• Restore Option in Health Insurance Policy - Worth the Hype?

    Individuals often prioritize a lot of things such as career, finance and other factors over their health. Unfortunately this attitude will not help individuals in the long run. Without health, every other aspect of life will be pointless. Although a number of developments have been implemented in the healthcare field, health issues have not gone down significantly nor have the expenses associated with the same. It is therefore, imperative for individuals to procure an insurance plan that safeguards their healthcare expenses.

    There are a number of companies and financial institutions over the world that provide healthcare insurance plans to suit individuals’ myriad needs. Applicants will have to verify the numerous benefits and features associated with each of the plans prior to procuring one. Sometimes, a plan will have additional features which may not be of use to an individual, hence will not make sense for him/her to avail that plan. Instead a basic plan would also do. However, there are instances when these added features are helpful. This article will talk about the ‘Restore Option’ in Health Insurance plans.

    What does ‘Restore’ Option refer to?

    This is an add-on option that comes with certain health insurance plans. . It is also known as ‘Refill’ option in certain cases. What this means is that, in case the customer’s Sum Insured is exhausted towards treatment of a particular illness, then the health insurer that has provided the insurance policy, will restore this Sum insured.

    For example, if an individual has procured a health policy that has a Sum Insured of Rs.20 lakhs. He gets diagnosed with a heart ailment and spends the entire Rs.20 lakhs on that ailment within the first 6 months. In case he gets diagnosed with a kidney issue after around 2 months, the company that has provided the insurance policy will restore the entire Rs.20 lakhs. Therefore, the individual will receive an additional Rs.20 lakhs during the policy year.

    Therefore, customers will receive a cover of Rs.40 lakhs by paying half the amount, if they procure this add-on benefit. But as is the case with most such add-on benefits, there is a catch that customers will have to take into consideration.

    Types of ‘Restore’:

    There are two types of restoration options available and customers must read the fine print of their health insurance policy before opting for either one. These options are –

    • Complete exhaustion of the insured sum - This type of benefit is offered as part of most health insurance policy. This benefit will come into play only when the entire insured sum along with the bonus is exhausted. In the example mentioned above, if the first claim was Rs.10 lakh and there is still a certain sum available, this benefit will not get triggered for the subsequent claim.
    • Partial exhaustion of the insured sum - This benefit is more advantageous to customers and will come into force even with a partial exhaustion of the insured sum.

    Also, with most health insurance plans, this restore option will only kick in for subsequent claims and usually for unrelated illnesses. For example, if an individual is undergoing treatment for a heart ailment and their expense is Rs. 25 lakhs, this benefit will not kick in and the additional Rs.5 lakhs will have to be borne by the individual. However, if the cover has been exhausted for this heart ailment and they get hospitalised for a relapse of the same issue, then this restoration benefit will again, not kick in. This is due to the fact that restoration benefit will only come into force for an unrelated ailment.

    This benefit will be ideal for family floater policies rather than individual policies as even if the policyholder exhausts the insured sum for a particular ailment, the rest of the family can avail the restore benefit option.

