Questions to Ask Before Applying for Hospital Cash Cover Policy


Healthcare expenditure in India has been on the rise in the past few years. With the advancement of technology, along with immense integration of the private sector in the health industry, the costs of even simple treatments have gone high. In the case of more complicated diseases, the costs go even higher. Life-threatening diseases like dengue or chikungunya require lengthy treatment process where the expenses can reach up to Rs. 4 Lakh. With such high expenses becoming the current norm, individuals can avail additional financial aid with cash cover policies offered by different financial institutions.

What is a hospital cash cover policy?

There are numerous insurance policies offered by different financial institutions which cover medical expenses. Contrastingly, a hospital cash insurance policy offers additional financial help to cater to related costs during hospitalisation. Essentially, the financial aid offered by these policies is meant for non-medical expenses.

What are the features of hospital cash cover policy?

Along with daily living allowance, there are some other features which are also offered by the hospital cash cover policy. All these essential features are discussed underneath.

  • High insurance amount: The insurance amount on such hospital cash cover policies can go up to Rs. 10,000. This allows insured individuals to cater to their household’s daily expenses with more ease, irrespective of whether they are missing out on their income.
  • Low premium amount: These policies are extremely affordable and cheap for their customers. Usually, 3 different slabs of premium rates are offered to customers. Consequently, the customers are divided into 3 segments according to their age groups. This low cost allows any individual to avail such hospital cash back plans.
  • Daily allowance: In most cases, insured individuals are given up to Rs. 1000 per day for 10 days of their hospitalization. In most circumstances, these policies offer added ease to cater to all day-to-day expenses.

Who is covered under this policy?

Any Indian between the age group of 18 years and 60 years can buy this hospital cash cover policy. The premium rate for different age groups is listed below.

  • For individuals aged between 18 years and 40 years, the premium rate is usually the least.
  • Individuals between the ages of 40 – 50 years from the second slab of customers, who have to pay a slightly higher rate.
  • For customers who fall in the range of 50 – 60 years of age, premiums for hospital cash plan can go further up.

It is important to note that financial institutions also offer insurance policies which cover the medical expenses of the whole family. While hospital cash cover policy caters to individuals, Pocket Insurance and Subscriptions such as Group Jeevan Suraksha from Bajaj Finserv offers financial protection to every member of a family on account of medical expenditures.

How to buy and claim hospital cash cover policy?

Buying a cash cover plan is convenient and simple. Typically financial institutions offer easy form fill-up options on their online portal. The payment for these affordable hospital plans can be completed easily with numerous online payment methods hosted by different financial institutions. Customers should check out the rules and claiming requisites in details before buying the policy.

Making claims through these policies is also fairly easy. Renowned financial institution, Bajaj Finserv, offers such policies which can be claimed via a single phone call. Typically health insurance claim take some time to process. However, in case of policies offering financial assistance to cater to day-to-day expenses of their hospitalized customers, the disbursement is extremely prompt.

Irrespective of the type of injury, customers should always promptly attend to it with medical treatment. Not availing any treatment can disqualify an individual from eligibility of this cover. Crucially, customers can even avail policies like water borne diseases insurance cover to ensure that in case they are hit by any disease, complete protection is already at hand.

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