Article

Why Do You need Health Insurance Riders?

11 Nov 2016 Nutan Gupta

Health insurance riders are like some extra toppings you get on a pizza. But, you have to pay extra money for the additional toppings! Similarly, one needs to pay some extra money over the regular premium in order to get extra coverage. In simple words, health insurance riders provide you extra benefit at some extra cost.

What are the Top Health Insurance riders?

Rider Benefit
Room Rent Waiver A lot of insurance companies put a cap on the room rent. This rider lets you choose the room of your choice without paying any extra charges at the time of hospitalisation.
Personal Accident Rider This rider provides coverage for all kinds of accidents which include accidental death, permanent and temporary disablement. Moreover, if the insured dies in an accident, then the family of the policyholder is entitled to twice the amount of the policy.
Critical Illness Cover This rider covers medical expenses for any illness which is terminal/critical in nature like heart attack, cancer etc. This rider provides immediate lump sum to the insured no matter what the total amount total expenses of the medical treatment are.
Maternity Cover This rider provides coverage for expenses incurred during the birth of a child. However, this rider can be used only after the waiting period is over, which can be 24 months or more depending on the insurance company. Some insurance companies offer coverage to the new born child till the end of the maturity period.
Hospital Cash This rider provides a daily cash allowance to the policyholder which may be used by him for taking care of the hospital and other medical expenses in the event of hospitalisation. The insurance company pays the daily cash amount to the policyholder once during the complete tenure and it can be used for a certain number of days as specified in the insurance policy.

Are Health Insurance riders worth buying?

A health insurance rider comes at an added cost and it is very important for an individual to identify if he really needs the rider or not. If one ends up buying all the riders, the premium amount will shoot up, thereby causing an individual to default on his premiums. Hence, one needs to be very careful with the rider he chooses.

Know Which Health Insurance Rider Suits Your Needs...

  • A maternity cover would be suitable for a young couple who plans to start a family within a couple of years. On the other hand, this rider won’t be suitable for a couple who have crossed the age of 50.

  • A room rent waiver should be bought by a family who wish to opt for a higher room rent and doesn’t want a sub-limit on the coverage.

  • A personal accident cover is suitable for an individual who travels a lot for the purpose of work or pleasure.

  • A critical illness cover should be bought by a family who have a history of critical illness in the past

Choose a rider wisely and secure your health!

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Why Do You need Health Insurance Riders?

11 Nov 2016 Nutan Gupta

Health insurance riders are like some extra toppings you get on a pizza. But, you have to pay extra money for the additional toppings! Similarly, one needs to pay some extra money over the regular premium in order to get extra coverage. In simple words, health insurance riders provide you extra benefit at some extra cost.

What are the Top Health Insurance riders?

Rider Benefit
Room Rent Waiver A lot of insurance companies put a cap on the room rent. This rider lets you choose the room of your choice without paying any extra charges at the time of hospitalisation.
Personal Accident Rider This rider provides coverage for all kinds of accidents which include accidental death, permanent and temporary disablement. Moreover, if the insured dies in an accident, then the family of the policyholder is entitled to twice the amount of the policy.
Critical Illness Cover This rider covers medical expenses for any illness which is terminal/critical in nature like heart attack, cancer etc. This rider provides immediate lump sum to the insured no matter what the total amount total expenses of the medical treatment are.
Maternity Cover This rider provides coverage for expenses incurred during the birth of a child. However, this rider can be used only after the waiting period is over, which can be 24 months or more depending on the insurance company. Some insurance companies offer coverage to the new born child till the end of the maturity period.
Hospital Cash This rider provides a daily cash allowance to the policyholder which may be used by him for taking care of the hospital and other medical expenses in the event of hospitalisation. The insurance company pays the daily cash amount to the policyholder once during the complete tenure and it can be used for a certain number of days as specified in the insurance policy.

Are Health Insurance riders worth buying?

A health insurance rider comes at an added cost and it is very important for an individual to identify if he really needs the rider or not. If one ends up buying all the riders, the premium amount will shoot up, thereby causing an individual to default on his premiums. Hence, one needs to be very careful with the rider he chooses.

Know Which Health Insurance Rider Suits Your Needs...

  • A maternity cover would be suitable for a young couple who plans to start a family within a couple of years. On the other hand, this rider won’t be suitable for a couple who have crossed the age of 50.

  • A room rent waiver should be bought by a family who wish to opt for a higher room rent and doesn’t want a sub-limit on the coverage.

  • A personal accident cover is suitable for an individual who travels a lot for the purpose of work or pleasure.

  • A critical illness cover should be bought by a family who have a history of critical illness in the past

Choose a rider wisely and secure your health!