Hospital Care Rider

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Definition:

Hospital Care Rider is the additional cover that provides cash benefit in case of hospitalisation for medically essential treatment for injury or illness.

Description:

The rider pays a fixed benefit amount in case life insured gets hospitalised. The amount is given each day from the first day of hospitalisation, but a minimum hospitalisation of 24 hours is mandatory. The cover under this additional rider will be applicable after the waiting period of 90 days gets over. The rider cover ensures that the family doesn’t have to think about money when it comes to the treatment of the life insured.

Example:

Ravi purchased a term plan worth Rs.1 crore along with the additional hospital care rider. One day while returning from office, Ravi met with an accident and was seriously injured. He was immediately taken to the hospital and was admitted for 5 days. During this period, Ravi’s family received the benefit of Rs.6,000/- per day (as chosen by Ravi) under hospital care rider cover. The total rider sum assured under hospital care rider cover is 250 times the daily cash limit, which makes it to Rs.15 lakhs in this case.

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