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Understanding the significance of riders for health insurance and knowing why they are relevant in India.
We already understand the invaluable place health insurance holds in each of our lives. Without a health insurance plan in place, we can fall helpless in times of medical emergencies, which often come unannounced. With a mediclaim policy, we can be rest assured that we don’t end up burning a hole in our pocket with one single hospitalization, when required. While comprehensive health insurance largely covers nearly all of the expenses incurred during a hospital stay, sometimes, additional benefits are required to enhance the coverage of your plan.
The riders for health insurance therefore enter the picture, offering add-on benefits to the policyholder, which enhance the insurance coverage of the base plan. These riders definitely come at an extra cost to the policyholder; however, the benefits they provide are surely worth the price. Here we discuss in detail what health insurance riders are and what is their relevance in the Indian health insurance industry.
The health insurance rider definition in a medi-claim plan refers to an add-on benefit that can be attached to your base health insurance policy. This means that the rider needs to be purchased separately, over and above the base policy, in order to further increase the coverage of the health insurance policy. These add-on benefit riders come at an extra cost to the policyholder in terms of the total premium payable.
We pay a certain amount of premium towards the maintenance of a health insurance policy. And now if someone asks us to pay an additional amount to avail the benefit of an add-on rider, it doesn’t always come easy for everyone to accept such a proposal. Hence, we discuss here the actual importance or relevance of a health care rider in our country to help you make a wise and informed decision when it comes to buying health insurance rider benefits.
In order to discuss the relevance of health insurance riders, let us look at the different types available at the moment and how each of them is important to our health insurance:
We learned in the blog what an optional rider is for health insurance. It is termed optional because the policyholder is free to choose these riders over and above the base health insurance plan already purchased. Though optional and available at a slightly additional cost, the riders for health insurance are worth every penny spent. They help enhance the coverage of your mediclaim policy, offering financial protection at a time when it is most needed. To know more about all the available riders for health insurance and the various health insurance plans, visit PayBima.
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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