by the
  employer's group policy, you can opt for a top-up
  cover to meet additional expenses. The age,
  nature of occupation and lifestyle of the insured
  are important factors to keep in mind while
  choosing the rider on your health policy.

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• Those who travel often or have exposure to
  dangerous labour work such as construction sites,
  industrial work etc. their opting for personal
  accidental rider makes sense which can add great
  value to your health insurance plan.

• If one is living away from one's family or
  taking treatment in another city, compassionate
  visit cover will be beneficial.

• It covers the cost of air travel by an immediate
  family member to the place of hospitalization.
  Although buying riders will push up your total
  premium at slightly higher end, but one must look
  at it in the context of the benefit it offers.
• These are niche products that focus on specific
  conditions. The waiting periods for these add-on
  covers wary, such as fixed benefits covering
  critical illnesses dont have the usual waiting
  period of two years but only an initial waiting
  period of 60-90 days.

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