Restoration is a term used to denote the benefit on a health insurance policy where the insurer 'restores' the entire sum insured for re-use by the customer, once the sum insured on the policy is completely used up. There are some terms associated with such restoration; e.g - the restoration can only be triggered once in a year of coverage and when done can only be used for a claim un-related to the previous claims that led to the usage of sum insured. The specific terms can vary a little bit between plan to plan (or company to company) - Will suggest to speak to an adviser with the specific policy/plan you have in mind to know this in detail.

Treatment for cataracts are covered in most of the retail health insurance plans but are usually bound by 2 conditions - (1) There is usually a sub-limit of allowance. Typically this is Rs 30,000 per eye and (2) There is usually a waiting period of 2 years before they are covered. Talk to our advisors to know more about which plans offer this coverage and which don't.

A critical illness plan, whether as a rider with a term insurance or as a standalone cover, is typically a fixed benefit plan. This means, that upon diagnosis of a critical illness that is defined on the plan (at specific severity that is also defined on the terms and conditions of the plan), the customer would receive a lumpsum amount equivalent to the sum assured. Upon payment of this benefit, the policy lapses and the customer can do what he/she wants with this money. It is thus a one-time payment plan but which offer a lumpsum in hand. A comprehensive health insurance plan on the other hand offers lifelong repeated coverage against any kind of hospitalisation including those done for critical illnesses. These plans however indemnify or provide for only against actual hospitalisation costs (and not any lumpsum in hand) but are renewable year after year for lifetime even after one makes a claim. These plans therefore offer wider and repeated coverage against all kinds of illness and hospitalisation for a lifetime. There are also additional riders and combinations that enhance the protection one can have against illness; one can get this information by speaking to our advisors directly.

The intent of term insurance is to provide the financial support for your family in your absence. Ideally, it must hence provide them the same standard of life and thus similar income to what you offer them today and for as long as you are expected to be financially productive. The ideal coverage is thus a multiple of your current annual income which accounts for (1) average increments and promotion that you may get, (2) is adjusted for number of dependents you are expected to have and (3) is not more than 15-20x as it may balloon up into a very high amount and consequently costly for you today. For someone as young as a 30 year old, we note that there can be another 30 years of financially productive life and thus adjusting for both of above factors, an ideal coverage would be about 15 times the current annual income. The minimum recommendation should be for at least 10 times. One can get more information about adjusting this number a little further based on inflation etc by speaking to our advisor.

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