Are you aware of health insurance restoration benefits?

Health insurance plans in India has come a long way. Apart from cashless treatment facilities and wider coverage for OPD and domiciliary treatments, beneficial features like restore benefits have made health insurance online plans a lucrative proposition. However, many people are either not aware of this benefit or have misconceptions about it. Read on to understand how health insurance restoration benefit actually works. Essentially, a health insurance online policy with restoration benefit restores the exhausted Sum Insured in the same policy year without any additional premium. For an example, suppose you have an online health insurance policy with restoration benefit and with Rs. 2 Lakhs coverage amount and you exhaust the entire amount due to hospitalization for treating accidental injuries. If you get hospitalized due to any disease in the same plan your exhausted Sum Insured gets restored and you can cover your second hospitalization expenses up to Rs. 2 Lakhs again in the same year. So, the restoration feature is well and truly beneficial for policyholders. This benefit, however, comes with some limitations as well. You cannot claim the restored Sum Insured for the second instance of hospitalization which is related to the first case of hospitalization. Most health insurance companies in India offer this benefit only once in a policy year. Furthermore, if your restored Sum Insured remain unused at the end of the policy year, you cannot carry that forward in the next policy year. Of late, health insurance in India, however, has come with some other alternatives to restore benefits. These alternatives such as ‘reload’ and ‘refill’ benefits are not quite as beneficial as the ‘restore’ benefits. And, you also have to pay an additional premium to get your exhausted coverage back in these alternatives. If you are planning to buy health insurance online in India you should look for this benefit especially if you are planning to purchase family floater health insurance plan.

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