Will Group Super Top Up Insurance Ever Rule the Insurance World?
The average group health insurance offered to employees is 
3 Lakhs and this can be exhausted with a single big claim. Super top up plans help to cover the total of the hospitalization bills of the insured in case the base health insurance plans are exhausted.
There are three ways of increasing the health insurance coverage:-
- To take a separate health insurance plan and start paying more or less the same premium for it.
- Upgrading the base policy sum insured which would not be possible in case of group health insurance policy where the coverage is decided by the employer. Even for the upgraded sum insured the premium paid by the customer would be more or less same that is being paid for the base coverage.
- Taking a super top up health insurance plan to increase the existing health insurance coverage. The premium to be paid for super top up plans for high coverage would be very minimal as there would be deductible under the plans. Higher the deductible, lower the premium.
Group super top-up health insurance plan is a type of health insurance plan which is taken as an add-on with a group health insurance policy. The super top up health insurance plan is considered as an extra coverage or sum insured which is obtained at nominal cost.
Super top up health insurance plan comes with a deductible. Deductible is the amount of claim that has to be borne by the insured customer or deductible can also be defined as the limit after which the insurance company will start paying.
In a super top up health insurance plan the aggregate deductible of all the claims made in a policy year is considered whereas in the top-up health insurance plan each claim is considered separately and deductible is applied. For instance, Mr. A has a group health insurance policy of 5 Lakhs and has taken a super top up health insurance plan for 25 Lakhs with a deductible of 5 Lakhs. Then let us understand the case wise scenarios:-
Case 1:- First claim of 10 Lakhs in which the group health insurance policy would pay 5 Lakhs and the remaining 5 Lakhs would be paid by the insured customer. Since the claim amount is less than or equal to the deductible amount i.e. 5 Lakhs the super top up policy would not kickin.
Case 2:- Second claim of 10 Lakhs. In this the super top up health insurance plan would pay the entire 10 Lakhs to the insured customer as the deductible was already applied at the time of first claim. Since the deductible was already applied the customer would get the complete claim amount in this case. Had it been the top up health insurance plan, deductible would have been applied at the time of second claim as well.
It can be very well said that the group super top up health insurance plans would be the future of health insurance and rule the World of insurance in the future as they are of high importance.
