Questions regarding "Restore" option and "Deductible" in Health Insurance
17 Apr, 2022 by Balu Ramachandran
- Why are insurance companies offering Reset/Restore/Refill option? Won’t it prevent customers from purchasing a plan with higher coverage? Eg: Let’s say HDFC Ergo offers 100% restore option for a 5 lakh plan. So the customer is effectively getting a 10 lakh coverage. Why should a customer take a 10 lakh coverage when a 5 lakh plan offers 100% restore? What’s the catch here?
- If a base plan has 5 lakh coverage with 50,000 deductible, and I get a bill of 550,000, will the insurance company pay 500,000 or 450,000?
- Similarly if I have base plan with coverage 5 lakhs, and a super Topup with coverage 20 lakhs and with 5 lakhs deductible, will my total coverage be 20 lakhs or 25 lakhs?