We take a health insurance policy so that we do not have to face financial problems in any emergency. This gives a shield of protection to both us and the family. But have you thought what would happen if you were hospitalized more than once in a year? Will you be able to use the entire sum assured amount? At present, many such cases have been seen in the era of epidemic, where more than one member of the family had to be admitted to the hospital due to corona. During this, there were some people who had to be admitted to the hospital twice.
What happens if the policy is reinstated?
Have you thought about how much more cover you can get this year after fully utilizing the insurance cover? Instead of taking the cost of treatment or getting a new cover from your savings, you can avail the benefits of restoration. The option of restoration is available in a comprehensive health insurance plan for an individual as well as the entire family. This plan provides an additional facility and can also be used in case of second hospitalization in a year.
There are two types of Restoration Benefit plans based on the level of expiry of the Sum Insured plan. These benefits work even when the sum insured cover is fully (when the sum assured is completely exhausted) or half (when some part is exhausted).
Why should we take advantage of the restaurant?
For families with members of different ages, choosing to do the restoration in the existing floater plan is a good decision. During this, the benefit of restoration in more insurance coverage is available in the present illness or accident.
100% of the sum insured is restored to
Gurdeep Singh Batra, Head of Retail, Bajaj Allianz General said, “At Bajaj Allianz General Insurance, we have the benefits of Sum Sum Insured for Restoration and Recharge. In case of Sum Insured Re-Instatement Case, 100% of the Sum Assured Sum Assured is reinstated, which has been extinguished on account of the claim in the policy. Reinstated Sum Insured is applicable on claims during the remaining policy term, but cannot be extended beyond that. This benefit is applicable every year during the long term policy. In case of recharge benefit, if the claim amount exceeds the limit then the sum insured can be increased by 20% of the base policy SI i.e. up to a maximum of Rs 5 lakh. And can be used for the same claim where the SI has expired. He said that “there will be no additional premium charges for both these covers, This health guard is included in the platinum plan. ,
things to note
The policyholder should note that the amount restored will not be carried forward to the next policy year. This situation will continue even if you are unable to use the restored amount during the policy year. Also it is worth noting that sometimes the Sum Assured gets reinstated only when you eliminate it in one claim amount within the policy term. Also, only one person can use the restored amount at a time.
Also, the reinstatement benefit is available only for different illnesses and not for a single illness or injury during the policy term. Reinstated Sum Assured can be availed only for future claims. And this benefit is not available in the claim made in the first year of the policy. So, considering the terms and conditions, you can consider the option of buying a policy with a higher sum insured as it will provide you with more coverage.