Deepak has been thinking about purchasing another health insurance policy since his current one does not cover some of the requirements he wants for him and his family. His wife suggested that instead of buying a separate policy, maybe he can ask the insurance company if his policy has the option of including some of his requirements as additional covers. Not being familiar with this concept, he is confused about which will be beneficial for him (medically and financially) - taking another policy or adding more covers to the existing policy.
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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.
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