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Have you heard about Hospital Cash benefit Rider in Term Insurance? Do you know what benefits you can gain from this term insurance rider? Let’s find out in this post.
Hospital Cash Benefit is an additional coverage or rider that can be included in your term insurance policy to enhance the strength of your term plan coverage. This is regarded as a helpful term insurance rider that aid the insured in times of difficulty.
Under this rider, the insured can avail a fixed amount as hospital cash rider benefit if he/she ever requires hospitalization for a treatment. With this rider in hand, the policyholder can get a fixed sum of money for each day that the person is hospitalized for a treatment. Besides, you also get ICU benefits under this rider along with getting a good capital in case the insured needs surgery as part of the treatment under this term insurance rider.
This is a significant term insurance rider that allows a fixed monetary benefit to the insured in case the person gets hospitalized due to an ailment. Under this rider the insured receives a fixed payment every day till the hospitalization process of the person continues. Further, he/she can also get ICU benefits. Moreover, if you have an individual policy, you can even seek a huge amount from the insurer for undergoing a surgical procedure during your hospitalization process. This is a highly useful rider that allows monetary stability to the insured during the time of health emergency. It also offers tax benefits under Income Tax Act, 1961.
This is a reliable rider that adds value to your term plan. Here are some beneficial points to remember before buying this add-on cover under your term plan.
Below are the requirements that a person needs to fulfill to include this rider under their plan:
Below are the documents required for raising Hospital Cash Rider Claims:
Below are some of the Hospital Cash rider exclusions:
Here is a list of a things to take note of regarding the hospital cash rider:
The hospital cash rider is a beneficial addition to your term insurance plan. If you are undecided whether to opt for this rider or not, the above points can help you in making the choice easy. It is up to the discretion of the policyholder to add or avoid this rider under your term plan. However, buying this plan allows financial as well as mental security to the insured.
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