Top-Ups and Super Top-Ups are two distinct ideas that address the requirement of enhancing sum-insured of your wellness policy.
To start off with, for current buyers with wellness insurance coverage cover searching to boost their sum insured, it can be accomplished in two strategies – either by requesting the current insurer to boost the sum insured or by separately opting for a prime-up or super prime-up program.
Roopam Asthana, CEO and Whole-time Director, Liberty General Insurance, says “It goes without saying, that the latter is more beneficial as it provides higher Insurance cover at a lower cost.”
Any kind of prime-up wellness program gives more coverage more than the accessible limit of one’s base wellness insurance coverage policy. Subramanyam Brahmajosyula, Head – Reinsurance and Product Development, SBI General Insurance says, “Apart from a base health plan, it is wiser to have top-up health insurance that comes at minimal premiums.”
Top-up plans are frequently regarded a security net that assists if one exceeds the limit of their regular wellness insurance coverage program.
Shanai Ghosh, CEO and Executive Director, Edelweiss General Insurance, says “When you opt for a top-up/super top-up policy along with a base insurance policy you will have to maintain two separate policies. You can buy these either from the same insurer or separate insurer depending on the availability and the choice of the sum insured and the deductible matching your need.”
How one can use prime-up or super-prime to get sufficient coverage?
When an insured exceeds its base insurance coverage limit, the prime-up program assists cover the more expense but is helpful in case of a single catastrophic occasion of hospitalization.
A super prime-up program covers claims for cumulative health-related costs inside a policy year after you have exceeded the deductible versus a common prime-up only covers claims when a single claim goes above the deductible. So in a prime-up, the deductible is charged for every single claim whereas in a super prime-up it is charged on a cumulative basis in one year.
Rakesh Jain, ED and CEO, Reliance General Insurance says, “In a view of rising medical conditions, changing disease patterns and the cost burden chances of exhausting your base policy sum insured are higher and, in such cases, super top-up works best, as the deductible is applied to the extent of exhaustion of deductible in a cumulative manner and then the Super Top Up cover is triggered.”
Note that, the deductible really should be equal to your base wellness insurance coverage program – so the super prime-up kicks in after your base sum insured are exhausted.
Having mentioned so, Asthana of Liberty General says, “For customers with no insurance cover, it is advisable to opt for both base and top-up/super top-up product at one go, instead of going for a single base plan as it will help in saving money.”
How prime-up wellness insurance coverage plans give you more coverage at a lesser premium?
Top-up and super prime-up insurance coverage plans are triggered only when the hospitalisation bills exceed the sum insured beneath your base health-related insurance coverage policy, they are more affordable considering the fact that they will come into play only when the sum insured beneath the base policy is exhausted.
Hence, Brahmajosyula, of SBI General Insurance says, “top-up and super top-ups are a very cost-effective way of enhancing the coverage available under medical insurance and can be very useful especially in cases of prolonged and/or expensive hospitalisation stay.”
Since prime-up coverages start off just after a particular sum insured it feels that they are more affordable. However, specialists say, a policyholder wants to preserve in thoughts the grounds up claim price.
Jain, of Reliance General, says “Many times top-ups and super top-ups are insurance cover in addition to the existing base cover and as the name suggests tops up the value of the existing cover. If the insurer has a base cover of Rs 10 lakh and feels that is not enough, he can opt for top-ups or super top-ups to increase this coverage to Rs 25 lakhs by adding the premium value for the difference amount only.”