Invest Rs. 3,000 Annually And Get Health Cover Of Rs. 1 Crore
Liberty General Insurance offers a Liberty Health Connect Supra which is a super-top policy that gives the benefit of 1 crore to its policyholders. A person can only claim this super top-up policy only if 10 lakh of the medical expense is spent on oneself. This super-top policy consists of two things that are a deductible component and a sum insured component.
The deductible component is the fixed amount that the customer will bear, through his or her own finances or it can also be from the base health insurance or any other income source to be able to pay for hospitalization. If the hospitalization amount reaches above the fixed limit then this deductible amount will be borne by the insurer. In the top-up or super top-up policy, higher the deductible amount lower is the premium of the policy.
There is a major possibility that other basic health covers are not enough to cater all the basic health covers given the scenario of increasing medical inflation. This super top-up insurance plan helps strengthen the existing health insurance cover which eventually will give you a higher sum assured and also a much wider cover to meet the medical expenses during hospitalization.
Roopam Asthana who is the CEO at Liberty General Insurance states that the top-up or super top-up policies are beneficial as they provide the policyholders who only have a lower sum insured and the possible cost of hospitalization could be much higher than their existing health coverage.
Kapil Mehta who is the co-founder of Secure Now Insurance Broker stated that high sum insured in a health insurance plan works like a secondary plan. Before anyone buys a health insurance, he/she should consider future costs as in the metropolitan cities treatment of critical illness can cost between Rs 10 to 15 lakh. The medical inflation continues to rise at a fast rate of 15% so considering the situation 15 years later the cost of treatment will be between Rs 80 lakh to Rs 1.2 crore. So as per the situation Rs 1 crore sum insurance is not high.
Some people buy a low sum insured health insurance of Rs 20-40 lakh which tend to support the current scenario rather than the future requirements. Sanjay Datta, an employee in ICICI Lombard General Insurance mentions that the super top-up plan is good as it provides an additional health insurance coverage over and above the customer’s base insurance at an affordable cost and the price of these plans are basically low than the base plan.
Puneet Sahni who is the head of product development SBI General Insurance states that these top-up cover can be used as the second layer of cover for situations where the hospitalization cost is extremely high and these top-up covers have tax benefit under section 80 D.