Walk-through of the Top-up Health Insurance Plans

Earlier, health insurance coverage worth Rs. 3 Lakhs used to be adequate for a family of four members. Now, it is considered as inadequate. Increased medical insurance cover can be an additional burden on your shoulders and not everyone can bear it. That is why a top-up health insurance cover is very convenient.

What is a Top-up Cover?

It is an add-on health insurance cover that provides you coverage over and above your original medical insurance coverage. For instance, if you have medical insurance cover of Rs. 3 Lakhs. To get additional coverage, you can buy a top-up health cover offered by the same insurance company. You buy a top-up cover of Rs. 4 Lakhs, and your deductible is Rs. 3 Lakhs. If you are hospitalized and your treatment expense is Rs. 5 Lakhs, the expenses of Rs. 3 Lakhs would be paid by your insurer. The remaining balance of Rs. 2 Lakhs would be paid by your top-up cover.

Top-up Health Insurance Plans

What is a Deductible?

Before going any further, you should know what the meaning of the term ‘deductible’ is. A top-up cover comes with a specific cut-off amount that is called ‘deductible’. It implies that the top-up plan won’t provide you the coverage up to this specified limit.

In the example mentioned above, if the top-up plan deductible was Rs. 3 Lakhs, the payment up to this limit would either have to be paid by the primary medical insurance or you would have to pay it from your own pocket. Expenses above this are eligible for being paid by the top-up plan. A lesser deductible in a top-up plan is recommended. But, one thing you have to keep in your mind is that if your deductible is lower, then your premium would be higher. It is very important to choose your top-up plan with utmost care so that the perfect balance between the adequate cover and adequate deductible is maintained.

How to Make the Best Usage of a Top-Up Plan?

Everybody who is planning to buy a top-up cover has this question in his mind. The ideal way to make the best usage of a top-up plan is to select the deductible very smartly. Generally, it is wise to go for a deductible that is equivalent to the sum assured provided by your primary medical insurance policy. In this way, the expenditure up to the deductible

A top-up cover is very economical when it comes to enhancing your medical insurance coverage and it is nice if think that your existing coverage might not be adequate to meet any medical needs of your family.

What are the Benefits of a Top-up Cover?

Usually, a top-up cover is cheaper than having a full-fledged medical insurance cover. It is due to the deductible clause in an insurance plan. A top up cover can offer various benefits in case of high hospitalization expenses. A top-up cover is ideal for the health insurance buyers who don’t wish to spend much on the premium.

In the example mentioned above, in the absence of top-up cover, the expenses were Rs. 5 Lakhs. In this case, only Rs. 3 Lakhs will be paid by your primary insurance. The remaining balance of Rs. 2 Lakhs you would have to pay from your own pocket.

You may like to Read: Benefits of Having Multiple Health Insurance Plans

What are the Drawbacks of the Top-Up Insurance Plan?

Though having a top-up is very beneficial, you have to be aware of the clauses related to the deductibles very carefully. You don’t get any benefit up to the deductible limitation that has been opted for by you. In case of multiple hospitalizations, these plans generally don’t work. To combat this drawback, you can go for super top-up plans.

Health insurance companies

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

*The values taken for effective cost calculation are indicative values and may change as per the selected plan.

*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

*The scope of coverage may vary from plan to plan.

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Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

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A Walk-through of the Top-up Health Insurance Plans