Understanding reinstatement of sum insured in health insurance.

 

Have you ever heard your insurance provider tell you that you get the ‘reinstatement of sum insured’ benefit with your health insurance policy? Ever wondered what this benefit entailed? If so, you have come to the right place! In this article, we will take you through all you need to know about this helpful feature of health insurance. Let’s get started -

What is the reinstatement benefit?

With the reinstatement of sum insured benefit, your health insurance cover limit bounces back to its full value even after you have exhausted the amount in a claim. This benefit is provided at a slight added cost to you, the policyholder. This added cost is definitely worth paying for we never know when ill health can strike twice or even several times within a given policy year. For a family floater plan that covers several members of a household, the restoration benefit can be said to be almost indispensable since there is a higher likelihood of claims being made each year.

A few things to know about the restoration benefit

Here are a few key pointers that you should keep in mind about the restoration benefit in health insurance:

·        This benefit may be purchased for restoration upon partial exhaustion of sum insured or complete exhaustion

·        The restored amount on your policy cannot be carried over once the current policy year expires

Original Content:- Understanding reinstatement of sum insured in health insurance.