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Things to Know About 'Recharge' Feature of Religare Health Insurance
How to ‘Recharge’ your health insurance with Religare
The first mediclaim policy in India was introduced by the government in the year 1986; the history of medical insurance in the country is not much old. But because of it not being much popular, health insurance remained unknown commodity for a really long time. And those who were aware of it mostly used to have it to avail tax benefits. In a nutshell, a very few companies used to provide best health insurance plan in India and they basically they didn’t do anything to motivate people about the importance of having a health insurance cover and to buy and avail its benefits.
However, with time the insurance industry paid heed to the health insurance sector and opened up about it. This all happened for three reasons, firstly in order to make more money, secondly tough competition in the market, thirdly an increase in health issues of people because of junk food and unhealthy routine. It is very common these days to see young people suffering from diseases that earlier only our grandparents used to have. This insecure health condition gave business sense and so more insurance companies came into the picture. Religare Insurance Company is the name which is most commonly heard when we look for our first insurance policies, especially because offers the most affordable and beneficial mediclaim insurance plan.
When you talk about the most reputed health insurance providers of India, Religare Health Insurance tops the list. It is a subsidiary of Religare Enterprise Limited, a leading financial service provider across the country. The Corporation Bank and Union Bank of India are the other shareholders of the company.
Providing a wide range of financial services, the Religare group is well known for offering the best health insurance products, and one of them is CARE. The CARE plan of Religare health insurance plan provides a unique feature ‘recharge’ to their customers, it is the first product out of many offered by the company.
Salient features of CARE plan:
The benefits that Religare Insurance Company offers through its CARE plan to its customers are:
*Irrespective of the claims, CARE offers eligibility to its all policyholder for taking complete health check up once in a year.
*The ‘recharge’ benefit provides 100 per cent sum insured, which is available for all policyholders of the CARE Plan.
*For the sum insures of Rs 5 lakh and above, CARE provides the coverage to get specialized treatment in hospitals anywhere across the globe.
*CARE offers its policyholders no claim bonus that too up to 60 per cent of the sum insured and adds on the cover of the policy.
*Also, it offers 30days of pre-hospitalization and 60 days of post-hospitalization benefit to the policyholders.
*The CARE plan also offers a benefit covering the expenses of the second opinion, but there are terms and conditions for it, as it is only available for selected diseases.
*This plan also covers the medical expenses of an organ donation by a donor, to the policyholder or insured person.
*To the policyholders who are above 61 years of age, the CARE plan offers 20 per cent co-pay.
*The CARE policy provides cash allowance of Rs 500 per day for five days to a sum insured of Rs 3 lakh to 4 lakh.
*The CARE plan also offers limited room rent cover.
*The domiciliary hospitalization facility up to 10 per cent of the sum insured is offered in this CARE plan.
*The CARE plan also offers an ambulance cover ranging from Rs 750 to Rs 3,000 as per the sum insured of the policy is provided.
An understanding of recharge feature of Religare Health Insurance:
As the CARE plan offers so many benefits and it is having so many features but is the most useful and unique feature under the plan by Religare Health Insurance Company. If we talk about the literal meaning of recharge, we all know it means reloading. And as the literal meaning says, it works with the same intention in the CARE plan. The feature is to reinstall up to the sum insured in one year if the claim amount exhausts in that year. The health insurance company makes the reinstatement up to the sum insured of the current policy of policyholder, but due on certain terms and conditions. Here are they:
*If the sum assured has completely been exhausted in your current policy year and there is no claim on bonus, then only the facility of recharge can be utilized by the policyholder.
*The recharge amount cannot exceed beyond the sum insured of that policy year.
*The recharge facility is not to consume at present, it is for the future claims only.
*It does not cater to the injury or illness or disease for which the claim has been previously paid.
*Until the policy and the sum insured is completely exhausted, the balance of the amount recharged will be available during the whole policy year.
*If there is only one claim made in a specific policy year, then the policyholder cannot utilize the feature of recharge amount.
*The unused recharge amount cannot be carried forward to the next policy year.
*The feature of recharge is not available for Optional Covers.
Restore is also a feature that some health insurance providers’ offer, and people with less knowledge of the insurance sector, often confuses it with the recharge. Both terms are hugely different from each other when it comes to the insurance sector.
A wall of difference between:
What it means to restore
When the basic sum insured of the policy becomes zero, then only restore benefit can be provided. Unlike the case of recharge, the facility of restore cannot be availed for the same alignment.
What it means to recharge:
The recharge facility is not provided by the insurer in the first claim as it is not available for a single claim policy for the policyholder. However, the recharge gets activated in the case when the sum insured is not sufficient for a subsequent health insurance claim. In such way, the recharge facility cannot be availed for any injury, illness or disease for which the claim is already made and it will be available to use for future claims of the current policy by the policyholder.
In a nutshell
By all means of information, we can conclude that recharge feature is one of the best benefits that any person would like to ask for while or before taking a policy plan. Therefore, if as a policyholder you want to recharge benefit with an insured sum of Rs 5 lakh and above, the Religare CARE plan is best and most commonly recommended in the sector. The facility of no claim bonus of up to 150% in 5 years and recharge benefits are also the best possible inclusions of this plan.
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