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Hospital Cash Benefit Rider

Hospicare Rider, also known as the Hospital Cash Benefit Rider is an optional add-on cover that can be added to the plan to increase the coverage of the base plan. This rider provides a fixed amount of benefit when the policyholder is admitted to the hospital for treatment. In this, a fixed amount shall be provided to the policyholder for each day he/she is hospitalized. Hospital cash riders also offer ICU benefits and a lump sum amount in case the policyholder requires a need of surgery. 

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Note: Know more about what is term insurance first before reading this article.

What is Hospicare Rider?

Hospital cash benefit is one of common and known term insurance riders. It is an add-on to your base term insurance plan that provides an additional benefit to the life assured/policyholder in the form of daily allowance spent each day as hospital expenses. In the case of many insurers, a percentage of the policy amount is provided to the policyholder, as benefit amount, upon admission in the hospital and double the benefit amount if he/she is admitted to the ICU. In addition, this term insurance rider also provides a lump sum payout on undergoing surgery on a single plan. This rider can be availed at an affordable rate.

For example – Rajesh, a 36 year old male, got admitted to the hospital due to a surgery. Therefore, according to the hospicare rider benefit, he was paid a portion of his total sum assured for each day he was hospitalized, as the hospicare benefit amount. When he was admitted to the ICU after the surgery, he was paid double the benefit amount. This eventually helped Rajesh pay off his hospital bills and therefore, he was not burdened by the extra expense of treatment.

*Note - The Hospicare Rider can vary from insurer to insurer. Therefore, you should carefully review the terms, conditions, and limitations of the rider before purchasing it, to ensure it aligns with your needs and expectations.

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Best Term Insurance Plans Offering Hospicare Rider

Life Insurance Plan for 30 years old Claim Settlement Ratio Entry Age Maximum Maturity Age Maximum Sum Assured
TATA AIA SRS Vitality Protect 98.53% 18-65 years 100 years 2 Crore
TATA AIA Sampoorna Raksha Supreme 98.53% 18-65 years 100 years No Limit
Tata AIA Sampoorna Raksha Instaprotect 98.53% 18-65 years 85 years 5 Crore
Aditya Birla Sun Life Insurance DigiShield Plan 98.07% 18-65 years 80 years No Limit

*Note: The table is made in reference to a 29 year old non-smoking male, with salaried income of 15-25 Lakhs per annum, choosing Rs. 1 Crore life cover for 30 years policy term.

Eligibility Criteria to Buy a Hospital Cash Benefit Rider

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age - 85 years
Sum Assured Same as the sum assured of base plan No Limit
Premium payment term Same as the policy term of base plan
Premium payment mode Same as premium payment mode of the base plan

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What Is The Importance Of The Hospicare Rider In Term Insurance?

Below mentioned are the benefits of the Hospicare Rider in Term Insurance:

  • Daily Cash Benefit: If the policyholder is hospitalized for a specified number of days, the Hospicare rider provides a certain amount of cash as a daily benefit. The amount is doubled when the policyholder gets admitted to the ICU.

  • Cash Usage: The benefit amount received from the rider can be used to cover various expenses during hospitalization, such as additional medical costs, transportation, accommodation for family members, or any other expenses that arise.

  • Relief Burden Off Family: The Hospicare Rider helps your loved ones in not stressing upon paying huge amounts of money for your treatment. The rider helps compensate for the hospital charges and pays a chunk of the hospital bill and relieves your family off the extra burden.

  • Lump sum amount: This rider provides a lump sum payout in case of ICU or surgical hospitalization. This benefit would only be paid if the tenure of hospitalization in ICU or because of a medical emergency is at least for about 2 days (48 hrs).

  • No need of buying a new plan: The hospital cash benefit rider will nullify the need of purchasing a new plan to bear the expenses associated with hospitalization because of an emergency situation. Also, you will be relieved from the difficulty of managing 2 insurance plans and paying a higher amount of premium as compared to hospicare rider.

  • Tax Benefits: You will enjoy tax benefits under Section 80D of the Income Tax Act, 1961.

Documents Required for Hospicare Rider

Here is a list of documents required at the time of reporting a claim for Hospicare Rider:

  • Original policy documents

  • Duly filled claim form

  • Policyholder’s Photo ID proof

  • Policyholder’s Address proof

  • Certificate of Medical Practitioner

  • Medical reports mentioning the policyholder’s diagnosed illness

  • Photo ID proof of Nominee

  • Address proof of Nominee

  • Copy of bank statement and canceled cheque

Things You Must Know Before You Buy/Avail The Hospicare Rider

Below mentioned are a few things to consider when you buy or avail the Hospicare Rider with your term insurance plan:

  • Provide the original hospital payment receipts along with other necessary documents required to claim/avail the Hospicare Rider.

  • Consider your future goals and health conditions before you choose the Hospicare rider.

  • The rider gets expired when your term plan expires/concludes.

  • Carefully review the terms, conditions, and limitations of the Hospicare rider before purchasing it, to ensure it aligns with your needs and expectations.

Wrapping It Up!

The Hospital Cash Benefit Rider can provide valuable advantages and added financial security to individuals who have a term insurance policy. It also allows you to live peacefully knowing that your family doesn’t have to pay a huge amount of money when you are admitted to the hospital.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs

  • What exactly is Hospicare in the context of term insurance?

    Ans: If you are hospitalized due to a medical emergency, the hospitalization benefit will pay a per-day hospitalization benefit of 0.5% of the sum insured amount. In addition, if you are admitted to ICU, you will be charged an extra 0.5 percent of the sum assured.
  • What are the advantages of having a Hospicare rider?

    Ans: A hospitalization rider covers incidental expenditures for each day of hospitalization that exceeds 24 hours. You can purchase such policies as an add-on to your existing health insurance coverage.
  • Is Hospicare rider beneficial?

    Ans: Yes, the hospicare rider is very beneficial, considering it helps you by paying a chunk or all of the hospital bills (depending upon the amount of the bill).
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool

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