The COVID 19 outbreak was a wake-up call for India’s millennials, who are walking a balance of obligations and strict budgets. Rising health-care expenditures and ever-increasing health-risks made them understand how easy a medical emergency may tip them over the brink.
Standard health insurance policies is the backup you need to safeguard yourself and your family from any financial setback caused by a medical emergency. Medical situations, despite their similarities, are extremely diverse. As a result, typical health insurance coverage may not be able to assist you in your time of need. For example, if you sorely needed vaccine coverage in your insurance for your children, but your policy does not give it and instead offers unneeded ‘benefits.’ In such a case, customized health insurance becomes an investment rather than a cost.
Health is a clothing that is unique to each person. Reliance General Insurance devised the Reliance Health Gain Insurance plan to fill the gap between the requirement for health insurance with features customized for individual needs and the generic plans available in the market. It is a complete health insurance policy that includes cashless hospitalization, unlimited reinstatement of the base amount covered, double coverage, air ambulance, consumable cover, improved pre and post hospitalization expenditures, and other add-on features.
Why stick to standard health insurance policies:
So, here’s a closer look at the various covers and perks that make the Reliance Health Gain insurance an incredibly flexible and modular policy that can be tailored to precisely ‘what you want.’
Vaccination Coverage: Nothing has emphasized the need of vaccination more than COVID-19, yet there are still numerous medical scenarios in which you must be vaccinated for your child’s protection. As a result, whether it’s a Typhoid, Hepatitis, or Anti-Rabies vaccine, the insurance will cover it up to the amount specified in your optional cover and for the vaccines specified in the policy. For example, since the Typhoid vaccination costs Rs. 1500 to 2000 each dosage, the insurance will pay for it up to the amount specified in the cover you choose.
Companion Coverage: Any health condition, whether little like a fever or major like an injury, leaves you extremely weak and defenseless. You need a caregiver who will drop everything to be with you at this time. The coverage pays a certain daily amount to the person who stays with you while you are being treated in a hospital.
Child Care Insurance: Children are particularly vulnerable to illness. Parents do not want their children to enter one. The Health Gain Policy covers your children’s expenditures if you are hospitalized and unable to care for them at home.
Contemporary therapy up to 100 percent: Most insurance only cover a fixed proportion of the total covered for modern treatments such as targeted therapies and operations. However, RGI’s Health Gain policy allows policyholders to enhance their coverage up to 100 percent of the total covered. It also covers the expense of obtaining a second opinion from a medical practitioner. For example, in the case of oral chemotherapy, with a base insurance of Rs. 20 lakhs, you may get coverage for the whole amount covered rather than, say, just 25%.
Cover up to eight people on the same individual policy: Your medical requirements may vary significantly from those of your family members. As a result, each individual amount insured policy may cover up to eight people. Self, spouse, son, daughter, father, mother, father-in-law, mother-in-law, siblings, sisters, grandparents, grandchildren, daughter-in-law, and son-in-law are all possible members.
In the same family floater insurance, you may insure up to 12 family members: RGI understands the importance of family, thus the family floater element of the plan allows the insurance buyer to cover up to 12 individuals in a single policy. There are three options:
- Plus: A maximum of two adults (self and spouse) and six children are permitted.
- Maximum of four adults (self and spouse plus one set of dependent parents or parents-in-law) and six children.
- Maximum of 6 Adults (self and spouse + dependent parents + parents-in-law) and 6 Children
Double Coverage on the Same Claim: The insurance provides the insured with an additional 100 percent base sum-insured to spend on the same claim. This implies that it gives double the money insured for use in the same claim. So, if you have an amount insured of Rs. 3 lakhs, the insurance will pay you Rs. 6 lakh in the event of a claim.
Unlimited reinstatement of Base Sum Insured: The Health Gain Plan allows the insurance buyer to recover their base sum-insured as many times as they exhaust it in a year due to unconnected illness/injury. In fact, customers may utilize up to 100 percent of the base amount covered for linked illness/injury with this coverage. For example, suppose you have a Rs. 3 lakh base amount covered. You are hospitalized once, which costs you 2.5 lakh, and then you are hospitalized again, which costs you 2 lakh. Despite the fact that your basic amount has been depleted, the insurance will cover the cost for the second, third, or any more hospitalizations in a policy year.
Guaranteed Cumulative Bonus: A cumulative bonus is a reward for staying healthy and not submitting a claim. A cumulative bonus benefit is provided in the year of renewal by increasing the total insured amount. As an added benefit, the insurance allows you to retain your unutilized cumulative bonus even if you file a claim. This implies that if you have a two-year unutilized cumulative bonus but make a claim in the third year, the insurance will allow you to retain your unveiled bonus.
Reduce pre-existing illness waiting period: The waiting period refers to the time you must wait before receiving insurance benefits. It starts on the day the policy is issued and the insured is not eligible for health insurance benefits during this period. To enhance the overall insurance advantages, the Health Gain policy reduces the three-year waiting time for costs associated to the treatment of pre-existing conditions to one year.
Option for a large amount insured Rs 3 Lakhs to 1 Crore: Because the policy addresses the demands of various types of insurance purchasers, it offers a broad amount insured choice that ranges from Rs 3 Lakhs to Rs 1 Crore.
Loyalty bonuses on year-to-year renewal (in addition to the total insured limit): Royal prizes are given to loyal customers by Reliance General Insurance. As a result, every year at the time of renewal, it adds a benefit in cover to the insurance holder’s policy at no extra expense. This fluctuates with each renewal year, regardless of claims.
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Reliance Health Gain Policy also includes a radio taxi, intercity ambulance, an additional lump sum amount on hospitalization for more than seven consecutive days, pays for miscellaneous expenses such as syringe, gloves, and so on, allows you to change the room rent limit and categories, and much more if you choose these options for your customized policy.
In a nutshell, life seldom follows the route you expect it to, but it does allow you to plan for its unexpected twists and turns. This is an excellent moment to get financial protection for yourself and your family in the event of an unforeseen medical emergency.