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Features
Ref. No. KLI/22-23/E-BB/492
Add-ons are additional features that you can buy, as a top-up, to your base health insurance policy. Read the article to understand do add-on really add value to your plan.
A standard health insurance policy covers the hospitalisation expenses. However, all healthcare plans have certain limitations, and they don’t cover all kinds of expenses. For example, a standard health insurance policy may not cover childbirth or maternity-related expenses. This is where add-on features or riders are useful for health insurance buyers.
Add-on cover is an additional coverage option that you can buy to extend the scope of your regular policy’s coverage. An add-on plays a significant role in providing superior protection against medical emergencies that may involve high treatment costs. Typically, the add-on covers offer protection against specific risks that are not covered under your existing health insurance policy.
By buying add-ons, you can customise your health insurance plan and get protection against specific risks that you think you may need. Also, an add-on is a much cost-effective solution compared to a new health insurance policy.
The benefits you or your family receive from the health insurance rider can be used to pay the medical expenses and other purposes like paying off the debts you may have. For example, if you have purchased a critical illness rider with your health insurance, the insurer will pay a lump sum amount upon diagnosis of any life-threatening illness covered under the policy.
Thus, the add-ons protect your family members from bearing the burden of repaying your debts.
The insurance companies offer a wide variety of add-on covers to meet the different needs of the people. And amongst the host of such add-ons, one of the most popular is the burial and funeral add-on, which is beneficial for all health insurance buyers.
Under this add-on, the insurance company pay a specific percentage of the sum assured or a fixed amount (as per the policy terms), to help the family meet the expenses related to the last rites like the funeral and burial of the deceased policyholder.
The health insurance add-ons not only cover the medical expenses but also give you financial security against unforeseen events. Since most of the add-ons pay a lump sum amount upon the policyholder’s demise, your family can use it for various expenses like paying child’s education fees, etc.
With such amazing benefits of add-ons, it is fair to say these additional coverage options add tremendous value to health insurance. And now that you know about their benefits, it would help to know about the different add-ons that you can buy.
– It covers all pregnancy-related expenses and childbirth.
–If you want to seek alternative treatment options like Ayurveda or Yoga, generally such treatment options are not covered under a standard policy. But, with this add-on, you can get financial coverage for AYUSH treatment methods, including Ayurveda, Yoga, Unani, Siddha and Homeopathy.
– With this add-on cover, you can revise the sub-limits provided for hospital room rent under your standard policy or you can opt for no sub-limits in the room rent.
Add-ons are a useful coverage option for all. However, to make the most of these options you must understand their features and benefits. Also, make sure that you assess your needs and choose the right add-on to cover the specific risk.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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