If you are planning to purchase a super top-up health insurance plan, ensure you compare your options to find the deal that best meets your requirements.
Getting adequate life and health insurance protection to safeguard financial interests during emergencies has been one of the most important lessons of the Covid-19 pandemic. And as far as health insurance protection is concerned, a policy with a sum insured of at least Rs 5 lakh-Rs 7 lakh is considered desirable, especially if you stay in an urban area.
However, you should ideally aim to further enhance your protection ambit to effectively beat medical inflation in these times of skyrocketing hospitalisation costs. Now, one of the most cost-effective ways to do so is to sign up for a super top-up health insurance plan in addition to your regular medical insurance policy.
A super top-up medical plan is similar to a regular health insurance policy as both cover for hospitalisation costs subject to coverage limits, among other terms and conditions. However, a super top-up plan comes with a predefined deductible limit and it covers for costs only above this deductible limit. Meaning, medical costs below the deductible limit need to be borne out of pocket or through a regular medical insurance policy, according to BankBazaar.
For example, let’s assume you have a regular health insurance plan with a Rs 5 lakh sum insured and also a super top-up plan with Rs 15 lakh cover and Rs 5 lakh deductible. You get hospitalised thrice during the policy year costing you Rs 5 lakh on each occasion. In this case, the first treatment of Rs 5 lakh would be covered by your regular health plan (with the same sum insured), while the remaining two hospitalisations will be covered by your Rs 15 lakh super top-up plan as you’ve already fulfilled the deductible clause of Rs 5 lakh during the first hospitalisation.
It must be noted here that it is this deductible clause that often ensures these super top-up plans are available at affordable premiums, especially if you start them at a young age. Also, super top-up plans could work better for you than top-up plans as the latter only covers on a single-case basis while the former covers for multiple eligible claims made within the policy year.
So, if you’re planning to purchase a super top-up plan, ensure you compare your options to find the deal that best meets your requirements. Also, the premium cost shouldn’t be the only consideration as you must also factor in the insurer’s claim settlement record and your chosen policy’s network hospitals, features, benefits and riders like waiting periods for pre-existing conditions, etc. Lastly, it’s always better to select a plan whose deductible limit can be covered by your regular health insurance plan for complete peace of mind, as per BankBazaar.
Here are the indicative annual premiums for Rs 15-lakh super top-up health insurance plans (with a Rs 5 lakh deductible) from some of the leading insures in the country. Do note, all the annual premiums have been calculated for a 30-year-old individual residing in Bangalore. Your applicable premiums could be different based on your age, gender, income, pre-existing conditions, smoking habits, place of residence, chosen policy’s sum, features, benefits or any other terms and conditions.
How Much Does a Rs 15 Lakh Super Top-up Health Insurance Plan With Rs 5 Lakh Deductible Cost?
Disclaimer: Data pertains to individual super top-up health insurance cover of Rs 15 lakh with Rs 5 lakh deductible for a 30-year-old individual residing in Bangalore and has been collected on February 9, 2021. The list is not exhaustive as data from only those insurers have been considered which were readily accessible. Data is indicative and actual premium and information may vary from the data mentioned in the table. *Deductible=Rs 6 lakh. Data compiled by BankBazaar.com