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 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 an alternative 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 Good thing about 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’ve got absolutely or partially depleted your base sum insured and any related bonuses (if any) inside a coverage yr, this characteristic grants you rapid double protection!!
This seems to be a promotional low cost. Who might ignore a 50% value reduce? Nevertheless, it’s essential to remember that nothing is really free. Whether or not you’re coping with this insurance coverage firm or others, their most important purpose isn’t to supply charity; they’re companies. Because of this, 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 situations.
What are the situations?
# Relevant solely every year
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.
For example, in case you have a sum insured of Rs 10 lakhs underneath this medical health insurance coverage and have chosen the “Safe Profit” possibility, your sum insured will improve to Rs 20 lakhs. If, after a couple of months, you might be hospitalized with bills totaling roughly Rs 15 lakhs, your insurer will settle the hospital invoice. Nevertheless, 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’t be reinstated throughout the yr just like the restoration advantage of medical health insurance. Therefore, assume that your medical health 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 might 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 might be accessible to the Insured Individual as a Sum Insured for all claims admissible underneath Part 3 (Base Protection) and Part 4.3 (Defend Profit) throughout the Coverage Yr.
As per Part 3, the bills coated 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. Underneath Part 4.3, it’s only “Defend profit”. I’ve simply listed these options. When you want to know the entire particulars of those options, then you will need to consult with the brochure.
# Safe profit just isn’t at FREE of price!!
In contrast the opposite related merchandise of medical health 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 very best sum insured supplied underneath their Tremendous Prime Up plan is restricted to Rs.20 lakh. It’s unclear why there may be such a restriction, particularly for the reason that function 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 have been equal to the SECURE BENEFIT, it raises the query of why the bottom plan just isn’t supplied 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. Nevertheless, 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 improbable and I’m nonetheless recommending my shoppers to go for this product. However as an alternative 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!!
