Comprehensive health insurance provides a much-needed shield from critical illnesses and unprecedented health emergencies. In contrast to a higher sum insured amount, which provides a cushion to expensive treatment, a health plan with an unlimited sum insured amount eliminates the concern of exhausting the claim limit during treatment.
Currently, there are fewer options for health insurance plans with unlimited sum insured features. However, they can act as saviour in terms of critical illnesses and other ailments requiring advanced treatment. Here’s all you need to know about unlimited sum insured plans.
What is an unlimited sum insured plan?
The sum insured by a health insurance plan is the maximum amount a person can avail for healthcare treatment. As the name suggests, an unlimited sum insured plan provides unlimited coverage to customers for healthcare treatment. Generally, health insurance plans come with a sum insured amount of ₹5 lakh, ₹25 lakh, ₹1 crore, and more. However, there is no capping on the amount under unlimited sum insured plans. This feature empowers customers to avail of healthcare treatment without worrying about cost.
Who should opt for an unlimited sum insured plan?
An unlimited sum insured plan is helpful for people with pre-existing diseases or those at risk of age-related disease, according to Siddharth Singhal – Head of Health Insurance, Policybazaar.com.
“People are often confused when choosing sum insured because you never know when a medical emergency might hit you. Covid, for instance, nobody could’ve imagined it, but it wreaked havoc on people’s lifetime savings. In such cases, it’s best to go with an unlimited sum insured,” said Singhal.
How does an unlimited sum insured health plan work?
By opting for this plan, a person can claim their health insurance unlimited times in a year with no upper limit for the claim amount. However, the situation varies according to the plan.
Health insurance plans with an unlimited sum insured
Recently, ICICI Lombard launched a health insurance product, ‘Elevate’, which provides unlimited sum insured to policyholders. People can opt for this feature as an add-on service or as a critical feature of their policy.
Bajaj Allianze’s Health Infinity Plan provides unlimited coverage. Customers can also avail themselves of wellness discounts, family discounts, and other benefits.
The Unlimited Acko Platinum Plan also comes with an unlimited sum insured feature, allowing people to claim unlimited coverage for their health care treatment. Other key features of the plan include a zero-waiting period for pre-existing disease (PED) and 100% hospitalisation bill payment.
How much does an unlimited health insurance cost?
Health insurance plans with an unlimited sum insured come with higher premiums than plans with a fixed sum insured amount. “The unlimited health insurance plan costs between ₹15,000 and ₹20,000. If a person chooses a plan with a ₹10 lakh sum insured and above and adds a rider for unlimited coverage, it’ll cost them about ₹7,000— ₹8,000 + 10% for the rider,” explained Singhal.
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Published: 06 Jul 2024, 03:00 PM IST