Adding riders to your health insurance policy can give you more complete coverage that fits your personal need, improving your overall financial protection.
Buying health insurance for the first time can be overwhelming, especially with all the unfamiliar terms. When choosing a policy, it’s important to think about how much to spend and when. Many people choose riders, which offer extra benefits like OPD care, no-claim bonuses, and more. While these can be helpful, it’s important to understand what riders are and when you should add them to your health plan.
Below, we explain the different types of riders you should know about before buying a health insurance policy:
What Are Riders?
Riders are extra features added to your main health insurance policy. They let you customize the policy to better suit your needs. Adding riders can give you more complete coverage, making sure your insurance matches your personal requirements and providing better financial protection and peace of mind.
Maternity Cover
The maternity rider is important for expectant parents. It covers medical costs like delivery fees, prenatal (before birth) and postnatal (after birth) care, and sometimes even baby expenses. However, this coverage usually has a waiting period, which can range from 9 months to 6 years, depending on the insurance company. This rider helps you financially by saving money on delivery costs and preparing you for the arrival of your baby.
Critical Illness Cover or Personal Accident Cover
This rider gives you a lump sum amount equal to the insured sum if you are diagnosed with a serious illness like heart disease, kidney failure, or cancer. It has a waiting period of 90 days and ends once a claim is made. This rider acts as an emergency fund to help pay for hospital bills and support your lifestyle while you recover. If your family has a history of such illnesses, or if you have a high-risk job, this rider can be very helpful.
Hospital Cash Cover
The hospital cash rider gives you a fixed daily cash amount for every day you’re in the hospital, no matter how much the actual hospital costs are. You can use this money for extra expenses like travel, meals, and other costs that aren’t usually covered by regular health insurance. This rider starts only after you are hospitalized for at least 24 hours.
Room Rent Waiver
The room rent waiver removes the limits on hospital room rent. This means you can choose the best hospital room without worrying about extra charges. It allows you to get admitted to any room you like, without having to pay more at the time of admission.
Other Riders
There are also other helpful riders, like the accidental disability rider, which gives compensation if you’re disabled due to an accident, and the mental well-being rider, which covers mental health services.
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