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Non Life Insurance - Want to make your health insurance cover comprehensive? Add these nine riders
05-Nov-2021

You may want to extend your life insurance coverage or get a policy for accidental death or disability. Opting for a rider along with your regular policy helps you achieve that.

Health insurance is a must for everyone. This little piece of wisdom has found a lot more acceptance lately due to the COVID-19 pandemic. A health insurance cover with an adequate sum assured could be an answer to unforeseen medical emergencies, not only in times of a pandemic, but also in general.

A health insurance policy provides you security by ensuring that you get the best medical care without any strain on your finances. However, a basic policy may not be enough to cover yourself comprehensively. To meet your specific needs, you could customize it using a variety of riders, or add-on benefits.

What is a rider?

A rider is simply an additional benefit that you can add to your basic health insurance policy at affordable prices to expand your coverage as per your needs. There are different types of riders available. You may want to extend your life insurance coverage, or get a policy for accidental death or disability, and critical illnesses, so that your family’s future is not affected in case of an untoward incident. Opting for a rider along with your regular policy helps you achieve that.

Room rent waiver: This rider allows you to opt for a room with a higher sub-limit, or even without any sub-limit. Generally, most policies set a maximum cap on room rent. They may provide financial cover for only standard or semi-private rooms in the insurance plan. The room rent waiver allows you to go for a room of your choice, including private and deluxe rooms, without having to pay any additional fee at the time of the admission.

Hospital cash benefit: This is among the most common riders that policyholders usually opt for. In simple terms, the hospital cash benefit rider pays daily cash to the policyholder during hospitalization to take care of any related hospital expenses. The daily cash could range from a few hundred rupees to a few thousand rupees. The cash can also be used to meet non-medical expenses. This rider can help you meet the additional expenses that are not covered by the policy.

Maternity rider: Most insurance policies do not cover hospitalization expenses related to pregnancy. However, by opting for a maternity cover rider, you can get extensive coverage for expenses borne during childbirth. However, the maternity cover rider comes with a waiting period of 2-3 years. So one must get this rider as soon as possible to ensure the waiting period is over when you need to avail the benefits of the policy. Some insurers also offer coverage for the child after birth till the end of the policy tenure.

Critical illness cover: There is no doubt that having a regular health insurance plan is crucial for everyone. However, it is equally important to have coverage against critical illnesses as an additional rider. As the name suggests, a critical illness plan pays a lump-sum amount on being diagnosed with a serious ailment such as cancer or stroke. The lump-sum payment can be used not only to pay for the medical expenses but also to pay off debt, replace lost income or any other requirement of the insured or the insured’s family. Most serious ailments are covered under any critical illness cover including heart attack, cancer, stroke, kidney failure and paralysis.

Personal accident rider: Just like a critical illness cover, a personal accident cover pays a lump sum amount to the insured or the nominee, if the former meets an accident causing permanent total or partial disability, temporary disability, or accident death. This rider can be added to your policy at an additional minimal cost. The payout can be used for medical expenses, or any other unplanned expenses including to replace lost income, or even funeral costs.

OPD cover: While most health insurance policies cover medical expenses in case of a hospitalisation, the cost of outpatient treatment (OPD) expenses usually need to be paid from the pocket. By opting for an OPD cover, you can ensure that your policy also covers the medical expenses that you incur for treatment which does not require hospitalisation.

Consumables cover: Health insurance policies, in general, do not cover expenses incurred on consumables during a hospitalisation. Consumables refer to medical aid equipment that have to be discarded after use, like gloves, masks, PPE kits, housekeeping items, surgical items etc. The charges of all these items are usually billed directly to the patient, and these can add up pretty fast. But by opting for a consumables cover benefit, you need not worry about these expenses.

NCB protection: No-claim bonus (NCB) is the reward that you get for not making a claim in any given year. It usually comes in the form of an additional cover over and above the sum insured under your base policy. It often goes up to 100 per cent of the sum insured if you do not make a claim for a given number of years. However, when you make a claim, the NCB is rolled back. By opting for the NCB protection rider, you can ensure that your NCB benefit continues even after making a claim.

