There are numerous insurance policies which cater to all types of medical expenses from hospitalisation costs to consultation charges, procedural expenses and even ambulance charges. While these insurance policies effectively cover every aspect of the treatment, a span of hospitalisation can be detrimental for working individuals. Losing out on daily wages can make it difficult for an individual to meet living costs as well as healthcare requirements. It is under such circumstances where a cash cover plan ensures security.
What is a cash cover plan?
A hospital plan that provides daily expenses in case the insured individual is hospitalised is essential for many households. Essentially, a cash cover plan for hospitalisation provides a daily financial grant for the patient. In effect, insurance plans such as the Hospital Cash Cover policy offered by Bajaj Finserv under its Pocket Insurance and Subscriptions can financially assist the insured especially during sudden incidents of hospitalisation by assisting with their daily sustenance cost.
Which features of a cash cover plan are especially of help?
Hospital cash cover policies offer numerous features which help out the insured during emergencies. These are designed to help with regular expenses of an individual and in turn his or her whole family. The underneath discusses all these features of Pocket Insurance and Subscriptions.
– High value insurance cover:
Hospitalisation costs are often immense, both in terms of treatment as it is for the household. Family members might come to a scenario where they require financial assistance for expenses like hospital commute, accommodation near the medical facility, food, etc. Under such circumstances, a high insurance value of Rs. 10,000 is assured under Pocket Insurance and Subscriptions.
– Daily financial allowance:
Especially for individuals who might lose out on daily wages if and when they are hospitalised, such policies promise a sum of Rs. 1,000 per day.
Along with the basic advantages, it is crucial to also understand the premium structure for such a hospital insurance policy.
What is the cost of such a plan?
There are basically 3 categories of premium depending on the age of an applicant.
– The first age group lies between 18 years and 40 years of age. They have to pay a premium of Rs. 499 per annum.
– Next, for individuals aged between 41 years and 50 years of age, the premium amount rises up to Rs. 549 per annum.
– Lastly, individuals above 50 years of age up to 60 years of age have to pay a premium of Rs. 799 per annum.
While such insurance policies provide daily allowances for working individuals, economical insurance policies like Child Personal Accident Insurance financially protects children in case of accidents and medical emergencies. This insurance cover is especially crucial since it is one of the very few cover plans which financially protect individuals below the age of 18 years.
Ranging from Infection Insurance Cover to even plans for medical complications like tuberculosis, numerous other cover plans for health are also offered by financial institutions.
Are there any related policies for added security?
While the above features of hospital cash insurance policies spell out the advantages of having such an insurance and subscriptions policy in place, instances of hospitalisation have a few related concerns too. There are numerous scenarios which can lead to hospitalisation like water-borne or mosquito-borne diseases, kidney stones or other organ issues, etc. With the help of these insurance policies, any individual can ensure their financial safety. Vitally, a hospital plan provides financial security for the insured during the period of hospitalisation. Opting to have additional policies in place also provides the advantage of financial assistance to help out in the treatment of the insured.