The evolving scenario of health cover plans has reached a stage of evolution where it is not just about covering the medical issue and its treatment with financial assistance. Now, with hospital cash insurance plans, financial institutions are offering customers to cover their daily expense too in case they miss out on wage due to hospitalisation.
What is hospital cash insurance policy?
There are numerous daily expenses which are not part of medical treatment and hence not covered under regular health insurance policies. However, these expenses are recurrent and they do not stop due to the medical crisis. Hospital cash cover policy is one such plan which safeguards customers under such circumstances. Essentially, this Pocket Insurance & Subscription grants a daily financial assistance to the customers.
Especially for customers who miss out on their daily wage due to hospitalisation, these policies can be of immense help. It provides the insured individual as well as his or her family a financial backing for regular expenses.
What are the benefits of a hospital cash insurance policy?
Essentially, a hospital insurance policy provides a few fundamental benefits, which are discussed in details underneath –
- High insurance sum: A high sum of Rs. 10,000 is generally offered under such insurance schemes. This high insurance amount protects not just the insured individual but effectively an entire family since often working individuals cannot earn during hospitalisation.
Pocket Insurance & Subscriptions like a Hospital Cash Cover policy from NBFCs such as Bajaj Finserv offer such features.
- Daily financial aid: A daily financial aid of Rs. 1,000 is granted to the insured individual for his or her daily expenses under hospital cash cover policies. This especially helps in the sustenance of the hospitalised individual’s family. Additionally, this can also be claimed if it is only a single day treatment procedure.
- Facilities for a wide age group: Considering this is an insurance policy that targets to aid in sustenance of a family when the earning individual is hospitalised, it caters to a broad range of age group. This policy can be availed by any Indian citizen in between 18 and 60 years of age.
What is the cost of a hospital cash insurance policy?
Considering this hospital plan provides its buyers with a daily financial aid, the cost of such a policy is not too high. There are 3 slabs of premium payment to avail such plans depending on the age of the insured. Additionally, these premiums are paid annually.
- For individuals between the ages 18 and 40 years, annual premium amount is of Rs. 499.
- Individuals with ages in between 41 and 50 years have to pay a yearly premium of Rs. 549.
- Lastly, for individuals above 50 years of age but below 60 years, the yearly premium amount goes up to Rs. 799.
How best to safeguard the whole family?
While such cashless health insurance policy is convenient especially for hospitalisation of working individuals, they should also consider policies for their spouse as well as children’s admittance if the need arises.
For working individuals who are expecting to be a father or mother, it is crucial they consider opting for Pocket Insurance & Subscriptions like a Pregnancy Complications Cover from Bajaj Finserv. A policy like this protects the to-be mother in case of any complication during her pregnancy and delivery. Additionally, such schemes cover all aspects of the treatment from ambulance charges to hospitalisation as well as doctor and medication costs.Especially in cases of hospitalisation of children, a high amount of financial assistance might become imperative. Under such circumstances, policies like a Student Plan Insurance Cover ensure financial aid for every aspect of medical treatment. For the working class especially, insurance policies like these are crucial plans to safeguard their family’s health as well as sustenance.