A Restoration Benefit is good to have with a health insurance plan as it will help to get the insured sum back if it gets exhausted during the term of policy in the present year.
So basically health insurance plans come with numerous variants and features that make difficult to compare between plans. But it is not an end because according to recent analysis and scenario, it is seen that a health insurance plan is not enough so a health insurance refill or a restoration benefit is useful here.
About a Restoration benefit: A health insurance plan with restoration benefit shows that if the insured sum gets exhausted during a treatment, then the insurance company will restore it. Besides that, if the person gets diagnosed with another illness then the insurance company will give that insured amount so he will be still protected and can make a claim for the same amount again in the same year. That’s why while buying a health insurance plan; the restoration benefit can prove to be good for money.
Excess premium paying for restoration benefit: Health insurance plans are actually vary as per the company so it becomes difficult to know an exact amount to pay. In case of restoration benefit, it does come at an extra premium but the investment is value considering benefits it offers.
Type of Restoration benefit: There are two types of restoration benefits such as Complete exhaustion and Partial exhaustion which are described below:
Complete exhaustion: This benefit is mostly offered as a part of nearly all health insurance policies and only applicable when the whole sum insured with the bonuses is exhausted.
Partial exhaustion: This benefit is applied even if there is a partial exhaustion of the insured sum.
Conditions under the Restoration benefit: The restoration benefit has its own set of conditions which may differ from policy to policy, but the commonly general ones are like:
The restoration benefit is offered only for different illnesses
This benefit is not available for first ever claim during the term of policy.
This kind of benefit cannot be carried forward to the next financial year if it not applied in the present year.