Health insurance covers your needs during a health emergency. But if the hospital bills exceed your health insurance cover amount, then you have to pay the extra amount from your pocket. However, there is a way to avoid this situation with top-up plans.
Top Up Insurance
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What Is A Top Up Insurance
You can buy a top-up policy if you seek coverage for higher amounts if you feel the current coverage limits are not sufficient. But such plans come with a “Deductible Clause”. So, in case of a claim, the payment will be made over and above a defined limit mentioned in the policy.
So, if you seek a wider cover over and above your basic health insurance policy, then you can buy this plan.
What does Top Up Insurance cover?
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- Coverage Over and Above Your Base Plan: This is the greatest benefit of a top-Up health insurance policy It provides the financial backup in case the limit of your base policy is exhausted. You are assured that your insurer will cover additional costs, thereby relieving you of the financial burden.
- High Cover at an Afford able Premium: The good news is that top- up plans come at an affordable rate. This means that you may avail of dual benefits of higher sum insured and low cost. This benefit, in particular, is highly advantageous for those in the older age group. The probability of falling ill is high for the senior population and a top up-plan would, therefore, be a viable option
- Combats Rising Medical Inflation: Medical inflation in India is increasing by the day. According to statistics, medical inflation in India is around 20% as compared to 8-90 in the past few years. investing in a top-up health insurance policy helps you combat such inflation effectively. You may simply pass on the risk to your insurance provider and reduce your financial burden largely.
- Coverage Against Pre-existing Diseases:Generally, health plans do not offer coverage against pre-existing diseases. However, you may supplement your base plan with a top-up that offers coverage for the same. This proves beneficial in case you have d family history or certain illness such as hypertension or diabetes.
- Tax benefits: Like any other medical insurance plans, you may enjoy tax benefit on the premium paid towards your top-up policy. Under Section 80D of the income tax Act, 1961, you may reduce your tax liability up to a limit of INR 25,000. This is applicable for insurance purchased for self, spouse, and dependent children. Senior citizens, however, may enjoy a higher limit of deduction according to the Budget 2018. In case you are over 60 years of age. you may claim a deduction of up to INR S0,000. Medical plans, therefore, reduce your tax liability while offering you coverage at the same time.
Family Floater Plan
Policy to safeguard health of your entire family
Senior Citizens Health Insurance
Financial coverage for medical expenses for citizens over 60
Insurance that reimburses your treatment costs in the event of an illness
Unit Linked Health Plan
Providing the benefits of both insurance and investment in a single plan
Importance of Top Up Insurance
The increasing medical expenses may lay a burden on your savings and financial assets. However, at times it is observed that a single health insurance plan doesn’t suffice, especially under family floater wherein four members share the sum insured. Under such circumstances, it’s very important to either opt for two policies or increase the sum insured. To expand the sum insured or total cover value, health insurance companies have started offering top ups to support the base policy.
Top up for health insurance plans, are clearly designed with an idea to give you additional cover in case your existing policy gets exhausted or proves insufficient for medical treatment. In a nut shell, top-up plan for health insurance is meant to enhance your existing cover,
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