Ensuring the well-being of you and your loved ones are a top priority in today’s unpredictable world. As such, health insurance has become an essential safety net. However, at times having a basic health insurance plan may not be sufficient. To ensure comprehensive coverage against various medical emergencies, you should consider health insurance riders.
Before delving into the benefits of health insurance riders, let us first understand what a health insurance rider is.
What is a health insurance rider?
As the name suggests, it is a cover that you buy along with your insurance policy, and it rides along with your base insurance plan.
For instance, it could happen that your health insurance plan has insufficient coverage and increasing the coverage might increase the premium. In such cases, you can opt for a rider plan that comes at a nominal additional charge that will not affect your premium drastically.
Most policies have multiple rider plans available in line within your budget and cover requirements. This way, you can avail sufficient coverage at a low cost. Whether it is a family health insurance plan or a health insurance for senior citizens, most buyers go for a basic plan and then opt for a rider plan along with it. This eventually becomes cost-effective with wide coverage.
Health insurance rider benefits
Now, coming back to the benefits of health insurance riders, here are the top 7 benefits you get by adding health insurance riders to your base health plans.
Upgraded protection cover
Rider plans increase the scope of coverage. It basically acts as an add-on cover to your existing insurance policy. Health insurance riders allow you to expand your coverage beyond your basic plan. For instance, you can add riders for maternity care, dental treatment, or vision care. This enhanced coverage ensures you are financially prepared for a wider range of medical needs. Also, this way your family members have sufficient coverage whenever required that too at an affordable premium
Customisable
One of the significant advantages of health insurance riders is the ability to tailor the policy to your specific needs. You can customise your plan by adding riders that are most relevant to your health concerns. For instance, if you have a family history of critical illnesses, you can opt for a critical illness rider. This ensures that you receive the necessary financial support should you be diagnosed with a covered illness. Moreover, you can use the insurance premium calculator to get an estimate of the plan and then customise it accordingly.
Pay for your child’s education
Rider plans may also provide additional support for dependants. Riders like child education benefits help you to pay your child’s education fee with the claim amount that the rider covers. In short, school, university, or any future academic fees can be paid from the rider cover amount. This ensures a safe and secure future for your child.
Compensation for debts
Rider plans like hospital cash cover act like a compensatory allowance. You can easily avail compensation for your debt with coverage offered on such plans. You can use the lumpsum amount received to compensate for the loss of income, loans, mortgages, repayment of debts, etc. that occurred due to loss of pay at work or treatment of a disease.
Tax saving benefits
In Rider plans you can avail tax benefits, meaning that the policyholder can avail a additional tax saving advantage along with the basic health insurance plan The premiums paid towards critical illness riders are also eligible for tax deductions under Section 80D of the Income Tax Act, 1961. This benefit is available for all the policyholders who pay tax.
Access to preventive care
Preventive healthcare is vital to maintaining your well-being. Many health insurance riders offer coverage for preventive care services such as vaccinations, health check-ups, and screenings. By investing in these riders, you can catch health issues early, which can lead to better outcomes and reduced healthcare costs in the long run.
Extensive financial security
Healthcare costs can be exorbitant, and a major illness or injury can drain your savings. Health insurance riders provide an additional layer of financial security. With riders like a personal accident cover or a hospital cash benefit, you will receive extra financial support when you need it most. This added peace of mind allows you to focus on your recovery without worrying about mounting medical bills.
Health insurance riders are a valuable addition to your basic Mediclaim policy. They offer enhanced coverage, tailored protection, lumpsum payment, faster access to treatment, support for dependents, and potential tax benefits. By considering these benefits, you can make an informed decision about the health insurance riders that are right for you and your family. Remember, your health is an investment, and health insurance riders can be the safety net you need to protect your wealth.
You can find a range of pocket-friendly health plans at Bajaj Finance Insurance Mall. Here you can view product features, compare prices, and purchase a plan that is best suited to your needs. All this in a matter of minutes on our 100% digital platform and from the comfort of your home.
Disclaimer – Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer’s website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. URN No. BFL/Advt./23-24/199
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