Deepak wants to buy another health insurance policy since his existing policy does not provide sufficient coverage. However, his wife suggested that he asks the insurance company if he can include additional covers to his policy to enhance its coverage. Now, Deepak is confused and unable to decide if he should buy a new policy or include additional covers to his existing policy.
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Who would you like to insure?
Should Deepak just invest in a separate policy? Will that cost him less than investing (and adding to his existing premium amount) in covers that the insurance company may offer?
Most of us are familiar with what health insurance policies are. It is designed to protect insurers by providing various kinds of medical plans. There are numerous policies to choose from, offered by various insurance policies. However, sometimes the basic plans may not cover certain requirements that you may want from the insurance policy. This can be anything-from the amount of coverage, the benefits offered, the period of time, and so on. This is where insurance riders come in handy. These refer to amendments to the coverage terms of a general health insurance plan. This is almost like a customization of an existing policy to suit the needs of the insurer. A rider will act as an additional benefit that is an add-on to the health insurance policy selected. You can add riders to the policy and your policy will take shape according to your needs and, here’s the best part, at a very low price. IRDAI, the insurance regulator, has set a limit on the premium for riders. This is at 30% of the basic insurance policy.
Know More: Top 5 Health Insurance Rider Plans
Health insurance riders are not just meant to cover medical conditions and hospitalization but also provide a lot of security for unforeseen circumstances in the future. Riders offer different kinds of benefit and purchasing them will not only help in having a better insurance policy, but the cost incurred is minimal considering the wide range of benefits these provide.
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.