Hospital Cash Benefit: Buy or Renew your Insurance Policy

It can be financially straining to meet the day to day expenses when you are hospitalised, either due to an injury or disease. Plus, hospitalisation may also mean loss of pay, if you are a salaried individual. That only goes on to compound the strain on your finances as it becomes further difficult to meet the daily expenses adequately without wiping out your savings.

It is always a wise financial strategy to keep a hospital cash insurance plan in place to ensure sound preparedness for instances of hospitalisation, especially due to unprecedented eventualities.

What is the hospital cash benefit?

A hospital cash policy or, more prominently, a hospital daily cash insurance plan, provides an allowance to the policyholder every day for which he/she remains admitted due to an illness or injury. It is a standalone plan specifically designed to provide financial assistance to individuals to meet the day to day expenses of hospitalisation, like medicines, nursing charges, etc.

However, individuals can also use it to mitigate other pressing expenses that remain unattended due to hospitalisation and also to cover loss of pay. Given its significance as an anchor to finances during hospitalisation, you might consider purchasing a hospital cash plan or renew it if you had one in the first place.

Factors to consider before availing a hospital cash insurance policy

Whether you are purchasing this insurance policy for the first time or renewing it, you ought to consider a few factors to ensure you can maximise your benefits from the same.

These factors are –

1. What is the right allowance amount?

The primary factor you need to consider when purchasing or renewing a daily cash benefit in a health insurance plan is the allowance amount you think is suitable to maintain your daily expenses in case you are hospitalised.

Bajaj Finserv provides Pocket Insurance & Subscriptions such as Hospital Cash Cover policy with a cash allowance of up to Rs.1000 for each day of hospitalisation. With such a substantial allowance, you can meet the expenses of medicines as well as cover for loss of pay adequately.

2. What is the premium?

This is the annual amount you provide against your hospital insurance policy. It varies from one financial service provider to another. Therefore, you might want to research a policy that comes with an affordable premium. Also, ensure that such premium is reasonable with respect to the sum insured.

3. How to raise a claim?

Before you commit to any particular insurance aggregator, check the procedure to raise a claim against your insurance policy to avail the daily cash allowance. Such a procedure must be simple and hassle-free for an expeditious settlement.

Apart from the process itself, it would help if you also learned about the documents that you need to produce to the financial service provider to legitimise your claim. That way, you can ensure a convenient claiming procedure, when and if the need arises.

Alongside a hospital cash cover plan, you can also choose to purchase an injury-specific policy like a stampede insurance plan. Such a specific policy will ensure adequate monetary coverage of treatment costs and minimise the strain on your finances.

How to avail a hospital cash insurance policy online?

You can follow the steps mentioned below to avail this insurance policy online -

• Visit the official website of the financial service provider
• Search for “Hospital cash cover” among the products it offers
• Click on “Apply now” and fill out the application form
• Enter the OTP sent on your registered mobile number
• Pay the premium amount using the online payment options available

In the same way, you can also purchase specific health insurance policies like dengue insurance online. Nevertheless, whether you purchase a new policy or renew an existing one, ensure to consider the steps mentioned above to maximise your benefits.