How does a Hospital Care Benefit Rider help me?

The cost of healthcare is skyrocketing! Imagine, if you were ever hospitalized how would you pay your hospital bills and additional expenses?

And how would you meet your family's regular expenses, especially if you have had to take a pay cut or quit your job to focus on your treatment?

The answer: Hospital Care Benefit Rider!

It is an add-on benefit you can opt for when buying your term insurance plan.

If you are ever hospitalized, this rider will enable you to get:
 

·         A lump sum, or daily cash benefit, for the hospitalization period

·         Extra benefits for ICU and surgery care

This, of course, would vary based on the term plan you have purchased. Know more about the different types of term policies.

Opt for this rider, especially if you don’t have separate health insurance and you need a lumpsum or daily benefit amount to cover the cost of 

• Normal hospitalisation

• ICU

• Surgery

Let's look at an example: 

Say, you bought a Hospital Care Benefit Rider cover of ₹ 15 lakhs.

Under this, you’ll get a fixed amount, say ₹ 3,000, per day for every day of your hospitalization, up to a maximum of 30 days. 

You‘ll also receive a higher amount daily till the total benefit paid reaches ₹ 15 lakhs if you are in the ICU or you have undergone surgery.

But remember, if you have chosen the Critical Illness cover, or have separate health insurance, this rider may not be of high value to you.

You can opt for this rider when buying a term plan. Or you can buy it on your policy anniversary. Your choice.

P.S.: Not all riders are available with all term plans or insurers. Check for alternatives, or automatic rider inclusions, before buying.

Am I eligible for a Hospital Care Benefit Rider?

Yes, of course. If you are eligible for term insurance, you are eligible to get the Hospital Care Benefit Rider.

Some exclusions for this rider are: 

• Pre-existing medical conditions

• Hereditary medical conditions

• Weight reduction treatment

• Any hospitalization outside India

• Attempt to suicide or self inflected injuries

• Drug abuse/overdose

• Participation in civil commotion, riots, war or rebellion activities

Be sure to check all the exclusions from your insurer as they normally vary from insurer to insurer.

On this rider, you can avail tax benefits under the Section 80D of the Income Tax Act, 1961.