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What is a Health Insurance Rider?

Health insurance riders are an additional cover that a policyholder can opt for along with their health plan. Such a cover enables you to avail extra features over and above the coverage offered under your insurance policy. Due to certain conditions, the financial coverage provided under the existing health plan may fail to secure you completely. This is where a health insurance rider allows you to expand your insurance coverage at a cost-effective price and get access to lucrative benefits. So, let’s explore the various health insurance add-on covers that you can add to your policy.

Types of Health Insurance Riders

1. Hospital Daily Cash

Such a health insurance rider offers a fixed amount of daily allowance for a minimum number of days in the event of hospitalisation. The daily cash allowance can be used as you see fit or to take care of additional medical facilities that aren’t covered under your health plan. 

Though most of the hospitalisation expenses are covered by your insurance provider, there might be some extra charges involved. By opting for this rider with your comprehensive health insurance plan, you can rest assured in case of a medical emergency!

2. Room Rent Waiver Rider

With the help of a room rent waiver rider, you can choose a room of your choice during hospitalisation without having to pay additional charges. As most insurance plans have a cap on the room rent, you are liable to pay extra in case you opt for a room category higher than the one you are eligible for. 

The room rent waiver rider enables you to avail a room of your choice without the worry of any additional expenses. Learn more about room rent capping at Bajaj MARKETS now! 

3. Maternity Cover

The maternity cover allows you to gain coverage for expenses incurred during childbirth. Usually, such expenses are not covered under your health plan. However, you can include it under the policy by purchasing a maternity cover.

Moreover, the rider comes with a waiting period and thus, you cannot raise any claims until the specified term is over. It is recommended to read the scope of coverage thoroughly to avoid last-minute issues. Some insurers might restrict the cover to only delivery expenses while some may include the cost of vaccination and others. 

4. Critical Illness Cover

Due to our fast-paced lifestyle, it is possible to get diagnosed with major ailments later in life. By opting for a critical illness cover with your health plan, you can gain protection against some major illnesses that aren’t included in your policy. The critical illnesses covered may include cancer, stroke, heart attack, Alzheimer's disease, kidney failure, and many others.

If you get diagnosed with any one of the covered critical illnesses, the insurer shall pay out the rider’s sum insured amount. Thus, you can be worry-free about the finances of your dependents as the lump sum critical illness benefit will secure most expenses. 

5. Personal Accident Cover

Another beneficial rider that safeguards your family against unforeseen events is the personal accident cover. In the event of an accident, the rider secures the insured against permanent disability, accidental death, and partial or total disability. The insurance provider pays out the rider benefit based on the type of disability or injury sustained by the policyholder. 

The sum insured can be used to manage medical expenses. You can add the personal accident cover to your comprehensive health insurance plan at an affordable rate!

10 Benefits of Health Insurance Riders

Let’s take a look at some aspects that highlight the advantages of medical insurance riders:

1. Income Replacement

In case of an untoward incident such as a mishap leading to disability, you might not be able to resume work soon. Furthermore, you shall also have pending medical bills owing to your treatment. However, if you purchase the personal accident cover with your health insurance plan, you would receive a lump sum benefit. 

This corpus can be used to manage your household expenses and take care of the hefty treatment cost. Such an insurance rider will allow you to recover from the accident without stressing about your finances. 

2. Clearing Pending Debts

Every individual ends up taking a loan to buy their dream house, complete their education, or for other personal reasons. However, in the event of an unfortunate incident, the payment of such debts might fall onto the shoulders of your family. To ensure your loved ones don’t bear the brunt of a mishap, you can opt for health insurance riders that pay out a lump sum corpus.

Moreover, due to the untoward incident, you might not go back to work or resume some time later. During this period, the rider benefit shall take care of your finances without any trouble.

3. Paying for Child’s Education

The lump sum corpus received from the medical insurance rider can help you pay off your child’s education fees. Not only can you financially safeguard your child’s present but also ensure a secure future. By setting aside a considerable amount, you can let your precious one dream big without worrying about the financial aspect! 

4. Waiver of Premium Option

Some health insurance riders might waive off the future health insurance premiums if you suffer from a major ailment or an accidental disability. Hence, you can enjoy continued coverage under your health plan without having to stress about the premiums. 

5. Offers Additional Coverage

With health insurance riders such as maternity cover, room rent waiver, and hospital daily cash, you can enjoy more coverage. As these features are not included in your health insurance plan, the riders enable you to enhance your insurance policy. Furthermore, the premium to purchase health insurance riders is much lower when compared to the benefits they offer.

6. Tax Benefits on Riders

Did you know that health plan riders also come with tax perks? Even though health insurance already offers tax benefits on health insurance premiums paid, the additional sum paid for the riders is also eligible for deductions. You can claim this premium amount under Section 80D of the Income Tax Act, 1961.

7. Provides Lump Sum Benefit

Most health insurance riders such as critical illness cover and personal accident cover offer a lump sum benefit to the dependents. This amount can be used to clear medical bills, pay for the funeral expenses or be utilised as per the monetary requirements of the family. Hence, you can rest assured when it comes to the financial independence of your loved ones with medical insurance riders! 

8. Option to Customise

Most of us have different insurance requirements which is why personalising your health plan is a must. With the help of health insurance riders, you can easily customise your insurance policy and include lucrative features for added coverage! 

9. Available at Affordable Rates

Although you need to purchase insurance riders separately, these covers are offered at affordable rates to policyholders. However, it is not recommended to overload on such covers to avoid increased premium price. 

10. Endless Number of Choices

Every health plan rider offers a unique set of features and benefits that you can choose from. In case your insurance coverage is falling short, you can easily opt for a suitable cover to enhance your policy!

To Conclude!

Now that you have learnt about the several health insurance riders available, you can pick the ones that fulfil your insurance needs. Moreover, it is recommended to only opt for riders that are necessary as they can lead to an increased premium rate.

 

So, head over to Bajaj MARKETS to safeguard the healthcare expenses of your loved ones with a health insurance plan. With easy renewals, quick claim settlements, lucrative rider benefits and more, all your medical requirements can be met with us!

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FAQs on Do You Need Health Insurance Riders?

  • ✔️Are there any terms and conditions related to the hospital daily cash cover?

    You can read the following conditions that are applicable while availing hospital daily cash cover:

    • There is a minimum hospitalisation period required to get the daily allowance

    • Such a cover might have a waiting period

    • Daycare procedures may not be covered under the rider

  • ✔️Is it worth my money to buy the optional rider benefits?

    Yes. With the help of riders, you can gain extra coverage against certain incidents at an affordable rate. Thus, it is advised to opt for health insurance covers that are beneficial to you. 

  • ✔️What is health insurance rider meaning?

    Health insurance riders are additional components that you can purchase separately to enhance your insurance coverage.

  • ✔️What is the waiting period?

    The waiting period in health insurance is the duration when no claims can be made to avail coverage. In case of a waiting period for riders, you cannot raise an insurance claim until the specified period is over.

  • ✔️What is covered under the health insurance maternity cover?

    The maternity cover secures the expenses of normal and C-section delivery. However, some insurance providers might include pre and post-natal care, vaccination cost, newborn baby cover, etc. To ensure your newborn gets the best medical care, head over to Bajaj MARKETS to learn more about health insurance for newborns.

  • ✔️What is covered under the personal accident cover in health insurance?

    The following are covered under the personal accident rider:

    • Accidental death

    • Permanent total disablement

    • Permanent partial disablement

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