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 additional value.”
I counsel that my purchasers inquire with HDFC ERGO concerning 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 constructing a declare. This profit will elevate your Rs. 10 lakh base cowl to Rs. 20 lakh at no extra value.”
Safe Good thing about HDFC Ergo Optima Safe – What’s the catch?
The Safe Profit offers a singular 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 will have totally 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 reduce? Nevertheless, 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 essential aim isn’t to supply charity; they’re companies. Because of this, it’s important to be additional cautious when confronted with such affords 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 should use the additional quantity for any eligible claims through the coverage yr, as per the coverage’s phrases and situations.
What are the situations?
# Relevant solely annually
The Safe Profit will be utilized solely as soon as throughout every coverage yr, and any remaining steadiness 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” possibility, your sum insured will enhance to Rs 20 lakhs. If, after a number 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 probably’t be restored
As soon as the safe profit is over, it might probably’t be reinstated throughout 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 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 primary sum assured Rs.10 lakh can be payable the remaining Rs.10 lakh is your duty.
# Safe profit is not going to apply to all claims!!
As per the coverage brochure, the safe profit can be accessible to the Insured Individual as a Sum Insured for all claims admissible below Part 3 (Base Protection) and Part 4.3 (Shield Profit) through the Coverage Yr.
As per Part 3, the bills coated are – hospitalization bills, different bills (seek advice from brochure), dwelling well being care, domiciliary hospitalization, Ayush therapy, pre-hospitalization bills, post-hospitalization bills, and organ donor bills. Underneath Part 4.3, it is just “Shield profit”. I’ve simply listed these options. When you want to know the whole particulars of those options, then it is very important seek advice from the brochure.
# Safe profit isn’t at FREE of value!!
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 Prime UP!!
The difficulty with HDFC ERGO lies in the truth that the best sum insured supplied below 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 supply larger 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.
You will need to 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 isn’t supplied alongside the extra aspect of the SECURE BENEFIT.
Conclusion – I’m not saying that this product is dangerous or you could avoid 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 a substitute of providing double the bottom sum assured for a similar premium. The opposite options of this product are incredible and I’m nonetheless recommending my purchasers 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 value…BEWARE!!