Health related problems arrive without warning. So, it is very essential to avail a suitable health insurance policy to secure yourself and family from costly medical treatment. Before finalizing a health insurance policy, you must evaluate the plan and select one which offers maximum coverage along with riders. With the rising medical costs, you must opt for a health insurance plan, and select add-ons (riders) which suit your needs. Riders are additional protection availed with the health insurance plan at slightly higher premiums.
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A rider is additional coverage that can be added to a basic health insurance plan. The main objective of an add-on or rider is to enhance the basic health policy and offer customized coverage as per the needs of the policyholder. These riders are not included in the basic plan and can be availed by paying an additional amount along with the base premium. The cost of the rider may vary depending on the rider chosen by the policyholder.
See Also: Health Insurance Plans
Daily Hospital Cash Benefit: This is one of the most basic riders availed by policyholders. The daily hospital cash benefit is a type of rider that pays a pre-defined amount for daily hospital expenses. A policyholder availing this rider can receive a daily compensation along with the hospitalization expenses. The benefit has certain restrictions i.e. the benefit can only be availed for inpatient hospitalization and only for a specific number of days.
Maternity Cover: The normal health insurance plan available in the market, may not offer built-in maternity coverage. Maternity riders take care of maternity and childbirth expenses. The riders cover cost of post-natal care, ambulance charges and delivery of baby i.e. normal or caesarean deliveries. Unlike other riders, the maternity cover comes with a specific waiting period.
Personal Accident Coverage: This add-on rider offers complete financial protection to the policyholder, in case of loss of income arising from an accident. The rider provides the policyholder, with 100% sum assured in case of death or permanent disability in an accident. In case of unemployment due to partial disability, the insured receives a lump sum. Personal accident coverage rider is beneficial as it can be availed with the basic health policy.
Critical Illness Coverage: Critical illness riders offer the insured a lump sum amount on diagnosis of pre-defined critical illnesses. This rider gives the policyholder a means to monetarily face a critical life-threatening disease which can be very costly. Critical illness rider can be availed by paying a slightly higher amount along with the existing premium. However, the policyholder must submit relevant documents and medical reports when diagnosed with the ailment.
Term Insurance: Some of the insurance companies also offer the additional benefit of availing term insurance along with basic health insurance. This rider can be availed by paying an additional premium. The rider promises to pay a lump sum amount to the nominee/dependents in case of the untimely death of the policyholder.
Room Rent Waiver: Hospital room rent varies and the basic policy pays only a part of the rent (Up to sublimits). For higher coverage and better facilities, the policyholder can avail hospital room rent rider to enjoy hospital rooms of a higher cost.
Global Health Insurance Cover: This type of rider is best suited for frequent travellers to foreign countries like businessmen, students, expatriate workers and so on. Availing global health insurance cover helps the policyholder avail quality treatment within India as well as abroad. The insurer has tie-ups with leading network hospitals across the World, so they make sure the insured receives health cover during a foreign trip.
See Also: Exclusions of Health Insurance Policy
No-Claim Bonus Enhances: As the name suggests, this rider helps enhance the no-claim bonus in the basic health insurance policy. Generally, the basic health insurance plan offers NCB of 5% to 10% for each claim-free year. This rider helps the policyholder enhance the NCB up to 50% of the sum assured for each claim-free year.
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