Tips for Getting a High Sum Insured on a Health Insurance Policy

While it is essential to secure your future with a health insurance policy, it is equally essential to understand the terms and conditions associated with these policies. So whether you want to ensure the health and well-being of your loved ones with a family health insurance or simply opt for full individual coverage, it is important to familiarize yourself with the different aspects of health insurance plans first.

What is the “sum insured” in a health insurance policy?

The sum insured stipulated in your family health insurance plan is the lump sum you will receive in the event of a medical event. In other words, the sum insured by your policy will be paid to you against a single loss. The policy automatically terminates after this payment is processed. The value of this lump sum payment is determined when taking out a health insurance policy.

Policyholders benefit from great flexibility in the use of the sum insured on their health insurance plans. From covering treatment costs to paying for expenses arising from specific medical emergencies, this amount can be used according to the needs of the insured.

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Get a high sum insured to increase your policy coverage

A high sum insured in an individual or family health insurance plan ensures that you and your loved ones remain financially secure from any unforeseen medical demands. For example, plans with critical illness coverage offer a high insured amount to cover your medical bills and other expenses resulting from compromised health. Opting for additional coverages can help you increase the sum insured and thus meet your adequate financial needs during the medical emergency. Here’s how the following add-ons can enhance your policy coverage:

  • Critical illness cover – As noted above, critical illness coverage increases your sum insured to adequately cover your treatment costs and related expenses of an HF diagnosis. This lump sum payment also serves as a supplement to your income.
  • PED coverage – Typically, a health insurance policy only covers expenses related to DEP or a pre-existing condition after the waiting period provided for in the policy has expired. This coverage helps eliminate the waiting period to ensure you get immediate PED coverage.
  • Exemption from room rent – Most health insurance plans have a ceiling or sub-limit, covering only a certain proportion of your room rent in the event of hospitalization. By opting for this derogation, you can waive these rent ceilings. This allows you to choose a room of your choice without worrying about exceeding the stipulated coverage cap.
  • Hospital Daily Cash Supplement – In the event of hospitalization, this endorsement provides the individual with a daily cash allowance. For example, you can receive a daily cash allowance of Rs. 1,000 during the period of hospitalization. This covers the day-to-day medical and non-medical expenses of the insured.
  • Accidental Disability Rider – This option is activated when the policyholder suffers an accident resulting in a life-changing condition. In such circumstances, the individual will be eligible for a monthly income of 1% of the sum insured by the health insurance policy.
  • Supplement Surgical Benefits – These endorsements help to cover the cost of the surgical procedures included in the policyholder’s health insurance plan.
  • Maternity cover – Opting for a maternity rider covers pre- and post-delivery costs.

These additional endorsements help you make your health insurance much more effective policy and ensure that you derive optimized benefits from it. However, there is one important fact to note when evaluating the importance of these supplemental coverages. While these coverages help expand the limits of your individual or family health insurance plan, they also tend to increase your premiums. Thus, you must be careful before choosing additional coverages for your health insurance policy.

Nevertheless, you can also choose from a wide range of health insurance plans offered by Bajaj Finance. These plans offer comprehensive medical expense coverage at an affordable price. A comprehensive health insurance plan provides the insured with the best benefits. Whether you opt for individual or family health insurance, a high insured capital effectively secures your future.