What is Hospital Cash ?
Hospitalization is expensive! In addition to hospital bills and medicines, incidental expenses like special diet, commuting to the hospital and back, hospital stay with the patient become an additional burden on the family's financial resources. Hospital Cash policies provide you with the solution for this extra financial burden during hospitalization. Hospital Cash is NOT a substitute for Health Insurance, but should be viewed as a supplement cover to help you and your family members in the event of hospitalization.
What are the key benefits of Hospital Cash Policy ?
Key Benefits are
- Instant Coverage
- No Documentation required
- No Medical Examination required
- Daily Cash benefit generally ranging from Rs.500/- to Rs 5000/- depending upon company to company for up to 180 days
- Income Tax benefit under section 80D of the IT Act
- Enhanced Accident benefit, Enhanced ICU benefit ,Convalescence benefit to name a few
Is there a free Look-in /look-in period available ?
There is no free look in period but yes some companies may offer a lookin period where a nominal charge is deducted upon cancellation within specified period which is generally 15 days
Can I cancel my policy midway?
Yes ,one can cancel the insurance policy
Can I get my money/unused premium refunded?
The refund is essentially depends upon the company and would be on short rate period. Customer must check the short rate calculations to avoid any heartburns later. General claims procedure –step by step procedure:
- Immediately inform the insurance company as soon as possible by Phone, SMS, Letter, Email and take the claim number
- Collect the following indicative list of document
- Deposit the completed claim form with the insurance company
- Answer/satisfy the insurance company for query's if any
- Advise the payment receiving mechanism