Six health insurance riders you can add to a mediclaim policy – Mint

A rider is a type of add-on that provides you with additional benefits by paying an additional cost.

Critical illness coverage, hospital cash benefits, and other riders are some of the familiar riders that you can buy with your health insurance policies.

However, many riders are specific and may come up with a particular policy or insurer, and they may not be available with all health policies.

This piece looks at several riders you can buy along with your health insurance policy.

Critical Illness rider: While a comprehensive health insurance policy helps get coverage for critical illness treatments, the basic health policy comes with some sub-limits. The critical illness rider provides additional coverage where the policyholders receive a lump sum amount on being diagnosed with some critical disease.The rider additionally cost you around ₹1800-1850 per annum.

You must know: On the first diagnosis of the listed critical or acute illnesses covered by the policy, it provides a lump sum benefit amount after completion of the survival period as mentioned in the policy wording.

Naval Goel, founder and CEO, PolicyX.com, said, “Critical illnesses can be financially burdening and mentally depressing, especially when the patient cannot get on with their occupation and ends up losing income. This rider works like an income replacement as the policyholder can use the money either for the treatment or for personal use.”

Hospital Daily Cash: Hospitalization means the patient cannot go to work, leading to income loss.This additional rider provides a daily allowance to the policyholder during their stay in the hospital.The insurance companies predefine some amount that the policyholder is liable to receive.

You must know: It is similar to the daily income policyholders receive when they cannot work and help their families financially. This rider enables the policyholder in running -day expenses as an income replacement. You can avail of this rider by paying approximately ₹550-600 additional premium per annum*.

Ankit Agrawal, CEO and co-founder, InsuranceDekho, said, “The benefit doubles if one gets monitored in an Intensive Care Unit (ICU). You can use this money for any unexpected expenses that arise during your hospital stay.”

Consumable cover rider: This is a new rider designed to meet the expenses of modern treatment requirements.

This rider covers costs of consumable items that are generally not covered in the comprehensive health insurance plan or only one-time use equipment such as gloves, PPE Kits, surgical items, etc.

You must know: The insurers made this rider available in the wake of covid-19, where the need for consumable items increased drastically since such things are frequently required in the treatment and can make a dent in the policyholder’s pocket.

Thus, this rider helps in reducing the pocket expenses. You may have to pay approximately ₹450-500 per annum extra to avail this rider.*

Room rent waiver: The health policies come with a sub-limit on room rent paid by the insurer wherein, if the room rent exceeds the sub-limit, the policyholder has to pay extra expense from their pocket. This rider helps increase the capping laid on the charges for the hospital room rent by the insurance policy.

You must know: “The room rent waiver rider helps you in taking a room of your choice, including private and deluxe, without paying any additional charges,” said Goel.

You need to pay approximately ₹1,000 per annum above the base health policy premium to avail of this rider.

Maternity rider: A maternity rider covers hospitalization charges and delivery expenses, including pre- and post-natal expenses. The rider generally provides coverage of costs up to 30 days before delivery and 60 days post-delivery.

You must know: This rider covers childbirth costs, both normal and C-Section. Agrawal said, “Maternity rider covers any medical treatment of newborn baby delivery charges either the same will be normal or C-Section, and newborn hospitalization charges with sub-limits given in the policy. The policy doesn’t provide a complete sum insured for maternity benefit.”

NCB protection rider: You get Non-Claim Bonus (NCB) benefit when you do not raise any medical claim during the policy year; otherwise, the NCB becomes nullified. However, this NCB protection rider ensures the policyholder gets the NCB even if he raises the medical claim.

You must know: You can take an NCB protection rider if you know that you will have to make a claim because of your health conditions. If you don’t avail of this rider, you will have to forgo your bonus in the form of additional coverage or discount on premium or additional sum insured. However, by buying this rider, you can make a claim and get the bonus at the time of policy renewal. You may have to pay approximately ₹650-700 per annum* additionally to add this rider to your base health policy.

*Note: The cost of riders is based on a health policy opted by a 35 year-old male for a ₹10 lakh sum insured.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!