The Hospi Cash Benefit Rider is an additional health insurance plan that you can attach to a base plan from Bharti AXA. This rider provides a fixed amount for each day that you are hospitalised. In case of being admitted to an Intensive Care Unit, you will receive a higher sum. If you are undergoing a surgery, then the rider will pay out a lump sum benefit. Premiums for this rider are affordable and are also eligible for tax benefits.
In order to avail a rider plan from Bharti AXA Life, one must meet certain eligibility requirements stipulated by the insurer. Given below are important details of the eligibility criteria of the Bharti AXA Life Hospi Cash Benefit Rider:
|Minimum Entry Age||91 days|
|Maximum Entry Age||65 years|
|Minimum Premium||Based on age, gender and sum assured|
|Maximum Premium||Based on age, gender and sum assured|
|Coverage Period||5, 7, 10, 15, and 20 years|
*Ages mentioned are ages last birthday
Listed below are the details pertaining to the sum assured and premiums of this plan:
|Minimum sum assured||Rs.1,000 daily cash|
|Maximum sum assured||Rs.3,000 daily cash|
|Policy term||5, 7, 10, 15, and 20 years|
|Premium payment terms||Regular Pay|
|Premium payment frequency||Monthly (through ECS only), quarterly, semi-annually and annually|
*Premiums vary based on age, location, plan term and other factors
With this rider, the life insured is entitled to receive daily hospitalisation cash benefits, ICU cash benefits and lump sum payouts for major and minor surgeries. Given below are the benefits that can be availed with this rider:
|Daily Hospital Cash Benefit||Payable if the life insured is hospitalised.
Daily Hospital Cash Benefit (DHCB)
|Surgical Hospitalisation Benefit||Major Surgeries
|Tax Benefits||As per the prevailing tax laws.|
Under this rider, the maximum aggregate benefit that can be availed in one policy year is capped at 150 times the DHCB.
Under the following circumstances, Bharti AXA Life will not be liable to pay the benefits under this rider:
Please read the policy brochure or document to know the complete details of the exclusions of this rider.
Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Bharti AXA Life Hospi Cash Benefit Rider Insurance Plan.
|Grace Period||As per the base plan.|
|Lapse||If the premiums are not paid within the grace period, then the benefits will not be payable as the policy will lapse. The rider will expire if the base policy lapses.|
|Free-look Period||Not available under this plan.|
|Loan facility||Not available under this plan.|
|Surrender Value||There is no surrender option under this plan. Therefore, the plan will not acquire a surrender value at any point of time.|
|Revival||A lapsed rider policy can be revived under the conditions of the base policy. A declaration of good health is required, or medical tests at your own expense might be necessary.|
|Termination||The policy will terminate upon the following events:
|Premium Guarantee||Premium rates for the rider are guaranteed for 3 years from the issue date. Every three years, the rates will be revised based on Bharti AXA’s experience, and age of the life insured.|
|Waiting period||There is a 60-day waiting period from the commencement date during which no benefits are payable for treatment of any illness, ailment or disease.|
|Waiting period for specific diseases||There is a 2 year waiting period for the hospitalisation of certain treatments, procedures and diseases that includes spine disorders, hernia, fibroids, breast lumps, benign enlarged prostrate, hysterectomy, heart valve and coronary artery diseases, gallstones, deviated nasal septum, and so on. For a complete list, please refer to the policy brochure.|
As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.
When you choose Bharti AXA as your insurance provider, you can stand to benefit from the following:
Bharti AXA operates on a strong foundation of values such as pragmatism, integrity, professionalism, innovation, and team spirit. Since its inception in 2006, the insurance provider has grown to be a leader and preferred company for financial protection and wealth management in the country. The company has a wide range of insurance products and wealth management services in its portfolio.
The Hospi Cash Benefit Rider helps a policyholder enhance the benefits they wish to get from their insurance policy. When you are hospitalised, the need for cash to take care of daily expenses arises. This rider can help take care of that and ensure that your family has a net to fall back on during your hospitalisation. Furthermore, if you are undergoing a surgery, then the rider will pay out a lump sum benefit. With highly affordable premiums, this rider insurance plan is a good option to add onto your base plan.
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