Need for Riders in Health Insurance
Updated On Feb 11, 2021
Many of us know what a health insurance is. It protects the insured individuals by providing different types of health insurance plans. But, quite a few times, the basic health insurance plans don't cover certain things that you require. It may be the coverage features, benefits offered, time period, etc. This is when health insurance riders enter the scene.
What Are Health Insurance Riders?
Health insurance riders are the modification in the coverage features of general health insurance. It is like customizing a health insurance plan according to one’s needs. A rider acts as an additional benefit to the selected policy. IRDAI has specified limitation on the amount of premium to be paid for riders. Thus, it costs less to the customers, approximately 30% of the original policy.
Why Do You Need to Buy Health Insurance Riders?
1. Paying for a child’s education- The lump sum received from the riders can be used to secure your child’s future. You can use it to pay for school, college, and further studies.
2. Other expenses- Not many of us know about this, but riders can also help with the funeral expenses. Health insurance companies have added this feature under their health and personal accident policy. For instance, Bajaj Allianz charges INR 5 against their personal expenses for funeral expenses. Bharti AXA General Insurance has tied up with Arohan to provide this rider.
Know how various health insurance riders suit your needs-
Some of the top health insurance riders along with their benefits are mentioned below-
1. Maternity cover covers the expenses incurred during childbirth. This rider can be used only if you have completed a waiting period, which can be about 2 years or more varying from insurer to insurer. Some health insurance companies also provide coverage to the newborn till maturity.
2. A room rent waiver let you choose the room of your choice without paying extra bucks at the time of hospitalization. Though, a lot of health insurance companies put a cap on the room rent. So, this rider should be brought by a family who wishes to opt for higher room rent and does not want a sub-limit on the coverage.
3. Personal accident cover is suitable for those who travel a lot for work or pleasure. It provides coverage for all types of accidents, including accidental death, permanent and temporary disablement. If the policyholder dies in the accident, his/her family is entitled to receive double the policy amount.
4. Critical illness cover is brought by a family who has a history of any illness, which is critical. These illnesses include cancer, heart attack, etc. It provides an immediate lump sum amount to the individual insured regardless of the total expenses of the medical treatment.
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Pick a Health Insurance Plan That's Right for You
Health insurance riders do not only cover medical conditions and hospitalization. They also provide enough security for unforeseen circumstances. They help the insured get a better policy at minimal cost with a wide range of benefits.
For better guidance on the concept, get in touch with the experts at insurancedekho.com. Choose a rider wisely and secure your health today!
