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 further price.”
I recommend that my purchasers inquire with HDFC ERGO relating to the rationale behind the speedy 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 an alternative 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 extra price.”
Safe Good thing about 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 yr, or the Restoration profit, which prompts solely after you’ve gotten absolutely or partially depleted your base sum insured and any related bonuses (if any) inside a coverage yr, this characteristic grants you speedy double protection!!
This seems to be a promotional low cost. Who may ignore a 50% value minimize? Nonetheless, it’s essential to remember the fact that nothing is really free. Whether or not you’re coping with this insurance coverage firm or others, their fundamental aim isn’t to supply charity; they’re companies. Because of this, it’s important to be further cautious when confronted with such gives 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 in the course of the coverage yr, as per the coverage’s phrases and situations.
What are the situations?
# Relevant solely annually
The Safe Profit could be utilized solely as soon as throughout every coverage yr, and any remaining stability can’t be transferred to the following coverage yr.
As an example, in case you have a sum insured of Rs 10 lakhs below this medical insurance coverage and have chosen the “Safe Profit” choice, your sum insured will enhance to Rs 20 lakhs. If, after a couple of months, you’re hospitalized with bills totaling roughly Rs 15 lakhs, your insurer will settle the hospital invoice. Nonetheless, the leftover sum insured of Rs 5 lakhs won’t be accessible to be used within the following yr.
# It may well’t be restored
As soon as the safe profit is over, it might probably’t be reinstated inside the yr 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 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 primary sum assured Rs.10 lakh shall be payable the remaining Rs.10 lakh is your duty.
# Safe profit won’t apply to all claims!!
As per the coverage brochure, the safe profit shall be accessible to the Insured Particular person as a Sum Insured for all claims admissible below Part 3 (Base Protection) and Part 4.3 (Defend Profit) in the course of the Coverage 12 months.
As per Part 3, the bills lined are – hospitalization bills, different bills (confer with brochure), dwelling well being care, domiciliary hospitalization, Ayush remedy, pre-hospitalization bills, post-hospitalization bills, and organ donor bills. Beneath Part 4.3, it is just “Defend profit”. I’ve simply listed these options. In case you want to know the whole particulars of those options, then it is very important confer with the brochure.
# Safe profit just isn’t at FREE of price!!
In contrast the opposite related merchandise of medical insurance, you observed that the premium is larger 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 very best sum insured provided below their Tremendous High Up plan is restricted to Rs.20 lakh. It’s unclear why there’s such a restriction, particularly for the reason that function of an excellent top-up is to offer better 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 choice, which successfully doubles the sum insured from the very first day.
You will need to word 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 just isn’t provided alongside the extra factor of the SECURE BENEFIT.
Conclusion – I’m not saying that this product is dangerous or it’s essential to steer clear of 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 an alternative of providing double the bottom sum assured for a similar premium. The opposite options of this product are implausible and I’m nonetheless recommending my purchasers to go for this product. However as an alternative 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 price…BEWARE!!
