The history of health insurance in India is not very old. It was the year 1986 when the Indian Government launched the first mediclaim policy here. Even after this launch, health insurance remained an unknown commodity for long andthose who know about it, majorly, take it to avail the tax benefits. Moreover, only a handful of insurance companies provide health insurance plans and they did nothing significant to motivate people for buying a health insurance cover.
However, with time, the health insurance sector opened up and all credit goes to our unhealthy food habits and busy lifestyles. These days, people fall ill at comparatively younger age than before. This increased the demand for health insurance plans and more insurance providers came into the picture. One of the insurers that offers the most affordable mediclaim insurance plans is Religare Health Insurance Company.
Religare Health Insurance Company is one of the reputed health insurance providers of India. The company is a subsidiary of Religare Enterprise Limited, which is one of the leading financial services providers of India. The other shareholders of Religare group are – Corporation Bank and the Union Bank of India.
With a wide spectrum of financial services, the Religare group is well known for providing top class health insurance products and one of which is CARE.
CARE is the first product out of various Religare Health Insurance plans that provide a spectrum of benefits to its policyholders with a unique ‘Recharge’ feature.
The benefits that CARE plan from the Religare offers to its customers are:
Out of various other inclusions of the ‘CARE’ plan of Religare Health Insurance Company, ‘Recharge’ is the most useful and unique feature.
The literal meaning of recharge is reloading and the ‘Recharge’ feature was introduced in the ‘CARE’ plan with the same intention. It is to reinstate up to the sum insured in one policy year if your claim amount is exhausted in that year.The Religare Health Insurance Company agrees to make the reinstatement up to the sum insured of your current policy, provided the below-mentioned conditions are met:
There are some health insurance providers that offer the facility of ‘Restore’ and it may lead you to confusion by considering it as ‘Recharge’. There is a huge difference in both these terms in the insurance sector. In order to make this clear to you, we are going to provide you with the basic definition of both these terms.
Restore benefit is providedwhen the basic sum insured of the policy becomes zero. Same as the case of recharge, you cannot avail the facility of restore for the same alignment.
Since recharge facility is not available on a single claim policy, thus it is not provided in the first claim. However, if the sum insured is not sufficientfor a subsequent health insurance claim, the recharge gets activated.In this way, recharge facility is available for future claims of the current policy and cannot be availed for any injury or illness for which the claim is already made.
In this way, ‘Recharge’ is one of the best inclusions that anyone can ask for while taking a health insurance plan. So, if you want ‘Recharge’ benefit with sum insured of Rs.5 Lakh and above, then Religare CARE Plan is recommended to you. The facility of no claim bonus of up to 150% in 5 years and recharge benefits are also the best possible inclusions of this plan.
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