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What is Sum Insured In Health Insurance

A lot of people do not understand the terminologies used in health insurance. This makes it all the more complicated to be followed by the common public. Although these terms are complicated to grasp at the first go, you must be well-versed with the health plan you choose.

And we are here to make simplify insurance concepts for you. Let us begin!

What is the Sum Insured in Health Insurance?

Sum insured is the value provided to you (the policyholder) in case of any unforeseen event like medical emergencies, theft, damage to the vehicle, etc. Note that this sum of money is not a financial benefit but is merely a reimbursement provided to you in the event of a financial loss.

Every insurance company that provides home insurance, motor insurance, or Mediclaim policies provide a financial cover in the form of the sum insured.

So, in case the loss incurred by you is less than or equal the value of the sum insured, then your insurer will reimburse the full amount. Here, you can either opt for a cashless health insurance facility at any of the network hospitals or register a claim later. If the loss incurred exceeds the sum insured value, then you will have to pay the additional expense.

Overall, the sum insured amount is compensation paid by the insurance company for you to overcome the financial loss incurred.

How to Choose the Right Sum Insured

When seeking insurance, you must choose the right sum insured. Imagine this; you have always led a happy and healthy life and made a wise decision when buying a health insurance plan. Due to the unfortunate turn of events, there comes a situation when you are unable to bear the medical expenses and treatment costs incurred.

For instance, you are in a situation where a family member needs immediate medical treatment. You pay the treatment costs incurred and register a claim with your insurer. However, after registering the claim, your insurer informs you that the cost incurred overshoots the sum assured amount, and the additional expense will not be reimbursed by them.

Here, even though you were wise to have a health plan in place, you still went wrong in choosing the sum insured.

Therefore, you must choose the right sum insured to avoid getting into such dilemmas. It will ensure peace of mind and keep your savings safe.

Why Choose the Right Sum Insured Important?

Here’s why choosing the right sum insured essential –

  • High sum insured increases the amount you have in case of unfortunate event and emergencies

  • It keeps your savings intact

  • Handling medical costs and treatment expenses are less stressful

  • For those with family health plans, a high sum insured is essential. This is because the amount is shared between multiple people, and there can be cases of more than one claims in a single year. High sum insured ensures that everyone is sufficiently covered.

Factors on Which the Sum Insured Depends

The sum insured is dependent on three factors –

  1. Age: If you are young, opt for a higher sum insured

  2. Health Problems: If you have medical issues and seek treatments often, you need a high sum insured

  3. Lifestyle: The lifestyle we lead speaks a lot about ourselves. Hence, it is wise to have a high sum insured considering the work-life imbalance.

What is Sum Assured?

After sum insured, the next term that you need to know in any insurance plan is the sum assured. Sum assured is the amount you will receive after the policy term ends.

Generally, it is the amount you initially signed up for and that your insurer guaranteed to you or your beneficiary. The sum assured remains unchanged and is a pre-determined benefit that you will receive.

Difference Between Sum Insured and Sum Assured

Sum Insured

Sum Assured

Sum insured is the amount applied to non-life insurance plans

Sum assured is the amount applied to life insurance plans

Here, you receive compensation on the incurred damage or loss

Here, the amount is fixed from the beginning and is received by you after the policy term ends or is given to the nominee in case of your demise

There is no financial benefit as it is merely a reimbursement offered by the insurer

It is an economic benefit that is given to you or your beneficiary after the policy term ends or in case of eventualities.

Buy Health Insurance Online

With the kind of life that we lead, everything we want is available on the internet. It is the same with health plans. You can now purchase a Bajaj Allianz health insurance plans for yourself and your loved ones from the comforts of your home.

However, before you choose a plan, make sure that you are comparing different policies first and then choosing one that fulfils your needs.

You can also browse through different medical insurance plans available on Finserv MARKETS. With Bajaj Allianz health insurance at Finserv MARKETS, you can benefit from features like deductions under section 80D, swift claim settlements, reinstatement benefits, bespoke insurance plans that fit your needs, extensive coverage, and more.

So, don’t wait. Get yourself and your family insured with the best health plans available in the market, right away.  

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