Imagine you finish all the money in your wallet, and in no time, it gets restored. Wouldn’t that be fantastic? While it may not happen in real life, it can surely happen if you choose the right Health Insurance.
The word ‘restoration’ in itself seems incredible, and in Health Insurance, it is. The restoration of the sum insured by your health plan is called the Restoration Benefit. It is a perk that will increase the sum insured by a predetermined portion or percentage when the policyholder makes a claim.
Though a lot of policies allow the Restoration Benefit, the following factors depend on your specific health policy option and may vary from plan to plan:
The amount/ percentage of the restoration
How many times you can avail of the benefit
Whether the benefit is applicable on complete or partial exhaustion.
Here are a few more points that you need to keep in mind:
In some cases, the Restoration Benefit is triggered only for an unrelated condition. For example, if you have used the entire sum insured for a heart condition, you will not be able to use the restoration benefit for another heart-related disease.
However, in some plans, Restoration Benefits are also available for the same ailment.The benefit cannot be carried forward to the next policy term.
In most cases, you cannot claim the Restoration Benefit in the first claim, it is only for future claims, unless specifically mentioned.
Knowing whether the benefit will trigger after a complete or partial exhaustion of the sum insured is something you must confirm with the insurer, along with all other details.
Health Insurance with Restoration Benefits has a lot of takers, especially people who opt for family floater plans. Because many people are covered under the umbrella of one policy, the Restoration Benefit can come in very handy.
While the benefit comes as an in-built feature in many plans, you might have to purchase it separately as an add-on if it is not available within the plan. Though it would increase the premium amount, in the long run, the Restoration Benefit will be worth the money spent.
