Backup health policy is a type of health policy which works along with your primary health policy as a backup. This policy has been few additional benefits at the lowest premium rate.
Features of Backup Health Policy
- Lowest Premium
- Provides Add-On Cover
- Can merge with Bank Policy / Corporate Policy / Private Individual Policy
- Option benefit of converting it to the primary policy after a particular duration
- Covers Pre-Existing Diseases in less time.
- Provides maternity covered
- Provides additional Sum Insured
- Helps as a backup in cases like (1) Bank tie-up breaks with the health insurance company. (2) In case a person switch job gets retirement or his/her company does have a corporate health policy. The backup health policy can be converted into primary policy without any waiting period.
So, the primary health policy is enough for you but the illness does not have a fixed value. One illness creates other and the hospital expenses increase accordingly.
A person buys health policy but doesn’t file a claim for years. Like 10-15 years so in such a case a person may think that it is a waste. But when a person files a claim all the premiums are utilized in one shot. For example ,A person is paying Rs. 15,000 as a yearly premium and didn’t file any claim for 10 years. In 11th year he got hospitalized and file a claim of Rs. 4, 00, 000. He spend 15,000 x 10 = 1, 50, 000 in 10 years and in one shot he claim for 4, 00, 000. In such a way health insurance is benefited. But along with Rs. 4, 00, 000 the additional benefits that he used in 10 years are (1) Addition in Sum Insured with No Claim Bonus. (2) Free health check-up every year. (3) Tax Rebate up to Rs. 55,000 u/s 80D.
The Health Insurance helps you in a one shot with a huge sum insured. For that, you have to pay a small amount as saving for it. Apart from this as the person gets older his health issues increase and all the premium amount just become so less as compared to the Sum Insured.
The Concept of Backup Health Insurance policy or Add On health policy is providing an additional Sum Insured because hospital expenses will increase only. In cases like your bank breaks the tie-up with Health Insurance Company or you switch a job your backup can help you in such a situation. You cannot depend only on your company’s health protection plan because it is designed on a basic level. You are lucky that your company is providing such an important that thing but all the benefits are available till the time you are a part of the company. The moment you left the company all the benefits becomes null and void. There are many features that are not covered in your group health insurance plan. You can read more about Corporate Group Health Insurance vs Individual Health Insurance Policy.
The backup helps you when you left with no policy. For that, you have to pay a small premium which not only helps you when you are without policy but also works as an add on the cover. You can get a health cover of Rs. 5L just at Rs. 185 / Month. You can contact health insurance agent at +91-7838904326