It is no exaggeration that the rising cost of healthcare has become a major concern for ordinary citizens in the country. Health insurance policies ensure that the financial security of a person is not threatened during an unexpected medical emergency. While hospitalisation expenses remain the primary concern, most people also have issues with regard to meeting their other expenses during the time of hospitalisation. Daily hospital cash plans are designed just for that purpose.
While regular health insurance plans are indemnity based plans, a daily hospital cash plan pays a fixed amount as benefit during every day of hospitalisation. This cash allowance can be used to take care of the miscellaneous expenses incurred by the policyholders. A hospital cash plan can be bought either as an add-on policy cover along with a mediclaim policy or as a separate cover that pays only this benefit.
While daily hospital cash plans cannot replace the range of benefits offered by mediclaim policies, they come with their own set of benefits. Some of the key benefits of these policies can be listed as follows:
There are plenty of benefits available with daily hospital cash plans. However, before you buy a daily hospital cash plan, you must be aware of the following things:
There are many health insurance companies that offer daily hospital cash plans for their customers. Some of the top plans available in the market can be listed as follows:
|Plan name||Cash benefits offered||Days of coverage|
|Apollo Munich Optima Cash||Rs.1,000 to Rs.3,000 (benefits doubled for ICU hospitalisation)||90 days for sickness and accidental hospitalisation|
|SBI General Hospital Daily Cash||Rs.500 to Rs.2,000 (benefits doubled for ICU hospitalisation)||30 days or 60 days|
|Future Generali Hospicash||Rs.500 to Rs.3,000 (benefits doubled for ICU hospitalisation for 10 days maximum)||30 days, 60 days, 90 days, or 180 days|
|Cigna TTK Hospital Cash Plan||Rs.500 to Rs.5,000||60 days, 90 days, or 180 days|
|Max Bupa Hospicash||Rs.1,000 to Rs.4,000 (double benefit for ICU admission)||Up to 45 days|
|Cholamandalam Hospital Cash Lifeline||Rs.1,000 to Rs.3,000 (double benefit for ICU hospitalisation)|
|Bajaj Allianz Hospital Cash Daily Allowance||Rs.500 to Rs.2,500||30 days or 60 days|
Similar to any fixed-benefit health insurance plan, the cash benefit received from daily hospital cash plans can be used for any purpose. The cash benefit could also be used to replace the income lost during the time of hospitalisation. Despite the range of benefits offered, it must be noted that hospital cash plans cannot act as a replacement for mediclaim policies. Most insurers place limits on the maximum benefit one can obtain through these plans. These plans are ideal to be used as supplemental covers for regular health insurance policies.
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