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Is it beneficial to have any rider such as ( Protective Rider) along with policy which covers consumable item cost.

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08 Sep, 2020 by  Tarun

My Renewal is due with Apollo Munich Optima Restore.

We are young family of 2 adult + 2 child.

Current Policy: 3Lacs + 3Lacs multiplier benefit.

Need advice.

Is it beneficial to have any rider such as ( Protective Rider) along with policy which covers consumable item cost.

2. My cover is 3L FF. Someone has suggested to go for higher base cover 10L-15L with Super Top-up like 16L. But not mentioned the reason. Is it so that we can use super top-up for multiple claim (if required) with lower deductible. Kindly advise

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Health Insurance

2 Answer

08 Sep, 2020

Hello Tarun,

Thank you for sharing your question on the forum.

Here are the answers:

How much health insurance cover is enough?

In our view, you should have a 15L health insurance cover per adult in the family before you reach 40 yrs of age. If you are in your early 30s, you can systematically plan stepping up your cover at every renewal. Your base floater cover should be 10L and the remaining should be a Super Top-up policy.

Why do you need a Super Top up Health Insurance policy?

Super Top-up Health Insurance can be a cost-efficient strategy to upgrade your health insurance coverage, better than to upgrade your base policy itself. You should always buy Super Top-up Health Insurance after you have a reasonably good base health cover. I would recommend you upgrade your base health insurance policy to 10 L floater first and then upgrade using Super Top-up health insurance later to the adequate cover I recommended above.

Hope this helps. Do let us know, if you have any further questions.

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08 Sep, 2020
Hello Sir, Thank you for answering my query. I request you to also suggest about importance of Protective cover with base policy which covers consumable items ( gloves, PPE kit, etc..) cost. in policy. Should I take it. Also, I m in Mid 30's now. My policy is due this month only. So, you are advising to just upgrade base cover to 10L and take Super Top up of 20 Lacs by coming month. Is my understanding right Sir. Thanks a lot in advance.
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08 Sep, 2020
1) Yes, go for the consumable cover. It is helpful in case of hospitalization due to COVID-19. 2) Yes, go for a base cover of 10L, and a Super Topup of 20L by the coming month. You can also explore the 1 Crore covers on Policybazaar/Coverfox, and ICICI Lombard's website, and compare them with the pricing of 20L topup. You may end up getting a good deal.
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12 Sep, 2020

Hi Tarun,

Mahavir has given a great strategy to build your health insurance portfolio.

I have a favourite personal hack that I want to share with you :)

Optima Restore allows 100% No claim bonus. And as Mahavir suggested, have a base cover of 10 lakhs and then add a top-up over it. So just ramp up your SI from 3 lakhs to 5 lakhs, and within 2 yrs, your plan will be 10 lakhs due to +NCB.

Buy the top-up always from the same company from where you bought base cover coz in case of a cashless admission, should your base cover exhaust, you can request hospital to also submit policy number of top-up policy and insurer would be happy to extend your cashless into the same admission for topup policy. If top-up is not from Apollo Munich, then any extra spend above the balance sum insured in base policy will have to be paid in cash by your first and then later claimed through reimbursement claim. Who has that much cash man?

Yaar you haven't mentioned your age and location, otherwise I could give more specific advice.

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