Inflation protection: Medical inflation in India is rising sharply, much faster than the rise in prices of other goods. With the cost of treatment becoming more and more expensive every year, it is only natural that you would want a bigger cover a few years from now than what you have today. This is where an inflation protection rider comes in. This rider in your health insurance policy increases your sum insured by a defined percentage at specific periods of time to keep up with inflation.

Health insurance riders are designed in such a way that policyholders get additional coverage at affordable cost by being able to choose only those coverages that work for them. It is usually worth paying a small incremental premium towards these rider benefits.

Source : Money Control back
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Privacy Policy
This site is the responsibility of www.rkshetty.com

We want you to

  • feel comfortable using our web sites
  • feel secure submitting information to us
  • contact us with your questions or concerns about privacy on this site
  • know that by using our site you are consenting to the collection of certain data
What Information is, or may be, collected from you?

We will collect certain anonymous information in standard usage logs through our Web server, including: computer-identification information obtained from "cookies," sent to your browser from a

  • web server and stored on your hard drive
  • an IP address, assigned to the computer which you use
  • the domain server through which you access our service
  • the type of computer you're using
  • the type of web browser you're using
We may collect the following personally identifiable information about you:

  • name
  • email address
  • ZIP/Postal code
  • demographic profile (like your age, gender,occupation and education);
  • financial information (like annual income or insurance policy number); and
  • opinions of features on our websites.
Who collects the information?

We will collect anonymous traffic information from you when you visit our site

We will collect personally identifiable information about you only as part of a voluntary registration process.

Our advertisers may collect anonymous traffic information from their own assigned cookies to your browser

The Site contains links to other Web sites. We are not responsible for the privacy practices of such Web sites

We offer a collection of online services which are available to you. Please understand that any information that is disclosed in these areas becomes public information. We have no control over its use and you should exercise caution when disclosing your personal information to anyone

How's the information used?

We use personal information to:

  • help us provide personalized features
  • tailor our sites to your interest
  • get in touch with you when necessary
We use contact information internally to:

  • direct our efforts for product improvement
  • contact you as a survey respondent
  • notify you if you win any contest; and
  • send you promotional materials
Generally, we use anonymous traffic information to:

  • remind us of who you are in order to deliver to you a better and more personalized service from both an advertising and an editorial perspective
  • recognize your access privileges to our Web sites
  • make sure that you don't see the same ad repeatedly
  • help diagnose problems with our server
  • administer our Web sites
  • track your session so that we can understand better how people use our sites
With whom will your information be shared?

We will not disclose any of your personally identifiable information to third parties unless:

  • we have your permission
  • special circumstances such as compliance with legal authorities
  • require disclosure
We will not use your financial information for any purpose other than to provide services to you.

What choices are available to you regarding collection, use and distribution of your information?

Supplying personally identifiable information is entirely voluntary. You are not required to register with us in order to use our site. However, we offer some services only to visitors who do register.

Upon request, we will remove your personally identifiable information from our database, thereby canceling your registration.

If we plan to use your personally identifiable information for any commercial purposes, we will notify you at the time we collect that information and allow you to opt-out of having your information used for those purposes.

All sites that are customizable require that you accept cookies. You also must accept cookies to register as someone for access to some of our services. e.g Online Portfolio. For information on how to set your browser to alert you to cookies, or to reject cookies, go to http://www.cookiecentral.com/faq/.

What security procedures are in place to protect information from loss, misuse or alteration?

To protect against the loss, misuse and alteration of the information under our control, we have in place appropriate physical, electronic and managerial procedures. For example, our servers are accessible only to authorized personnel.

Although we will endeavor to safeguard the confidentiality of your personally identifiable information, transmissions made by means of the Internet cannot be made absolutely secure. By using this site, you agree that we will have no liability for disclosure of your information due to errors in transmission or unauthorized acts of third parties.

Policy Updates

We reserve the right to change or update these policies at any time upon reasonable notice, effective immediately upon posting to this site.

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