Much ado has been made about Restoration Benefits. Insurance companies are serving it on a platter to woo the customer but are they really worth all the fuss? Let’s find out.
*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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What exactly is Restoration Benefit, you ask? You might believe your comprehensive health insurance policy will take care of everything once the need arises. While you feel confident to tackle any medical emergency – come what may – would your insurer be able to pay you if you need to make a claim for the second time in a policy period? The very real possibility of having more than one medical emergency at hand is forgotten by us all. So how to add coverage to your plan once you overuse the entire SI amount for a year?
Herein comes the oft-misunderstood benefit of Restoration Cover that helps you stride through when your insurer stops short at right up to the amount entitled to you under the plan. Instead of dipping into your savings or taking out another loan – let Restoration Benefit take care of you.
The refill option of Restoration Benefit is a benefit offered with comprehensive health insurance plans for individual plans as well as Family Floater Plans. Most commonly available as an add-on to your existing policy, it comes in handy in case of a second hospitalisation within one single policy year. It helps the original sum insured to be restored as soon as your original cover gets exhausted. Consider it your back-up plan in times of need.
If you are looking for a family floater policy, a restoration benefit add-on lets you make the most of the benefits available in the policy. Restoration benefit makes for an ideal choice for a family floater plan in place of enhancing the worth of your insurance – it ‘floats’ between the various members of your family covered under the family floater plan you opted for.
If it is but an individual health insurance plan that you’ve been eyeing, having a restoration benefit for higher coverage would let you cover an existing illness and/or accident.
The two major kinds of restoration benefit are categorised according to the level of exhaustion of sum insured:
A Restoration Benefit is an “Add-on” benefit that one can buy at the time of picking their insurance policy. All it takes is a nominal extra cost. A lot of features must be borne in mind as you compare health insurance before zeroing in on just the right one for you and your family.
There are many conditions associated with any restorative benefit add-on that you need to go through at the time of purchase as also at the time of availing it. Some features are generic and common across all insurers whereas others are insurer specific.
To get maximum coverage at the least cost, one needs to add the restoration benefit to their health insurance policy. Although certain health insurance plans come with built-in restoration benefits. Add-ons will increase your premium by a slight margin but depends on policy term, plan type, etc. Thus, make sure to compare health insurance plans from different insurers before taking a pick.
The additional coverage provided by Restoration Benefit is most valuable and quite beneficial. Some of the benefits are as follows:
So, the pros of having a restoration benefit are manifold. Make sure you consider comparing health insurance plans before landing on a particular policy. A thorough research will help you get the ideal deal.
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