Care Shield Add-on Care Health Insurance Plan

Care Health Insurance, formerly known as Religare Health Insurance, launched the Care Shield insurance plan in December 2020. It is a Rider or an add-on insurance cover that can be purchased with a basic policy at an additional premium. In this policy, the sum insured gets increased at the time of renewal as per the CPI (Consumer Price Index) inflation rate to meet future treatment expenses.

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Care Shield Add-on Care Health Insurance Plan

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 insured can pay for a wider range of medical expenses and safeguard their No Claim Bonus from lapsing during the policy term.

    Care Shield Care health insurance plan helps people meet the rising medical costs, especially during the Coronavirus pandemic that has only worsened the situation.

    Eligibility Criteria for Care Shield Health Insurance Plan

    To get coverage under the Care Health Insurance's 'Care Shield' plan, the policyholder should be covered under a base health policy for self and family.

    Criteria

    Specifications

    Entry Age Criteria (years)

     

     

    As per the base policy

    Coverage Type

    Pre-medical Screening

    Policy Tenure

    Waiting Period

    Key Features of Care Shield Rider Plan

    Here are some of the salient features under the Care Shield care insurance plan-

    • The policy can be purchased along with a base medical insurance plan at the time of policy issuance or renewal
    • The sum insured gets increased every year in line with the inflation
    • All the policy coverage scope, limitations, waiting period, claim procedure, and entry age criteria remain the same as the base policy
    • Health insurance coverage under the Care Shield Rider Plan is available on both the individual and family floater basis
    • Tax benefits on premium as per the base health plan

    Coverage Benefits under the Care Shield Rider Plan

    Care Shield health insurance policy offers various other innovative coverage benefits in addition to your base health plan. The three major coverage benefits are given below:

    Benefit 1

    Care Claim Shield- Claim Shield also provides coverage for 60-plus medical items that are used during hospitalization. It can include gloves, belts, oxygen masks, face masks, braces, crepe bandages, buds, leggings, ambulance equipment, spirometer, thermometer, and the likewise that are usually consumed during a medical treatment but are not a part of the policy inclusions. With Care Shield health insurance plan that scope of coverage can be enhanced further.

    Benefit-2

    Inflation Shield- It takes into account the rising cost of healthcare due to inflation in India that makes it difficult for patients to avail of medical services. Therefore, policyholders buy a new health plan or increase the sum insured of their existing policy to be able to meet the higher costs of hospitalization.

    When you buy this add-on i.e. Care Shield it helps you pay for expensive treatments. It increases the sum insured amount every subsequent year at the time of renewal as per the Consumer Price Index (CPI) inflation rate. This ensures that the insured individual and the family members have an adequate sum insured to meet the future cost of the treatment.

    Here is an illustration table to help you understand better:

    Years

    Year 1

    Year 2

    Year 3

    Year 4

    Total Sum Insured + Inflation amount at the year beginning

    5 lakh

    5.30 lakh

    5.55 lakh

    5.80 lakh

    Inflation Rate (applicable of SI)

    6%

    5%

    5%

    6%

    Amount Increase due to Inflation

    30,000

    25,000

    25,000

    30,000

    Total Sum Insured + Inflation amount at the end of the year

    5.30 lakh

    5.55 lakh

    5.80 lakh

    6.10 lakh

     (Source: Care Shield Health Insurance Brochure)

    Benefit-3

    No Claim Bonus Shield- This feature is like a reward at the time of renewal that the policyholder can avail in case no claim was registered last year. For example, if you bought a policy on January, 01 2020 and no claim was filed from that date till December 2020, then your coverage amount gets increased by 60% at the time of renewal with no extra cost involved.

    Moreover, if you file a low-value claim i.e. lesser than 25% of the sum insured then your accumulated No Claim Bonus doesn’t get eroded.

    Here is an illustration table to help you understand better:

    Years

    Year 1

    Year 2

    Year 3

    Year 4

    Total Sum Insured +No-claim-bonus at the beginning of the year

    5 lakh

    5.50 lakh

    6 lakh

    5.50 lakh

    Aggregate Claim Payable during the policy term

    1 lakh

    1.24 lakh

    4 lakh

     lakh

    Balance Amount

    4 lakh

    4.26 lakh

    2 lakh

    4.5 lakh

    Addition as No-claim-bonus ( 10% of SI)

    50,000

    50,000

    -

    50,000

    Reduction of No-claim-bonus ( 10% of SI)

    -

    -

    50,000

    -

    Total Sum Insured + NCB at the end of the year

    5.5 lakh

    6 lakh

    5.5 lakh

    6 lakh

    (Source: Care Shield Health Insurance Brochure)

    Exclusions under the Care Shield Rider Plan

    The policy exclusions remain the same as the Base health insurance plan.  For more details, you can check out the Care Shield Rider Plan product brochure or reach out to us at 1800-708-8787 or write to us at care@policybazaar.com

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