10 Reasons to Buy Health Insurance Riders

Posted on: Feb 21, 2022 | | Written by:

10 Reasons to Buy Health Insurance Riders

Published on February 25, 2022. EST READ TIME: 3 minutes

There’s no denying that having health insurance is essential, given how unpredictable life is and how expensive medical treatment can get. But what if your health insurance planturns out to be inadequate in case of an emergency? After all, no one can predict how serious an ailment can be or what kind of treatment it might need. Well, buying another health plan might be an option, but it can be too expensive. Don’t worry though.You can buy riders, which are an affordable way to enhance the medical coverage of your existing health plan. There are different types of rider plans available in the market, giving you the choice to opt for the ones you think you might need the most.

Know the benefits of Health Insurance Riders

1. Compensation for debts

Insurance providers provide a lump sum to the insured irrespective of the expenses incurred for treatment. If there is any surplus amount left after the hospital expenses, you can use the same to repay loans, debts, mortgages, etc. You can also utilise the amount to compensate for the loss of income. For instance, under accident disability rider, the lump sum can also be used as a source of income.

2. Funding child's education

The claim amount received is not meant to be used only for medical expenses. You can use the sum insured for your child’s education – school, college and further studies, and ensure a safe and secured future for your child.

3. Funding funeral expenses

In case of death of the insured, the claim amount can be used for funeral expenses. Most insurance companies offer INR 10,000 or 1% of the sum insured.

4. Enhanced protection

Riders enhance the scope of coverage of your existing health insurance plan so that all the family members get equal coverage at an affordable cost. For instance, if you are diagnosed with a critical illness like cancer, you don’t need to buy a new plan, as the critical illness rider will cover all the treatment costs.

5. Premium waiver

If you are diagnosed with a critical illness or suffer from a disability due to an accident, the future premiums of your health plan will be waived off, but you can continue with the policy.

6. Minimum management hassles

If your base policy is not enough to cover your medical needs, what should you do? Buy another plan? Going for one more plan means going through the hassles of pre-policy medical tests, waiting period of some diseases and other processes. All these can be avoided by just adding some riders to your existing health insurance plan by paying extra premium.

7. Flexibility to customise

While buying a rider plan, you have the flexibility to customise it as per your needs, taking into consideration your medical history, pre-existing diseases, budget, etc. You can add or remove any features of the rider plan.

8. Tax saving perks

Along with the tax benefits that are already available on the health insurance premium under Section 80D, you also get tax benefit on the riders. So, when you pay extra premium for the riders, you get tax relaxation for the entire amount of the extra premium paid.

9. Lump sum payment

When it comes to some add-on covers like the personal accident cover or the critical illness cover, you will get a lump sum claim amount, no matter what the medical expenses are. Not only that, the money can also be utilised for compensation of loss of income of the insured, to pay off debts, mortgages, etc.

10. Plenty of choices

With so many health insurance riders available these days, you have the option to choose easily, depending on your medical needs.

Conclusion

While buying health insurance riders will cost you extra premium, remember that they are not just meant for medical expenses but can provide a sense of security too. Check the riders which meet your requirements and budget and get them added to your existing health insurance plan for added protection.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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