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.
Each 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 improve your Rs.10 lacs base cowl to Rs.20 lacs at no further price.”
I recommend that my shoppers 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 a substitute of Rs. 10 lakh, accompanied by the declare that “Your base cowl is doubled immediately upon buy, with out the need of creating a declare. This profit will elevate your Rs. 10 lakh base cowl to Rs. 20 lakh at no further price.”
Safe Advantage of HDFC Ergo Optima Safe – What’s the catch?
The Safe Profit supplies a novel benefit. In contrast to 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 may have 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% worth reduce? Nonetheless, it’s essential to understand that nothing is actually free. Whether or not you’re coping with this insurance coverage firm or others, their major purpose isn’t to supply charity; they’re companies. Consequently, it’s important to be further cautious when confronted with such presents from the monetary business.
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 need to use the additional quantity for any eligible claims throughout the coverage yr, as per the coverage’s phrases and circumstances.
What are the circumstances?
# Relevant solely annually
The Safe Profit may be utilized solely as soon as throughout every coverage yr, and any remaining stability can’t be transferred to the next coverage yr.
As an example, in case you have a sum insured of Rs 10 lakhs beneath this medical insurance coverage and have chosen the “Safe Profit” choice, your sum insured will improve 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 is not going to be accessible to be used within the following yr.
# It might’t be restored
As soon as the safe profit is over, it could possibly’t be reinstated inside the yr just like the restoration advantage of 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 circumstances) of primary sum assured Rs.10 lakh will probably be payable the remaining Rs.10 lakh is your accountability.
# Safe profit is not going to apply to all claims!!
As per the coverage brochure, the safe profit will probably be accessible to the Insured Particular person as a Sum Insured for all claims admissible beneath Part 3 (Base Protection) and Part 4.3 (Shield Profit) throughout the Coverage Yr.
As per Part 3, the bills lined are – hospitalization bills, different bills (consult with brochure), residence well being care, domiciliary hospitalization, Ayush remedy, pre-hospitalization bills, post-hospitalization bills, and organ donor bills. Beneath Part 4.3, it’s only “Shield profit”. I’ve simply listed these options. Should you want to know the whole particulars of those options, then you will need to consult with the brochure.
# Safe profit will not be at FREE of price!!
In contrast the opposite related merchandise of medical insurance, you observed that the premium is increased 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 a substitute for Base Plan + Tremendous Prime UP!!
The difficulty with HDFC ERGO lies in the truth that the best sum insured supplied beneath their Tremendous Prime Up plan is proscribed to Rs.20 lakh. It’s unclear why there’s such a restriction, particularly because the goal 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.
It is very important notice 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 will not be supplied alongside the extra ingredient of the SECURE BENEFIT.
Conclusion – I’m not saying that this product is unhealthy or you will need to keep away from shopping for this product. Nonetheless, consumers 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 implausible and I’m nonetheless recommending my shoppers to go for this product. However as a substitute of shopping for a single plan, one should search for larger protection of Tremendous Prime 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!!
