Health insurance plans are a saviour with the cost of healthcare increasing rapidly in India. Everyone looks for health insurance plans with multiple benefits and features, so their medical expenses can be adequately covered.
Restoration benefit is one such feature that most insurance companies provide. It adds an extra financial layer to your insurance plan, allowing you to make a claim even if the sum insured has been exhausted.
Find out how to pick the best health insurance plan with restoration benefits and make it work in your favour.
What is the Restoration Benefit?
Restoration benefit is a feature of a health insurance plan under which the sum insured is restored to the maximum level after a claim has exhausted it. It is also known as a refill and is available as an add-on coverage with your existing health coverage plan.
Suppose you have an insurance plan with ₹5 lakh sum insured and you have utilised it during the year. If you have opted for the restoration benefit, the sum insured for your insurance plan will be restored to the original amount of ₹5 lakhs. If you make multiple claims in a year and keep exhausting the sum insured, the restoration benefit may restore your sum insured back to the original amount, based on the policy terms.
Tips for Choosing a Health Insurance Plan with Restoration Benefit
While the benefits of the restoration feature are plenty, you must choose a health insurance plan carefully after considering some factors.
- Opt for Unlimited Restoration for the Same Illness: When you want to add restoration benefits to your plan, choose the unlimited restoration option for the same illness. Though not all insurance plans provide this feature, there are a few that do cover it.
This option is beneficial for individuals who suffer from diseases requiring frequent hospitalisation as they can get the sum insured to the maximum amount after each claim.
- Choose Plans with Restoration for Partial Exhaustion: Instead of waiting for the full sum insured to get exhausted, opt for plans with a partial restoration option. For instance, your sum insured is ₹5,00,000 and you opt for a partial restoration plan. If you utilise ₹2,00,000 towards hospitalisation, it will get restored to ₹5,00,000 again under partial restoration.
- Types of Eligible Plans: Make sure to find out if the type of plan you choose qualifies for the restoration benefit. For instance, if you have purchased a family floater plan, enquire with the insurer if you can opt for the restoration benefit. Also, make sure that the restoration benefit is applicable to all family members covered under the plan.
- Nature of Claim: Restoration benefits come with different applicability across different insurers and plans. To gain maximum benefit, find out if the restoration benefit applies to inpatient treatments, daycare procedures, homecare treatments, etc.
- Carry-Forward Provision: In most cases, the restoration benefit cannot be carried forward to the next policy year. You must utilise the restoration amount within the same policy year to prevent it from lapsing.
- Premium Cost of Restoration: Since the restoration benefit is an additional cover, it involves an additional cost. So, when you are looking at adding the restoration benefit, assess the value that it brings against the cost that you pay.
- Pre-Condition: Many times, restoration benefits may be available only after the waiting period has passed, and there may also be certain limitations. Before you include it in your insurance plan, check for the exclusions, limitations and waiting period associated with restoration benefits.
Restoration Benefit: Who is it for?
Though the restoration benefit is an excellent top-up for your insurance plan, not everyone needs it. Thus, if you are thinking of adding it to your insurance plan, you need to assess whether you can really benefit from it. Here are some people who need restoration benefits.
- Those who require frequent hospitalisation and additional protection.
- Individuals who have multiple health issues.
- Those who prefer having flexibility in making claims.
- Those who are covered under family floater plans may need it, so the family members are covered if the sum insured limit is exhausted by one family member.
TATA AIG Health Insurance: Providing you with Peace of Mind
Health insurance plans play a significant role in safeguarding you financially when your health takes a hit. And with additional features like restoration benefits, your insurance plans become even more fruitful.
TATA AIG’s health insurance policies are an excellent option if you are looking for a health insurance plan with restoration benefits for yourself and your loved ones. TATA AIG MediCare policy addresses your need for financial security. It provides restoration benefits along with several unique features, including global cover, second opinion, coverage of high-end diagnostics, and many more.
The restoration benefits associated with their plans are an excellent way to ensure that your policy has an active sum insured, which can be used in times of emergency. You can utilise it to get the best healthcare facilities without draining your savings.
Follow a simple process on their website to get TATA AIG health insurance plans and safeguard your health and wealth.
