There is no doubt that health is the most valuable asset that a person has. There are very less number of people who ponder over this thought and stay protected. It is must to buy the protective coverage to ensure that one is able to seek quality medical treatment in times of need. Health insurance is the protective cover that offers the required financial coverage and makes medical treatment affordable and accessible for the common man.
Insurers have worked hard to come up with several products that could offer coverage to the Indian masses. There are a variety of these products that are helpful in different situation of life. There are pure health insurance products, accident insurance products and travel insurance products that a person can buy. Besides it, there are several top-up plans that a person can buy and can seek extra protection.
Looking into the needs of people, Apollo Munich has also come up with few top-up plans to provide extra medical care to its customers. The remarkable feature of these plans is that they can be purchased easily without paying much. There is almost no hassle related in issuance of these products. There is less paper work and almost no medical check-up required, unless there is some adverse declaration made.
Optima Cash is one such product that offers coverage to additional hospitalization expenses. It is a daily cash hospital benefit plan that offers a lump sum payment to a policy holder in an event of hospitalization. This lump sum payment made depends upon the number of days an insured is hospitalized and the terms and conditions of the plan. A person is given an option to choose daily cash amount from the range of Rs. 1000, Rs. 2000 or Rs. 3000. This daily cash amount chosen is then multiplied by the number of days an insured is hospitalized and offered to a policy holder.
This plan comes with simple policy issuance procedure such that one need not have to get involved in tedious paper work or the related hassles. This plan can be issued either on an individual basis or on family basis. Here, a family includes self, spouse and dependent children.
The entry age limit of Optima Cash is from 5 years to 65 years. The plan comes with a policy period of 1 or 2 years, as opted by an insured. The coverage of the plan ceases at the age of 66 years for 1 year policy and at the age of 67 years for 2 year policy.
Optima Cash is supposed to offer the complete protection, when purchased together with a pure health insurance product, like Easy health. Pure health insurance product helps in settling treatment expenses while Optima Cash looks after additional hospitalization expenses.
Optima Cash is designed, keeping in mind that there are many extra expenses incurred when a person is hospitalized. It includes laundry bills, transportation costs, food costs, etc. All these bills can be paid, using such a hospital cash benefit plan. This plan has nothing to do with treatment expenses. It just pays lump sum amount for the number of days an insured is hospitalized.
Optima Plus is the newly launched product that has turned up in health insurance market with never before benefits. The product is designed to give extra protection to a person. It is designed, keeping in mind that coverage that is required by people after retirement.
It is the only top-up medical care plan in India that can be converted into fully fledged plan with nil deductible on retirement. A person who buys it as a top-up plan in early stages of life can use it for enjoying benefit of wider coverage. It can later be converted into a fully-fledged medical care plan at the age of retirement.
This plan gives an insured a privilege to opt for additional 5 lac sum insured coverage. A policy holder is supposed to choose a deducible amount at the time of policy issuance. One can choose a deductible amount, ranging from 1 lac to 5 lac. The amount of deductible chosen directly affects the amount of premium to be paid. The higher is deductible amount chosen; the lower is the amount of premium to be paid. Besides it, the amount of premium also depends upon the age of an insured. The premium increases with the age.
There are abundant benefits that one gets on buying it as a top-up plan. The 5 lac coverage chosen with Optima Plus includes costs for inpatient treatment expenses, day-care procedures, pre- and post-hospitalization expenses, organ donor, etc.
Thus, this top-up plan offers coverage to an insured for higher hospitalization expenditure at the expense of nominal premium. In addition, one also gets the freedom to enjoy wide inpatient cover, but with deductible. This plan comes with a facility of lifelong renewal that offers long term protection to its customers.
When a person converts it into a fully fledged health insurance plan, he or she can say goodbye to tiresome waiting period, no matter whatever it is, may be 30 days or 2 years. At the same time, one also gets benefit that deductible is waived off, which lets an insured seek cover from the first rupee medical expenditure.
This entry age of this plan is 91 days to 65 years and the most important benefit is that there is no cover ceasing age.