All About the Refill Benefit in Health Insurance
As the need for healthcare and expensive medical treatment rises in India, it is important, now more than ever, to insure yourself with a health insurance plan. Having health insurance has become a necessity in today’s life considering the hectic lifestyle, unhealthy food habits, and restless work schedule. A health insurance plan is not only a way of securing your financial savings, but it can help you in more ways than you can imagine.
There are many coverage benefits that comes with a health insurance policy. However, besides the coverage benefits you get on purchasing the health insurance plan, there is one more benefit that you can avail of under this plan i.e., the refill benefit.
Refill Benefit in Health Insurance
The refill benefit in a health insurance policy allows you to reinstate the sum insured even after it has been exhausted. There is only one condition with this benefit – the second medical emergency must be different from the previous one.
Let’s understand with a simple example, Mrs. Singh met with an accident, and the medical treatment for that injury seemed expensive for her pockets. In this situation, she decided to use her health insurance plan to pay for the healthcare expenses. The sum insured of her policy was Rs.1 lakh and about Rs. 75,000 were used in her treatment.
Later on, unfortunately she was diagnosed with Covid-19 and over Rs. 50,000 more were required for her treatment. Eventually, this refill benefit came to her rescue for the extra expense. If Mrs. Singh had not opted for the refill benefit, she may have to use up her savings for the treatment.
This is how a refill benefit works in health insurance plan. It reinstates the amount.
Is the refill benefit different from restoration?
The answer is yes. Let us tell you how:
- Restoration benefit – This benefit allows you to restore your sum insured up to a maximum limit soon after it gets exhausted when you have raised a claim.
- Refill benefit – While in this benefit, the sum insured is reinstated even if it has been exhausted earlier in the year due to a medical emergency. There is only one condition – the refill benefit will only be applicable when the second medical emergency is different from the first one.
This is why it is ideal to opt for refill benefit in a health insurance policy. You get the reinstated sum insured. However, if you are availing treatment for the repeated illness, then it would be best to go with the restoration benefit.
If you want more details or wish to explore insurance plans online, you can download our Bajaj Finserv app. On our app, you will find various insurers offering many insurance plans, we insist you check and compare well before finally purchasing an insurance plan.
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