Get proper care at hospital with minimal worry of cash availability with hospital cash policy

Hospital Cash is a kind of insurance cover where the insurer pays a sum to the policyholder on a daily basis, on the misfortunate event of his/her hospital…

Hospital Cash is a kind of insurance cover where the insurer pays a sum to the policyholder on a daily basis, on the misfortunate event of his/her hospitalization. In case of a medical emergency, the hard earned savings must not be dug into. Keeping this empathy in mind, this is a policy where the insurer will pay daily cash benefit along with ICU cash benefit when the policyholder needs tending to with a hospitalized care. The payment of this sum includes pre-hospitalization care, as well as expenses occurred during and after the hospitalization takes place.

The hospital cash benefit plan offers a 2-year option, where this amount of tenure is also helpful in availing discounts during the adoption of this policy. The hospital cash policy can be extended and renewed for a whole lifetime after these 2 years. You can either extend it to any amount of tenure you like, or to a lifetime. It is always advisable to extend your cash benefit plan for a lifetime as this is the kind of need that can crop anytime, and especially so during the later years of one’s life.

A cash policy enables you cash benefit of INR 4000 per day. This payment can be extended up to as long as 45 days. This is extra beneficial for those kinds of policy holders who are not equipped to bear with emergency medical funding and will need to dip in their savings to afford for the same.

The best part about holding this policy is the free look period offered. In case you happen to take the insurance cover, and for some reason cannot continue with it. You do not have to feel stuck. Within 15 days, which is the free look period, you are free to retract your insurance by stating a valid reason. You will be reimbursed with the amount paid so far in no time at all.

You can opt for the cash policy as an individual as well as a family. The entry age of the adults starts from 18 years and is up to 65 years. The valid age for children, however is from 2 years to 21 years. With the adults, 100% of the sum assured is paid and with the children 50% of the sum assured in paid in case of a medical emergency.

The difference between a daily care and ICU benefit is by double. You will be paid double the amount in case of an ICU hospitalization.

Another benefit is the tax saving that accompanies this policy. Once being a holder of this policy, you are entitled to tax deduction under Section 80D.