Greeting To Our Readers!
The Second Wave of COVID-19, is slowing down, however has not come to an end, which means we still have to be careful and continue to follow COVID protocols!
The second wave of COVID1-9 was nothing less than the worst nightmare, the stories heard were so drastic and painful. No doubt there were stories of recovery and survival from the infection, but in most of these cases, people showed signs of post-COVID complications.
Many kinds of complications were heard like fatigue, brain fogging, and stroke. Some of the complications also proved fatal.
Scientists and experts have predicted the third wave, likely soon to arrive in India. Thus, at this time what’s an individual priority is to prepare themselves for the third wave. The preparation includes building your immunity, getting vaccinated as soon as possible, and replenishing your health insurance policy sum assured!
The rising healthcare costs and chances of multiple hospitalizations due to COVID-19 might result in the exhaust of the entire sum insured in a single hospitalization. Thus, what you need to do is, 'restore benefit' in your health insurance policy.
How Does The ‘Restore Benefit’ Helps? It provides you with additional coverage in case you use up your existing cover in any given policy year.
Let us know everything about the Restore Benefit feature in Health Insurance Policy!
How Does The Restore Benefit Work?
This feature of a health insurance policy typically restores the entire sum-insured after the initial sum is partially or completely exhausted.
For example: Suppose Ritik buys a family floater plan with a cover of Rs 5 lakh for his family of four. He undergoes an open-heart surgery which consumes his whole sum insured. After two months, his daughter also gets hospitalized for another ailment that resulted in a medical expense of Rs 3 lakh. Now, here, the restoration benefit comes into action. It automatically reinstates the full amount of sum insured on exhaustion of his cover.
Prominently the Restore Benefit feature in health insurance policy act as the backup plan for your sum insured in case of back-to-back hospitalizations, either for the same person or different members of the family.
Types of Restore Benefits!
Restore Benefit feature in a health insurance policy is basically of two types based on the consumption of sum insured:
- The Restore Benefit in health insurance comes into play when the entire sum insured is exhausted.
- Some health insurance companies also offer Restore Benefit on partial consumption of sum insured.
Who Should Opt For A Restoration Benefit?
The Restore Benefit feature of a health insurance policy is mostly recommended to people with Family Floater policies. This plan is shared among family members.
In such plans, this feature ensures that all the members of the family are adequately covered by the insured sum. Also, people who cannot afford higher sum insured policies must look for restoration benefits in their health insurance plans.
Terms And Conditions For Restore Benefit!
Here are certain terms and conditions related to Restore Benefits of Health Insurance Policy listed below:
- Restore Benefit is available only for different illnesses. For example, if you use the sum insured for a specific disease such as a heart attack, you cannot use the replenished sum insured for the same problem again within the same policy term.
- One can use the restored benefit only once in a policy year and unlike the no-claim bonus, it cannot be carried forward for the subsequent policy year
- Restoration benefits can only be used for future claims. So, one cannot avail of this benefit on the very first claim of the policy year.
To get more details about the best health insurance policies you can get in touch with us. Call us on- 06299924337 or mail us at [email protected].
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Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).