Category: Health Insurance

Covid-19 3rd Wave | Are You Prepared For The 3rd Covid Wave?

Ignorance is bliss. Whoever came up with this phrase would have been talking in a philosophical sense. In the real world, ignorance is not an excuse. Want an example? CORONAVIRUS. This pandemic has cost the world more than any other tragedy or calamity in recent memory. The government and the people ignored early signs of the onset of the pandemic and India suffered. Worse, those who took precautions weren’t spared either.

India has lost nearly 4.2 lakh people due to coronavirus. Over 3 crore people have been infected till now and the months of April and May of 2021 brought the entire nation to its knees. It is difficult to put into words the gravity of the individual loss that we all have suffered. And yet, we are still not prepared.

The fight against coronavirus is a very personal one. There are things we can do to protect ourselves and our loved ones. And we are not talking about the regular masking up and social distancing. We are talking about health insurance.

Most people have been avoiding health insurance. The problem is that coronavirus has shown us how costly the treatment can get. Middle-class and upper-middle-class people cannot shell out Rs 15-20 lakhs at minute’s notice to pay the hospital bills. Hence, when you are dealing with a situation when your loved ones are fighting for their lives, money should not be the top concern that you have.

This is where a good health insurance plan comes into play. While the Insurance Regulatory Development Authority of India has made it compulsory for all the insurance policies to ensure Covid coverage, it must be kept in mind that this comes into effect after a waiting period, which could be as high as 15 days to one month of purchasing the policy. Simply put, if you get Covid within 15-30 days of purchasing the policy, the insurer will not cover the bill.

But, your simple health insurance plan is not enough. Covid in itself is a lung disease. However, it brings several other complications. Your base plan worth Rs 5-10 lakh may not cover the treatment for all complications that Covid will bring. Hence, you need a solid super top-up. A super top-up can add on more coverage to your base cover at an affordable rate. It can really help you meet the health expenditure. When you combine the base plan and a super top-up, you have the liberty to feel secure from a financial standpoint. We at Caterpillar, will be there to help you do exactly that.

However, there are a few more things to consider. You don’t have time to mull over buying a health insurance plan. Although Covid cover starts after 15-30 days of purchasing the plan, there are some diseases covered only after a defined waiting period after buying the policy. This could be anywhere between one and four years. As we have seen that Covid brings several post-recovery complications, it is necessary for you to buy a plan as soon as possible and stay safe and secure.

Since March of 2020, Covid has shown us that it is too unpredictable and tough to beat. It is an invisible enemy. Still, we have a responsibility towards ourselves and our families. We need to protect ourselves and our loved ones. That can only happen if we give up our old-fashioned thinking and embrace the concept of health insurance. At Caterpillar, we are here to help you with just that. Life is priceless and keeping it safe will not cost you much. Come to us for healthy advice and let us help you protect your families. All you have to do is pick up that phone and call us at 8178271045 and we will take care of the rest.

Super top-up plan – A cheaper way to enhance your health cover..!!

We hear everyone say save money for a rainy day. Most of us do. We have our umbrellas in place. But, what if rains don’t stop? Or, it keeps raining for days or weeks? Our umbrellas won’t be enough. We would need a raincoat and a solid roof over our head.

What is your solid roof in case of a health emergency? Some of you may have bought a health insurance policy. But, would that be enough if you stay hospitalised for more than four-five days or face multiple hospitalisation in a year? It won’t be. Your base health insurance policy is just an umbrella. Your need a raincoat and a solid roof of a super top-up plan.

What is a super top-up plan?

A super top-up plan is a cost-effective way to boost your health insurance coverage. It compliments your base health insurance policy and gets activated after you exhaust the sum insured in base policy. For example, if you have a health plan of Rs 5 lakh coverage and a super top-up plan of Rs 10 lakh coverage, total coverage available to you is Rs 15 lakh. First your base plan will get used up, and if need be, the Rs 10 lakh super top-up.

One may buy a standalone super top-up plan (and no base policy), but it is not advisable. We will explain it soon in the article.

Super top-up versus higher base sum insured

Taking ahead the above example, you may wonder why not take a base policy of Rs 15 lakh, instead? Here comes the affordability factor. A combination of Rs 5 lakh base and Rs 10 lakh super top-up will be much cheaper than a pure base policy of Rs 15 lakh. Take, for example, a family floater (2 adults and 2 children) insurance with a base cover of Rs 25 lakh will cost you around Rs 29,000 per annum compared to a combination of Rs 5 lakh base policy and Rs 25 lakh super top-up (with a deductible of Rs 5 lakh) at nearly Rs 21,000 per annum premium.  What is deductible, you ask? Read on.

Call us on 8178271045 for more details

Why super top-up plans are cheaper?

If something comes cheap, you must ask, ‘why?’ Super top-up plans are cheap because these policies comes with a deductible, that is, it comes to your rescue only after you have taken care of certain medical expenses by yourself (up to the deductible amount). This could either be through your base policy, group health insurance from your employer or simply paying the amount from your pockets. Need more clarity? Let’s take an example.

All super top-up plans have a deductible amount. So, if you buy a Rs 20 lakh super top-up plan, the deductible amount could be Rs 5 lakh. This is how deductible in super top-up plan works:

Scenario one: If your approved claim amount comes in at Rs 4 lakh, nothing from Rs 20 lakh will be paid to you. Pay Rs 4 lakh either by yourself or from a base policy.

Scenario two: You get hospitalised again in the same year. The approved amount this time is of Rs 3 lakh. In this case, super-top plan will get activated but only for Rs 2 lakh. Rs 1 lakh will have to be paid by you.

Scenario three: You are again in the hospital in the same policy year. The approved claims amount to Rs 8 lakh. The full amount will be taken care of by the super top-up plan.

Thus, one has to pay the deductible amount only once in a year, and super top-up plan takes care of your medical bills from then on. Super top-up plans are different from top-up plans in which deductible is to be paid every time you get hospitalised before top-up policy cover comes into picture. Top-up plans are largely in extinction now as super top-up plans are clearly much more beneficial.

Who should buy a super top-up plan?

Super top-up plans are available for individuals and for a family plan too. Even if you keep a lower deductible amount, you can still boost your coverage significantly. These become absolutely necessary in case of a family floater policy, especially in covid times, when chances of more than one family members getting hospitalised in a year are quite high. Remember only once you have to take care of the deductible amount. Rest of claims in a single policy year will be covered under super-up plans.

Pick up your phone and connect with us for more clarity. We are available at 8178271045.