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Why a health insurance plan with a wide sum insured amount is useful

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Published on July 13, 2021. EST READ TIME: 3 minutes

Gone are the days when you paid out of pocket for medical expenses or dipped into a health emergency fund created for the sole purpose of meeting planned and unplanned medical costs. Health insurance plans are the preferred channel to save and pay for medical expenses. The shift in the way people pay medical bills has occurred due to several reasons, the most prominent ones being (i) the escalation of the cost of medical tests, surgical procedures, consultations and check-ups and (ii) advances in medicine and technology have enabled treatment options that can cure or reverse previously untreatable conditions but at considerable monetary expense to the patient.

Access to good quality healthcare is now possible if you can afford to pay for it. Instead of saving large sums of money for a health emergency at an uncertain time in the future, you can opt for a health insurance scheme that covers such contingencies at the cost of an annual premium. The premiums the customer pays come at a fraction of the sum for which the customer is insured.

Why is the Sum Insured an important feature of your plan?

There are many things you must evaluate when picking the right health insurance for yourself. One of them, and possibly the most important one, is the sum insured. What is the meaning of the term sum insured?

Sum insured is the amount the insurance company provides as coverage. It is the maximum amount the company pays in the event you suffer an injury, damage or loss due to which you had to undergo medical treatment. For example, if you pick a plan where the sum insured is Rs 5 lacs, and you are in an accident where hospitalisation expenses racked up to Rs 2 lacs, in that case the insurance company will indemnify or compensate you for Rs 2 lacs. If the medical expenses amounted to 5.25 lacs, the insurance company would cover 5 lacs (the total sum insured) and no more. The residual amount would have to be borne by the beneficiary of the policy.

It logically follows, that when taking out a health insurance policy, it is important to choose a sum insured amount that would reasonably cover the costs of being hospitalised, treated and tested in a good hospital in case of an emergency. When the sum insured is high, the premium is also high. Hence, the tendency is to opt for a lower sum insured to save money on the premium. However, the money saved at the time of invoking the policy, in the event of hospitalisation or a medical emergency, is way more than the money saved on lower premiums. Each person must assess their own health and medical history before finalising the total coverage amount.

Benefits of choosing Optima Secure

A wide sum insured gives you peace of mind and guarantees that in case of a crisis, you can fall back on your policy and focus on getting better. Optima Secure offers a wide range of sum insured options you can choose from. Base Sum Insured offered starts at RS 5 lakhs per annum and goes up to RS 2 Crore. Even with a limited base sum insured there are certain features that all Optima Secure customers benefit from which include AYUSH treatment, Domiciliary Hospitalisation, Home Treatments, Organ Donor Expenses, Pre and Post Hospitalisation Expenses and Road Ambulance expenses.

With Optima Secure you can be rest assured that even with a lower Base Sum Insured, there are certain unique add ons that accompany the plan, which enhance the coverage provided to the customer.

1	Secure Benefit	With this added benefit can get an additional coverage amount up to 100% of the Base Sum Insured immediately upon purchase at no extra charge. This additional amount can be utilised for any number of admissible claims.
2	Plus Benefit	Doubles your coverage in two years, irrespective of claims.
3	Automatic Restore Benefit	Restores up to 100% of your Base Sum Insured for subsequent claims, for any illness or any insured person.
4	Protect Benefit	Go cashless with in-built coverage for non-payable items like PPE kits, gloves, masks, food charges and other consumables during hospitalisation.

Choosing a reliable and trusted health insurance plan like Optima Secure is as important as the choice of doctors, hospitals and treatments for health care.

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

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