There was a time when health insurance was an unknown commodity in India. Only a few people bothered to buy health insurance – that too mainly for availing the tax benefits. A handful of companies that provided health insurance did nothing much to motivate people to buy them.
However, as the sector opened up, more players came into the scene and the health insurance sector underwent dramatic changes. With new companies came new health insurance products to the market.
Changing circumstances lead to demand in affordable health insurance
People were healthier in the earlier days than they are now. Thanks to the busy lives and unhealthy food habits, the number of illness and patients are on the rise. Even though advanced health care is available in India, it is costly and affordable by a few. Hence, health insurance companies are innovating affordable health plans.
One of the specialized health insurance companies in India is the Religare Health Insurance Company. CARE, the first product from the insurer is an indemnity benefit health insurance policy that boasts of several benefits, including a unique recharge option.
Some of the features of the CARE PLAN from Religare are:
Recharge benefit equal to 100% of the sum insured
Once a year health check up, irrespective of claims
No claim bonus super add-on cover, which could be equal to 60% of the sum insured
Coverage for specialized treatments anywhere in the world for sum insured of 5 lakh rupees and above
Cover for 30 days of pre-hospitalization and 60 days of post-hospitalization
Cover for medical expenses incurred by an organ donor donating an organ to the insured. The insurance cover offered is in the range of INR 50,000 to INR 3,00,000
Second opinion for select critical ailments
For insured above 61 years of age 20% co-pay
Here is a closer look at the recharge feature offered by RELIGARE CARE:
In simple words, recharge means reinstatement of the sum insured in the policy year. If the claim is payable, then the company agrees to make a reinstatement up to the sum insured for that policy year. However, it should be noted that:
Recharge will be utilized only if the sum assured and no claim bonus has been totally exhausted in that policy year.
The recharge would be available only for all future claims not in relation to any illness or injury for which a claim has already been paid
The total sum of recharge cannot exceed the sum assured for that policy year
The recharge amount will not be available if there is only a single claim in a particular policy year
The balance of recharge amount would be available during the policy year until it is exhausted completely
Unutilized recharge, if any, cannot be carried forward to the subsequent policy years
Difference between Recharge and Restore
Although both recharge and restore sound similar, they are different. Recharge is not available on the first claim. Hence, it is not available on a single claim policy. However, if for a subsequent claim, the sum insured is not sufficient, the recharge will be activated. Thus, the claim will be paid after considering the recharge, provided the claim is not related to the previous claims made. It means that one cannot get a recharge for a subsequent claim for the same ailment.
Restore facility is available only when the basic sum insured and accumulated bonus becomes zero. Just as in the case of recharge, one cannot avail the restore facility for the same ailment.
The Care plan offers limited room rent cover.
The plan also offers ambulance cover in the ranging from INR 750 to INR 3000 depending on the sum insured.
A domiciliary hospitalization benefit of up to 10% of sum insured is available in this plan.
A daily cash allowance of INR 500 is available for 5 days for sum insured of three lakh and four lakh rupees.
The Religare Care plan is the best option if you are looking for a sum insured of five lakh rupees and above. The features like private room eligibility, recharge benefit, no claim bonus of 150% in 5 years, no co-pay if entered before 60 years are excellent. Additional benefits like free annual medical checkups for every adult member means this is a great plan as a whole.