You must have heard about automatic recharge several times for mobile phones. But, here we talk about automatic recharge in mediclaim. Yes! It is the most prominent feature offered under health insurance. With this benefit, you can keep a back-up fund and use it during an emergency without any financial implications. In virtue of automatic recharge, let’s understand what it is and how it is helpful?
What is Automatic Recharge?
Automatic recharge means reinstatement of the sum insured under health insurance during the policy year if the claim is payable. It gives you a sigh of relief during a medical emergency. You neither need to borrow money from your known nor apply for medical loans. You can easily avail automatic recharge of the sum insured without paying extra for it. You need to opt for this benefit at the time of buying a medical policy. Understand the concept with an example:
Suppose you buy a mediclaim policy of Rs. 5 lakh with an automatic recharge option for a policy tenure of one year. God forbid! If you get hospitalized due to any critical illness, and your hospital bill is of Rs. 5 lakh, it will cover under the coverage. But, at the same time your sum insured gets exhausted. With automatic recharge, you get the extra coverage of another 5 lakh. In this way, you get the cushion of Rs. 5 lakh to use it for another medical emergency.
Points to Remember:
Before opting for automatic recharge you should know these points:
- You can utilize an automatic recharge option only if your sum insured and no claim bonus has exhausted completely during a policy year.
- Automatic recharge is for all future claims, not for the claim that has already covered.
- The amount of automatic recharge cannot exceed the sum insured for that policy year.
- If you have only a single claim in a particular policy year, you cannot avail of the recharge amount.
- You can use the balance of recharge amount during the policy year until it exhausted completely.
- Unutilized amount of automatic recharge cannot be carried forward to the next policy year.
Benefits of Automatic Recharge
It is a unique feature that enhances the coverage of your health insurance policy. Read below why it is better:
- It ensures you hold enough coverage during a medical emergency.
- Automatic recharge works best if you have a floater mediclaim policy.
- Your family members can use the coverage.
- It is available immediately for the next hospitalization.
- No financial and social implications
- Helpful to get timely treatment
Advanced health care facilities are getting costlier in India. Hence, Care Health Insurance (Formerly Religare Health Insurance) offers a comprehensive super mediclaim policy with some innovative and affordable benefits. Automatic recharge is one of its salient features, which is available subject to policy terms and conditions. It helps you to stay handy with the coverage for medical treatment without any financial burden.