Care Shield Add-on Care Health Insurance Plan

Care Health Insurance, formerly known as Religare Health Insurance, launched the Care Shield insurance plan in December 2020. It is a Rider or an add-on insurance cover that can be purchased with a basic policy at an additional premium. In this policy, the sum insured gets increased at the time of renewal as per the CPI (Consumer Price Index) inflation rate to meet future treatment expenses.

The insured can pay for a wider range of medical expenses and safeguard their No Claim Bonus from lapsing during the policy term.

Care Shield Care health insurance plan helps people meet the rising medical costs, especially during the Coronavirus pandemic that has only worsened the situation.

Eligibility Criteria for Care Shield Health Insurance Plan

To get coverage under the Care Health Insurance's 'Care Shield' plan, the policyholder should be covered under a base health policy for self and family.

Criteria	Specifications
Entry Age Criteria (years)	As per the base policy
Coverage Type
Pre-medical Screening
Policy Tenure
Waiting Period

Key Features of Care Shield Rider Plan

Here are some of the salient features under the Care Shield care insurance plan-

The policy can be purchased along with a base medical insurance plan at the time of policy issuance or renewal
The sum insured gets increased every year in line with the inflation
All the policy coverage scope, limitations, waiting period, claim procedure, and entry age criteria remain the same as the base policy
Health insurance coverage under the Care Shield Rider Plan is available on both the individual and family floater basis
Tax benefits on premium as per the base health plan

Coverage Benefits under the Care Shield Rider Plan

Care Shield health insurance policy offers various other innovative coverage benefits in addition to your base health plan. The three major coverage benefits are given below:

Benefit 1

Care Claim Shield- Claim Shield also provides coverage for 60-plus medical items that are used during hospitalization. It can include gloves, belts, oxygen masks, face masks, braces, crepe bandages, buds, leggings, ambulance equipment, spirometer, thermometer, and the likewise that are usually consumed during a medical treatment but are not a part of the policy inclusions. With Care Shield health insurance plan that scope of coverage can be enhanced further.

Benefit-2

Inflation Shield- It takes into account the rising cost of healthcare due to inflation in India that makes it difficult for patients to avail of medical services. Therefore, policyholders buy a new health plan or increase the sum insured of their existing policy to be able to meet the higher costs of hospitalization.

When you buy this add-on i.e. Care Shield it helps you pay for expensive treatments. It increases the sum insured amount every subsequent year at the time of renewal as per the Consumer Price Index (CPI) inflation rate. This ensures that the insured individual and the family members have an adequate sum insured to meet the future cost of the treatment.

Here is an illustration table to help you understand better:

Years	Year 1	Year 2	Year 3	Year 4
Total Sum Insured + Inflation amount at the year beginning	5 lakh	5.30 lakh	5.55 lakh	5.80 lakh
Inflation Rate (applicable of SI)	6%	5%	5%	6%
Amount Increase due to Inflation	30,000	25,000	25,000	30,000
Total Sum Insured + Inflation amount at the end of the year	5.30 lakh	5.55 lakh	5.80 lakh	6.10 lakh

(Source: Care Shield Health Insurance Brochure)

Benefit-3

No Claim Bonus Shield- This feature is like a reward at the time of renewal that the policyholder can avail in case no claim was registered last year. For example, if you bought a policy on January, 01 2020 and no claim was filed from that date till December 2020, then your coverage amount gets increased by 60% at the time of renewal with no extra cost involved.

Moreover, if you file a low-value claim i.e. lesser than 25% of the sum insured then your accumulated No Claim Bonus doesn’t get eroded.

Here is an illustration table to help you understand better:

Years	Year 1	Year 2	Year 3	Year 4
Total Sum Insured +No-claim-bonus at the beginning of the year	5 lakh	5.50 lakh	6 lakh	5.50 lakh
Aggregate Claim Payable during the policy term	1 lakh	1.24 lakh	4 lakh	lakh
Balance Amount	4 lakh	4.26 lakh	2 lakh	4.5 lakh
Addition as No-claim-bonus ( 10% of SI)	50,000	50,000	-	50,000
Reduction of No-claim-bonus ( 10% of SI)	-	-	50,000	-
Total Sum Insured + NCB at the end of the year	5.5 lakh	6 lakh	5.5 lakh	6 lakh

(Source: Care Shield Health Insurance Brochure)

Exclusions under the Care Shield Rider Plan

The policy exclusions remain the same as the Base health insurance plan. For more details, you can check out the Care Shield Rider Plan product brochure or reach out to us at 1800-708-8787 or write to us at care@policybazaar.com

FAQs

Q1. What is CARE shield rider or add-on?

Care Health Insurance provides 'Care Shield' add-on or rider plan that takes into account the rising medical inflation. It is a triple innovation product that is designed to increase the scope of medical insurance coverage in addition to an existing health insurance plan. Care Shield is an innovative medical insurance product that offers a protective shield to the policyholders from expensive healthcare treatment. You can buy this policy with your base insurance cover as it is not available as a standalone product.
Q2. What are the three new benefits and features under the Care Shield Care health insurance plan?
Three innovative features under the CARE Shield insurance plan are-
- No-claim-bonus Shield
- Inflation Shield
- Care claim Shield
Q3. What is the waiting period under the CARE Shield insurance plan?

The waiting period under the CARE Shield insurance plan will remain the same as your base medical insurance policy.
Q4. What is the entry age limit for CARE Shield policy?

The minimum and maximum entry age limit for CARE Shield policy remains the same as the base health plan.

Policybazaar exclusive benefits

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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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