In HDFC ERGO Optima Safe, your base cowl will get doubled immediately upon buy!! What’s the catch of “Safe Profit”? Allow us to discover this intimately.
Every time somebody opts to purchase HDFC ERGO Optima Safe, the eye-catching level is – “Your base cowl will get doubled immediately upon buy, with out having the necessity to declare it. This profit will immediately enhance your Rs.10 lacs base cowl to Rs.20 lacs at no additional value.”
I counsel that my purchasers inquire with HDFC ERGO concerning the rationale behind the rapid doubling of the sum insured upon buying the coverage. If the sum insured can certainly be doubled immediately, it raises the query of why they don’t present a coverage with a sum insured of Rs. 20 lakh as a substitute of Rs. 10 lakh, accompanied by the declare that “Your base cowl is doubled immediately upon buy, with out the need of constructing a declare. This profit will elevate your Rs. 10 lakh base cowl to Rs. 20 lakh at no further value.”
Safe Advantage of HDFC Ergo Optima Safe – What’s the catch?
The Safe Profit offers a novel benefit. Not like the No Declare Bonus, which will increase your sum insured solely when no claims are made in a 12 months, or the Restoration profit, which prompts solely after you could have totally or partially depleted your base sum insured and any related bonuses (if any) inside a coverage 12 months, this characteristic grants you rapid double protection!!
This seems to be a promotional low cost. Who may ignore a 50% worth minimize? Nonetheless, it’s essential to remember that nothing is really free. Whether or not you’re coping with this insurance coverage firm or others, their primary purpose isn’t to supply charity; they’re companies. In consequence, it’s important to be additional cautious when confronted with such presents from the monetary trade.
By acquiring the Optima Safe Well being Insurance coverage Plan with a protection quantity of Rs.20 lakhs, your protection will immediately double to Rs.40 lakhs. You should utilize the additional quantity for any eligible claims through the coverage 12 months, as per the coverage’s phrases and situations.
What are the situations?
# Relevant solely annually
The Safe Profit may be utilized solely as soon as throughout every coverage 12 months, and any remaining steadiness can’t be transferred to the following coverage 12 months.
As an illustration, if in case you have a sum insured of Rs 10 lakhs beneath this medical insurance coverage and have chosen the “Safe Profit” possibility, your sum insured will enhance to Rs 20 lakhs. If, after just a few months, you might be hospitalized with bills totaling roughly Rs 15 lakhs, your insurer will settle the hospital invoice. Nonetheless, the leftover sum insured of Rs 5 lakhs is not going to be obtainable to be used within the following 12 months.
# It might probably’t be restored
As soon as the safe profit is over, it may possibly’t be reinstated throughout the 12 months just like the restoration good thing about medical insurance. Therefore, assume that your medical insurance sum insured is Rs.10 lakh and safe profit is Rs.20 lakh. Assume that you’ve got a hospitalization invoice of Rs.40 lakh, then the bottom sum insured Rs.10 lakh + Rs.10 Lakh of safe profit and restoration (topic to situations) of fundamental sum assured Rs.10 lakh shall be payable the remaining Rs.10 lakh is your duty.
# Safe profit is not going to apply to all claims!!
As per the coverage brochure, the safe profit shall be obtainable to the Insured Individual as a Sum Insured for all claims admissible beneath Part 3 (Base Protection) and Part 4.3 (Shield Profit) through the Coverage Yr.
As per Part 3, the bills lined are – hospitalization bills, different bills (consult with brochure), house well being care, domiciliary hospitalization, Ayush remedy, pre-hospitalization bills, post-hospitalization bills, and organ donor bills. Below Part 4.3, it is just “Shield profit”. I’ve simply listed these options. For those who want to know the entire particulars of those options, then it is very important consult with the brochure.
# Safe profit isn’t at FREE of value!!
In contrast the opposite comparable merchandise of medical insurance, you seen that the premium is greater than different plans. Therefore, by introducing this characteristic, obliviously you find yourself paying extra which is simply an eyewash as per me.
# HDFC ERGO promoting this as an alternative choice to Base Plan + Tremendous High UP!!
The problem with HDFC ERGO lies in the truth that the best sum insured provided beneath their Tremendous High Up plan is proscribed to Rs.20 lakh. It’s unclear why there’s such a restriction, particularly for the reason that goal of an excellent top-up is to offer higher protection. Consequently, if a person is contemplating a base plan of Rs.20 lakh together with an excellent top-up of Rs.40 lakh, the advice is to decide on the safe profit possibility, which successfully doubles the sum insured from the very first day.
It is very important observe that, as beforehand talked about, the safe profit doesn’t match the options of the BASE PLAN. If the options of the BASE PLAN had been equal to the SECURE BENEFIT, it raises the query of why the bottom plan isn’t provided alongside the extra factor of the SECURE BENEFIT.
Conclusion – I’m not saying that this product is unhealthy or you will need to avoid shopping for this product. Nonetheless, patrons should concentrate on what’s the catch right here in providing double the bottom sum assured immediately as “SECURE BENEFIT” as a substitute of providing double the bottom sum assured for a similar premium. The opposite options of this product are incredible and I’m nonetheless recommending my purchasers to go for this product. However as a substitute of shopping for a single plan, one should search for larger protection of Tremendous High Up. You should buy this product for the product options however not the safe profit characteristic alone.
Repeating once more….Any eye-catching choices, free choices, or discounted choices from the monetary world come at their very own value…BEWARE!!
