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Hospicare Rider, also known as the Hospital Cash Benefit Rider is an optional add-on cover that can be added to the plan to increase the coverage of the base plan. This rider provides a fixed amount of benefit when the policyholder is admitted to the hospital for treatment. In this, a fixed amount shall be provided to the policyholder for each day he/she is hospitalized. Hospital cash riders also offer ICU benefits and a lump sum amount in case the policyholder requires a need of surgery.
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Note: Know more about what is term insurance first before reading this article.
Hospital cash benefit is one of common and known term insurance riders. It is an add-on to your base term insurance plan that provides an additional benefit to the life assured/policyholder in the form of daily allowance spent each day as hospital expenses. In the case of many insurers, a percentage of the policy amount is provided to the policyholder, as benefit amount, upon admission in the hospital and double the benefit amount if he/she is admitted to the ICU. In addition, this term insurance rider also provides a lump sum payout on undergoing surgery on a single plan. This rider can be availed at an affordable rate.
For example – Rajesh, a 36 year old male, got admitted to the hospital due to a surgery. Therefore, according to the hospicare rider benefit, he was paid a portion of his total sum assured for each day he was hospitalized, as the hospicare benefit amount. When he was admitted to the ICU after the surgery, he was paid double the benefit amount. This eventually helped Rajesh pay off his hospital bills and therefore, he was not burdened by the extra expense of treatment.
*Note - The Hospicare Rider can vary from insurer to insurer. Therefore, you should carefully review the terms, conditions, and limitations of the rider before purchasing it, to ensure it aligns with your needs and expectations.
Term Plans
| Name of the Insurer | Life Insurance Plan for 30 years old | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
*Note: The table is made in reference to a 29 year old non-smoking male, with salaried income of 15-25 Lakhs per annum, choosing Rs. 1 Crore life cover for 30 years policy term.
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | - | 85 years |
| Sum Assured | Same as the sum assured of base plan | No Limit |
| Premium payment term | Same as the policy term of base plan | |
| Premium payment mode | Same as premium payment mode of the base plan | |
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Below mentioned are the benefits of the Hospicare Rider in Term Insurance:
Daily Cash Benefit: If the policyholder is hospitalized for a specified number of days, the Hospicare rider provides a certain amount of cash as a daily benefit. The amount is doubled when the policyholder gets admitted to the ICU.
Cash Usage: The benefit amount received from the rider can be used to cover various expenses during hospitalization, such as additional medical costs, transportation, accommodation for family members, or any other expenses that arise.
Relief Burden Off Family: The Hospicare Rider helps your loved ones in not stressing upon paying huge amounts of money for your treatment. The rider helps compensate for the hospital charges and pays a chunk of the hospital bill and relieves your family off the extra burden.
Lump sum amount: This rider provides a lump sum payout in case of ICU or surgical hospitalization. This benefit would only be paid if the tenure of hospitalization in ICU or because of a medical emergency is at least for about 2 days (48 hrs).
No need of buying a new plan: The hospital cash benefit rider will nullify the need of purchasing a new plan to bear the expenses associated with hospitalization because of an emergency situation. Also, you will be relieved from the difficulty of managing 2 insurance plans and paying a higher amount of premium as compared to hospicare rider.
Tax Benefits: You will enjoy tax benefits under Section 80D of the Income Tax Act, 1961.
Here is a list of documents required at the time of reporting a claim for Hospicare Rider:
Original policy documents
Duly filled claim form
Policyholder’s Photo ID proof
Policyholder’s Address proof
Certificate of Medical Practitioner
Medical reports mentioning the policyholder’s diagnosed illness
Photo ID proof of Nominee
Address proof of Nominee
Copy of bank statement and canceled cheque
Below mentioned are a few things to consider when you buy or avail the Hospicare Rider with your term insurance plan:
Provide the original hospital payment receipts along with other necessary documents required to claim/avail the Hospicare Rider.
Consider your future goals and health conditions before you choose the Hospicare rider.
The rider gets expired when your term plan expires/concludes.
Carefully review the terms, conditions, and limitations of the Hospicare rider before purchasing it, to ensure it aligns with your needs and expectations.
The Hospital Cash Benefit Rider can provide valuable advantages and added financial security to individuals who have a term insurance policy. It also allows you to live peacefully knowing that your family doesn’t have to pay a huge amount of money when you are admitted to the hospital.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a 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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