When buying health insurance in India, it is good to know what the riders are so that your policy becomes more efficient and personalised as per your needs, aspirations and expectations.
There are extra benefits tagged on to your basic health insurance policy which are termed add-on benefits. These are also called riders wherein some special requirements may not be included in a general policy. This write-up is dedicated to discussing 5 riders that you should familiarise yourself with:
Critical illness rider
This rider pays a lump sum amount when you are diagnosed with a critical illness, such as heart disease or cancer. It is an emergency fund to pay for your medical bills and maintain your lifestyle while you recover from your illness. The critical illness riders are particularly relevant for those with a family history of these illnesses or those who have high-risk physical or psychologically stressful jobs.
Maternity rider
For prospective growing families, a maternity rider is indispensable. It caters to delivery charges, pre-natal and post-natal care, and in some cases, baby new-born expenses. However, it is generally not free from a waiting period of 9 months to 6 years. This rider will prepare you for the arrival of the new family member and keep your family financially secure by saving you of your hard earned money on delivery charges.
OPD rider
OPD costs can be enormous, particularly for young couples with young children. An OPD rider pays for doctor visits, diagnostic exams, medical tests and drugs, which cut down on out-of-pocket costs considerably. This is immensely helpful for regular health check-ups and low-cost treatments.
Hospital cash rider
A hospital cash rider pays a guaranteed daily cash benefit for every day of hospitalisation, irrespective of the amount of actual hospital costs. It can be used to pay incidental costs such as travel, meals, and other out-of-pocket costs not commonly covered under the standard health insurance policy. It provides additional monetary flexibility in the case of an extended hospital stay.
Room rent waiver and other riders
A room rent waiver rider waives hospital room rent sub-limits so you can utilise the best possible care without worrying about additional cost. Other riders that are worth noting are the accidental disability rider, which compensates against accidental disability, along with the mental well-being rider, which pays for mental well-being services.
Therefore, by including these riders in your health insurance policy, you can avail comprehensive coverage that is tailored according to your personal needs, thereby enhancing your overall financial security and peace of mind.
To conclude it is important to remember that these riders are optional and not provided by all insurance companies. Therefore, in such a scenario, it is important for you to reach out to your insurance company, talk to them about the different terms, conditions and riders they offer to customers along with the charges applicable.
Not only this, also ask them about related concepts such as: coverage limits, waiting periods, health insurance premium caps, additional costs, exclusions, related terms and conditions etc. Post the same, carefully compare different policies and discuss your specific needs with a certified financial planner and your personal doctor before making a decision. This systematic approach can help you in selecting the right combination of riders to boost your health insurance coverage.
Disclaimer: The information provided is for general guidance only; rider availability and terms may vary across insurers.
Catch all the Instant Personal Loan, Business Loan, Business News, Money news, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
Leave a Reply