Restoration benefits in health insurance let the insurer restore your sum insured to the original amount even if it has been claimed. Make sure to buy a health insurance plan that offers 100% restoration benefits so that it's restored if it gets exhausted after a claim.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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The restoration benefit helps the sum insured of your health insurance policy to be restored up to the maximum limit as soon as it gets exhausted after a claim. This benefit is offered under health insurance plans available for individuals as well as families. Commonly known as the refill benefit, it is also available as an add-on cover to your existing policy and comes in handy in case of a second hospitalisation within a single policy year. It. Consider it your backup plan in times of need.
Restoration benefit makes for an ideal choice for families opting for the family floater plan. This is because the same sum insured floats between all the insured members of the family in the case of the family floater health insurance plan.
If you want to buy an individual health insurance plan, having a restoration benefit for higher coverage would let you cover an existing illness and/or accident more than once in a policy year.
The two major kinds of restoration benefit are categorised according to the level of exhaustion of sum insured:
For example, A claim of Rs 4 lakh is made on a health plan with a sum insured of Rs 5 lakh. Post claim payment, you will have the remaining sum insured of Rs 1 lakh. In the case of a second claim made in the same policy year, the restoration benefit will not be applicable. Only when the remaining sum insured is also exhausted, the restoration benefit will get activated and your sum insured will be fully restored.
For example, If you have a sum insured and have made a claim of Rs 4 lakh, Rs 1 lakh would be left. Nonetheless, the restoration benefit would apply and the sum insured would be restored to Rs 5 lakh, which will be available for any future claims.
You can opt for the restoration benefit at the time of buying or renewing your health insurance policy. If the restoration benefit is available as an add-on cover, it will be available for an extra premium. However, there are many conditions associated with the restoration benefit that you must go through at the time of purchasing the policy. Take a look at some of those features below:
Restoration Benefit is quite valuable and beneficial under a health insurance policy. Some of the benefits of buying a health plan with the restoration benefit are as follows:
Having a health insurance policy with the restoration benefit comes with multiple benefits. Make sure to compare various health insurance plans before choosing a particular policy. Do keep your budget and medical history in mind when deciding to opt for the restoration benefit.
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