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Health insurance is no longer a push product. The Covid-19 crisis has naturally swayed people to buy a health plan with adequate coverage. But higher coverage doesn’t come cheap. You need to shell out substantial premium that may not be affordable for many.
With need comes the solution. If you have a base policy of say Rs 5 lakh and you want Rs 10 lakh coverage, you can simply buy a super top-up plan of Rs 5 lakh coverage. The premium on a base policy of Rs 5 lakh along with a super top-up of Rs 5 lakh will be much cheaper than a full-fledged base policy of Rs 10 lakh.
Why are super top-up plans cheaper?
Super top-up plans come with deductibles. For example, a Rs 5 lakh super top-up health cover will have a deductible amount of Rs 5 lakh. It means super top-up plan will get activated only after you have taken care of initial Rs 5 lakh (the deductible amount) by yourself. You may pay this amount either with the base policy that you have or from your own pocket. If you think you can bear the deductible amount on super top-up by yourself you may buy a standalone super top-up plan. No need for a base cover. However, a base cover that makes up for the deductible amount in super top-up plan is an ideal choice.
You may buy a standalone super top-up plan also. More on it later in the article. First take a look at insurance companies offering super top-up plans. We have compiled a list in association with Bankbazaar.com. Here are the premiums in the descending order:
Remember that only once in a year you have to exhaust the deductible by yourself. If you get hospitalised second time the same year, your super top-up will get activated. For example, if first hospital bill amounted to Rs 8 lakh. The 5 lakh will come from the base policy and Rs 3 lakh from the super top-up plan. Next time when you get hospitalised you can directly avail the rest of Rs 2 lakh cover on your super top-up plan.
You may have a base cover and super top-up from the same insurer or two different insurers. Having both from the same insurer makes the claims settlement process easier.