pays for your hospital bills for diagnostics, surgery etc.
As more and more people in India are getting aware of the benefits of having a mediclaim policy and/or insurance plan, there is a rising demand for riders. These Riders can be availed by paying an additional premium. Before you opt for health insurance riders, it is important to understand different types of riders you can add to your insurance policy.
A health Policy or any insurance policy will have some Exclusions and as a result you will not have complete coverage. If you need protection from added risks, you would have to opt for insurance riders, which are nothing but add-on benefits to your existing insurance policy.
This rider can be added to your insurance policy and provides you peace of mind knowing your family will be taken care of if you die in an accident. The sum Assured is guaranteed by the rider, but along with the premiums for your insurance policy, you also would have to pay an additional sum for the rider.
You can opt for a Critical Illness rider that will provide Coverage if you are diagnosed with an illness that is listed in the plan. Critical illnesses that are covered by this rider include cancer, kidney failure, paralysis, heart bypass, cardiac arrest and organ transplant. If you are diagnosed with one of these illnesses, there is a Sum Assured under the terms and conditions of the rider. However, make sure you read the plan document minutely before taking the add-on benefit.
This rider offers you a sum assured if you are struck by an impairment that is either temporary or permanent. Most insurance providers give a particular percentage over a period of 5 to 10 years to the policyholder. It is important to realize that this rider is most useful if the impairment occurs due to an accident; and most insurance companies tend to club this rider with Accident death rider.
If for some reason, such as loss of earnings or impairment, you are unable to pay insurance premiums, this rider will protect you and keep your insurance policy going. The insurance plan will continue to offer coverage until such time you are ready to return to work and resume paying the premiums.
A Health Insurance policy may not cover the entire cost of hospitalization, as there are several adhoc costs that are associated with such events. To cover such costs, a health insurance policy would have a rider that provides you with a fixed amount for each completed day of hospitalization.
A health insurance policy or Mediclaim would typically cover costs related to medicines, consultancy, diagnostics and hospital stay, but there are some costs like paying for attendant care in the post Hospitalization stage are not reimbursed by insurance companies. To avail health Claim for such costs, you can opt for the patient care rider