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HospiCash Rider Vs Critical Illness Rider

Published On Dec 16, 2021 12:00 PM By InsuranceDekho

Most of us are familiar with the concept of health insurance. Its objective is to protect insured individuals by providing them with a variety of medical coverage alternatives. There are many different policies to choose from, each with its unique insurance policy. On the other hand, basic plans may not always be sufficient to cover all of an individual's insurance requirements. This might include details such as the amount of coverage, the benefits given, the policy's validity period, and so on.

In this case, insurance riders might be beneficial. These are modifications to the coverage requirements of a general health insurance plan. This is akin to tailoring an existing insurance to a certain insured individual’s needs. The HospiCash Rider and the Critical Illness Rider are two of the most popular healthcare riders. To find out more about HospiCash Rider and the Critical Illness Rider, read on.

Why HospiCash Rider?

A HospiCash Rider, also known by the name of Hospital Cash Rider, is a form of health insurance rider which compensates an insured person a certain amount for each day they stay in the hospital. It also provides a fixed compensation if they are admitted to an Intensive Care Unit (ICU), as well as a lump sum payment if they require treatment or an operation. To register for this ride, individuals must be 18 years old or older, with a maximum age limit of 80 years old.

Why Critical Illness Rider?

In the event of a medical emergency, only hospitalisation costs may be reimbursed under the medical claim of an insured individual. A Critical Illness Rider goes well beyond assisting an individual with out-of-pocket expenses such as medical consultation fees, medication charges, and so on. Funds from a critical illness plan can be used to pay for ambulances, room rent, and pre- and post-hospitalization fees. In addition, if an individual has any outstanding debts, such as a home loan or a car loan, the payment may help them meet their EMI responsibilities. If the individual is unable to work due to illness, the money may be utilised by their respective family to augment their income.

Without Critical Illness Rider, an individual may be obliged to spend all of their hard-earned resources. A critical illness plan, on the other hand, provides the financial help that an individual may require at the time while enabling them to keep their other money intact for their specific goals.

Advantages Of A HospiCash Rider

Following are some of the advantages of having a HospiCash Rider -

  • It gives an individual daily incentive for hospitalisation (DHCB). If the hospitalisation lasts at least 48 hours and is covered by the policy, in that case, a fixed per-day payment is provided to an insured individual for each day of hospitalisation.
  • As part of the Intensive Care Unit (ICU) and Surgical Hospitalization benefits, it contains a guaranteed sum.
  • The ICU benefit is twice as much as DHCB, while the surgical benefit is 5 times as much as DHCB for minor surgeries and 20 times as much as DHCB for major procedures.
  • If premiums are paid in a timely and cost-effective manner, premiums for this rider are obvious and reasonable.
  • If required, an insured individual can add new family members to their respective plan.
  • An insured individual can get a tax rebate on both the rider and the base plan premiums. The Income Tax Act of 1961, Section 80D, qualifies for the same. Benefits from the tax system are subject to change at any time.

Features Of Critical Illness Rider

Following are some features of critical illness rider -

  • Lump Sum Payout

The insurance company pays the policyholder a lump sum payment to cover all treatment costs if they get diagnosed with a critical illness.

  • Hassle-Free Experience

Insured consumers now enjoy a simplified, customer-friendly experience whether acquiring, renewing, or reporting claims thanks to the digital era.

  • Monthly Income

A percentage of the guaranteed amount is handed out if an insured person is diagnosed with a serious condition, which can be used to augment their monthly income.

  • Coverage

Covering 34 of the most prevalent serious conditions, the policy provides comprehensive coverage.

Endnotes

In today's fast-paced society, no one knows when they might get caught up in an accident that will require hospitalisation, acute treatment, and care. As medical prices continue to climb, all of this might result in a large financial loss for individuals. Thus, having riders like HospiCash Rider or Critical Illness Rider is very essential. A few days of illness may result in massive hospital bills, making it impossible for anybody to maintain a good quality of life. If an individual has the appropriate rider in place, they can rest assured that their loved ones will not struggle to pay for hospital bills, doctor's fees, and other expenses.

Also read: Exploring Hospicash Rider In Term Insurance

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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.

 

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