All About HospiCash Rider
Published On Jul 30, 2021
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Most of us are familiar with health insurance policies. Its purpose is to protect insurers by providing a choice of medical coverage. There are numerous policies to choose from, each provided by a separate insurance policy. The basic policies, on the other hand, may not always fulfil all of the criteria that you may have for your insurance coverage. This can be anything, such as the amount of coverage, benefits given, time duration, and so on.
In this case, insurance riders come in handy. These are modifications to the coverage parameters of a general health insurance plan. This is analogous to modifying an existing policy to the insurer's requirements. The HospiCash Rider and the Surgical Rider are two of the most popular healthcare riders. More information about HospiCash Rider can be found here.
What Is A HospiCash Rider?
A HospiCash Rider, also referred to as a Hospital Cash Rider, is a sort of health insurance rider that pays you a certain sum for each day you are hospitalised. It also provides a fixed payment if you are admitted to an Intensive Care Unit, as well as a lump sum payment if you require surgery or an operation. The minimum age to join this rider is 18 years old, and the maximum age is 80 years old.
Eligibility Criteria for Buying A HospiCash Rider
Following are the rules for qualifying for adding a HospiCash rider to your policy:
- The minimum age to subscribe to this rider is fixed at 18 years of age.
- The maximum age is capped at 65 to 80 years of age, it depends on company to company.
Advantages Of Buying A HospiCash Rider
A HospiCash rider comes with a plethora of advantages in times when you need hospitalization and treatment . Here are some of them:
- It gives you a daily hospitalisation benefit (DHCB). If the hospitalisation lasts at least 48 hours and is covered by the policy, it is a fixed per-day benefit provided to the policyholder for each day of hospitalisation.
- It comprises a lump sum payment as part of the Intensive Care Unit and Surgical Hospitalization benefits.
- The ICU benefit is twice as big as the DHCB benefit, and the surgical benefit is 5 times DHCB for minor surgeries and 20 times DHCB for major procedures, respectively.
- If obtained in a quick and cost-effective manner, premiums for this rider are straightforward and reasonable.
- If necessary, the policyholder may enrol new family members in the plan.
- Policyholders benefit from tax breaks on both the Rider Premium and the Base Plan. The Income Tax Act of 1961, Section 80D, qualifies. Tax benefits can be changed at any time.
Tax Benefits of HospiCash Rider
- HospiCash Rider makes you eligible for hospital cash benefits on tax.
- You are eligible for tax exemptions upto Rs. 25,000 according to medical rider rules.
- A HospiCash Rider also makes you eligible for great tax benefits as per the Section 80 D of the Income Tax Act of India, regulated in the year 1961 and is amended regularly as per need.
In today’s scenario and a life full of ruckus, no one knows when they will meet an accident which might lead to a hospitalization, acute treatment and care. All this might cause a great loss to your pockets as medical expenses are becoming costlier day by day. However, with a rider like HospiCash Rider by your side, in your policy, you can avail facilities like cashless hospitalization, reimbursement of all the bills, benefits on tax etc. You must consider adding HospiCash rider to your policy because it will at least give you tax benefits.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.