    Restore’ option in health Insurance policies come with their own set of pros and cons. It is up to the individual to read the fine print of their insurance document and avail this benefit based on their requirement.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    Health Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • Apollo Munich Health Insurance
      "The Best"
      0.5 5.0/5 "Blown Away!"
      Since I'm working with health insurance. It is easy to claim in Apollo Munich. The best hospital list covered in this policy. The best health insurance company in PAN India. In my company, they are paying the insurance premium for me and my family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • HDFC Ergo Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy with the HDFC Ergo. I pay a premium of 6100 Per year, I do not have any claim experience with the policy and it offers full coverage for my entire family. They offer a coverage 2 lacs annually which is pretty good for me. Overall it has been a good experience with the features of the policy. .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • Bajaj Allianz Health Insurance
      "Good Health Insurance policy"
      0.5 5.0/5 "Blown Away!"
      So far i have never claim the health insurance. I can claim upto 7 lakhs. I have taken this insurance policy for me and dependent. The employer take care of the premium amount. I have never contact the customer care. Almost most of the hospital has been covered in this health insurance
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
    • Universal Sompo Health Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have a health insurance policy taken from Universal Sompo, it was the best deal I came across when I was looking for the policy, the premium amount that I paid was quite reasonable and not too high, the sum assured amount was also good. I never got chance to take the services of this policy I have no claim experience from them so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • Universal Sompo Health Insurance
      "Best Health insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this policy for the first time. I have not claimed the policy so far. I have paid around for Rs.8500 as premium. It family based health insurance policy. I can claim upto 5 lakhs. Cashless treatment is available. There is no pre-existing offer is available. I have taken this policy last month. Most of the hospitals are covered in this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 14, 2018
    • review Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      It is a health insurance policy from HDFC. Accidental benefits are there. If i admit in a hospital, i can claim for that also. I took this policy for my whole family. I'm paying Rs. 4500 for every year. I can claim upto 3 lakhs in a year. If i renew the policy without any claim, they will offer some bonus points. I never claimed this policy so far. Cashless treatment is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • Royal Sundaram Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the health insurance policy from the ROYAL SUNDARAM GENERAL INSURANCE company and i have got it around 5 years. This policy covers 4members in my family and it has the medical coverage amount of Rs,3,00,000 . I pay the premium amount of Rs,8,000 to renew the policy every year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • United India Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the health insurance policy from the UNITED INDIA INSURANCE company and I having this policy from past 5 years. The customer support and the response is good with the United India and this policy covers 4 members in the family. This policy has the medical coverage up to Rs,3,00,000 and I pay the premium amount of Rs,10,900 to renew this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • Apollo Munich Health Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a health insurance policy with the Apollo Munich Insurance company. I pay a premium of 19000, I do not have any claim experience with the policy. Sometimes I make payments via cheque and sometimes online. Overall their services are good even though I never had any claim experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the ICICI Lombard general Insurance company. I am paying a premium 39000 per year. I do not have any claim experience with this policy. So far in terms of the features and benefits it is a recommendable policy to have. I pay the premium online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2018
    • Star Health Health Insurance
      "Best Health Insurance policy"
      0.5 5.0/5 "Blown Away!"
      Cashless treatment is available only in cities. In other rural areas, i cannot claim the policy for cashless transaction. In rural side, i have to collect all the bill and claim the policy after i paid my bill. I have claimed the policy once for my father. I used to make the payment of Rs. 7500 for me and any wife. I have already recommended this policy to my friends. I can claim easily and i got the payment as soon as possible if i issue the documents properly.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2018
    • Bajaj Allianz Health Insurance
      "Best"
      0.5 5.0/5 "Blown Away!"
      I am having the health insurance policy with the Bajaj allianz general insurance company. I would like to say that the coverage value is around three lakh Rupees. Cashless treatment is applicable there, so I have not faced any such claims with them as such.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • Star Health Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Got the health insurance policy with the STAR HEALTH & ALLIED INSURANCE company around 3 years ago. This policy covers 4members in my family. This policy has the coverage amount up to Rs,2,00,000 and I am satisfied with it. The medical coverage and the cashless treatment options are good with the Star health insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the ICICI Lombard which is provided by the company. The company is paying the premium. It is a policy worth the money and I never had any claim experience with them. I'll have to wait and see how they respond to my claim request in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 11, 2018
    • Universal Sompo Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the Universal Sompo . I pay a premium of 10000 Per year, the coverage is good and I never had any claim experience with the policy overall it is a useful health insurance policy to have.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 09, 2018
    • Star Health Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the Star Health. We do not have any experience with the policy. Overall service good. My brother handles the payments for this policy. I am not aware of any other details regarding this policy. It offers coverage for the entire family. I never had any issues with the policy and their services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • United India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with United India Insurance from last 8 years, i am not aware of the premium amount as the company pays it. I have a coverage value of Rs 1 lakh and that covers spouse and children. I have no claim experience so far from this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • Apollo Munich Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Apollo Munich from last 6 months, i am happy with the coverage value of this insurance policy and it is family policy. A premium of Rs 8000 has to be paid for this insurance. I have no claim experience and the coverage value of this insurance is 3 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've had taken a health insurance policy from the ICICI Lombard. I never had any claim experience with the policy. I'll have to wait and see how they respond to my claim requests in future. So far, I never had any issues with their services till date.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Reliance General Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy with the Reliance. I never used this policy for any medical purposes. I've been paying a premium of 11000 per year for the policy. I never had any claim experience with the policy. I see this as a back up fund in case of any medical emergency.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
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