These days, having a Mediclaim policy in India is not a choice but a necessity. Your daily requirements and needs change with time, so do your health insurance needs. The basic health insurance cover that you had at the age of 25 years may not fulfill your insurance requirements of at the age of 40 years. When you feel your health plan is not providing sufficient coverage, opting for a rider cover is highly recommended by the insurance experts.
There are a plenty of health insurance policies or medical policies in India that come with rider covers. But before digging into details, let’s know what does a rider mean?
Decoding Rider Cover
In a health insurance policy, a rider cover is an element that enhances the scope of the basic coverage. Simply put, it offers additional benefits that can be availed by paying a nominal premium. Considering the insurance needs at every stage of your life, these covers allow you to expand the coverage and offer a complete financial protection. When you can’t afford to remain uncovered when a medical emergency arises, by adding a rider cover you can control the out-of-pocket expenses that may arise due to a health emergency. These covers are designed to meet your requirements at different life stages.
For instance, Ms. Nair had a basic health insurance at the age of 22 years. When she got married, she decided to opt for a maternity cover with her basic health policy. By doing so, she ensured sufficient coverage for her maternity.
Let’s have a glance at some of the most commonly availed health insurance riders:
1. Hospital Cash
One of the immensely popular rider covers of health insurance is hospital cash benefit. Under this rider, you will be offered with a daily cash allowance up to a pre-decided limit. In case of hospitalization, a fixed amount will be paid on a daily basis. While this benefit can be availed once per policy tenure, the insurers may come with their own terms and conditions. Moreover, the benefit offers coverage for a pre-stipulated number of days.
2. Room Rent Waiver
At times sharing a hospital room with someone else can be uncomfortable. With the rising hospitalization costs, the price of an individual room can shoot up in no time. Moreover, most of the health insurance policies in India come with a cap on room rent.
By opting for a room rent wavier rider, you get a waiver on the room rent.
3. Personal Accident Waiver
Also known as double indemnity waiver, personal accident waiver boosts the basic coverage of your health insurance plan. The basic health insurance plan comes with a cap on accident-related expenses. As a result, the insured gets a limited coverage in case of permanent partial disability, total disability or death caused by an accident.
By opting for a personal accident waiver cover, you can enhance the basic coverage, which covers accidental death and disability. Moreover, in case of an accidental death, the family is entitled to receive a stipulated amount as an accidental death benefit. Typically, ADB is not offered in basic health insurance plans.
4. Maternity Cover
As the name suggests, this cover is designed on the basis of maternity related expenses. Maternity comes with lots of happiness, responsibilities and yes expenses too. Even a normal delivery in a reputed hospital could cost you around Rs. 50,000-60,000. The amount could come in five digits if it is a C-section delivery. Moreover, you can’t deny the post-natal expenses as well. Staring from baby care to vaccinations, the whole pregnancy will cost you a bomb.
With maternity cover, you can secure your savings and ensure a good health care for the mother and child.
Note- Some policies also cover post-delivery expenses including newborn care.
5. Top-up/Super Top-up Cover
Top-up or super top-up plans offer additional health insurance coverage over and above the basic insurance coverage. In case your incurred hospitalization/ healthcare expense are more than the basic sum insured of your health insurance plan, you can opt for a top-up. Top-up or super top-up plans pay off the expenses exceeding the basic sum assured. This benefit can be availed once in policy tenure. A super top-up plan, conversely, reimburses the incurred medical expenses for the entire policy year.
6. Critical Illness Rider
Not every health insurance company extends the coverage to cover critical illnesses. With lifestyle diseases increasing at a rapid pace, having critical illness cover is a saviour. It provides insurance coverage for the treatment costs of these illnesses that can easily cost you an arm and a leg.
As a benefit, a lump sum amount is paid out upon the diagnosis of approx. 38 critical illnesses. The most common diseases that are covered including:
- Heart attack
- Kidney failure
- Cancer
- Organ transplant
- Tumor
- Permanent Paralysis
The paid out can be used to pay for the incurred treatment expenses of the critical illness.
What to buy and When?
Add-on plans or riders play a significant role in providing better health coverage. While it is better than buying a new health insurance plan, it comes at an affordable price. When you have enhanced insurance requirements, buying a rider cover can be an ideal bet. Coverage like critical illnesses can be availed as a rider or add-on basis as well.
However, you must first analyse your insurance needs then buy a plan. Explore the various options available in the market, research on them, compare and then buy. Remember that a well-thought-out decision can go in a long run to secure you financially.
Wrapping it up!
The aforementioned are just a few of the various riders that you can consider to buy. By paying a minimal premium, you can ensure an extensive coverage and can restore your peace of mind too!
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