Health insurance companies have come with different plans and programs to enhance the base coverage. Value added benefits offered by companies completely depend on their policies and terms. These are more like reward points that you can earn if you follow certain things stated by the insurer. Check whether these benefits are good for you or not.
Wellness programs are nothing but a plan that gives you some reward points on being healthy. The reason behind introducing such plan is lowering the cost of the companies for a long time. Since the claims made by you will be less, they can cut down their service charges. This program generally tells you to stay healthy as much as possible. Now consider the benefits of such program. Some companies provide 100 reward points for quitting smoking, and you can avail up to 5000 reward points for performing other fitness activities. Reward points are valued 25 paisa for each. You will be given 1,250 rupees if you can earn 5000 rewards points. The points are going to help you in reimbursement of the expenses which are not covered by basic policy benefits, such as medical consultation, dental care and more.
Ayush benefit is very popular in India and many companies add this program along with your insurance policy like an inevitable portion. The term denotes a well-being procedure people have been adhering from old age. It stands for Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy. This plan will be beneficial if your disease comes under the non-payable coverage from the insurer.
The second opinion as the name says covers the benefits in case you need the second opinion for your treatment and surgery. This will help you to make sure what you need to treat your ailment in the best way.
This value added benefit help you get the best treatment of your illness overseas. It covers medical emergencies that you may face outside your nation. Like other plans, it also has some exclusions which vary from companies to companies.
Sum Insured Restoration
It is planned to restore the base sum of your health plan if you cross the extreme limit of the benefit. Industry data reveals that the insurance amount for a year is not reached by policyholders in most cases. This is why you can better choose top-up plans instead of the sum insured restoration.
It is a type of no-claim bonus where you get benefit from the insurer if you spend a no-claim year. The percentage of a cumulative bonus will be reduced in respect of your claim during a policy year.
These value-added benefits are designed as per the benefit of companies themselves. Some are indeed needed to enhance the base plan, and some work as an additional coverage with strict terms and conditions.