Why should you have reset benefit in your Mediclaim policy?
Mediclaim policy is an insurance policy that reimburses the expenses you bear in the event of hospitalization. In addition, it not just reimburses your expenses after submitting relevant bills but also, enables you to have an entirely cashless hospitalization, where the insurer directly deals with the hospital. Moreover, this policy is a hospitalization benefit offered by both public and private sector general insurance companies in India. Also, in case of certain medical conditions, such as an accident, sudden illness or surgery and any surgery during policy tenure, mediclaim policy takes care of expenses following hospitalization.
Important to add, there are many health insurance companies that have come up with a refill or reset benefit in your mediclaim policy. According to this feature, the basic cover gets automatically restored, if you exhaust the whole sum assured during policy term. For example, if you have a policy that offers Rs. 8 Lakh as coverage and during its policy tenure you fall ill. In such case, a claim of Rs. 10 lakh will be settled by an insurer. But, if a claim of Rs. 5 lakh arises for another month, then in a regular mediclaim policy, you will be required to pay the entire amount from your pocket. In short, if your policy comes with a restoration benefit, then after your first claim, insurer will again set a sum assured, which means your insurer will cover the second claim as well.
According to the restoration rule, you can get your sum restored without fearing the rise in premiums. Moreover, this feature ensures that you are at peace in case of hospitalization twice during policy tenure. Therefore, it helps you to get the best medical treatment without even worrying about the rising medical bills. The reset benefit comes with the following features:
1- Within the same policy term, a policyholder can use the reset amount for all the future claims. But, it cannot be related to any illness or injury for which a claim has already been paid.
2- In case of the first claim, reset does not arise.
3- The reset sum assured is only available on individual basis in case of individual mediclaim policies. While for floater family, mediclaim policy is available on floater basis.
On the whole, medical bills are getting fatter and fatter day by day. Thus, for a long run, it is apt for you to go for a restoration feature in a mediclaim policy.
