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.
At any time when 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 value.”
I recommend that my shoppers inquire with HDFC ERGO relating to the rationale behind the quick 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 constructing a declare. This profit will elevate your Rs. 10 lakh base cowl to Rs. 20 lakh at no extra value.”
Safe Advantage of HDFC Ergo Optima Safe – What’s the catch?
The Safe Profit offers a novel benefit. Not like 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 have got absolutely or partially depleted your base sum insured and any related bonuses (if any) inside a coverage yr, this function grants you quick double protection!!
This seems to be a promotional low cost. Who might ignore a 50% value lower? Nevertheless, it’s essential to understand that nothing is really free. Whether or not you’re coping with this insurance coverage firm or others, their foremost objective isn’t to supply charity; they’re companies. Consequently, it’s important to be further cautious when confronted with such gives from the monetary trade.
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 in the course of the coverage yr, as per the coverage’s phrases and situations.
What are the situations?
# Relevant solely yearly
The Safe Profit might 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 illustration, if in case you have a sum insured of Rs 10 lakhs below this medical health insurance coverage and have chosen the “Safe Profit” choice, your sum insured will improve to Rs 20 lakhs. If, after just a few 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 could actually’t be restored
As soon as the safe profit is over, it could actually’t be reinstated throughout the yr just like the restoration good thing about 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 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 will likely 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 will likely 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) in the course of the Coverage 12 months.
As per Part 3, the bills lined are – hospitalization bills, different bills (discuss with brochure), house well being care, domiciliary hospitalization, Ayush therapy, pre-hospitalization bills, post-hospitalization bills, and organ donor bills. Underneath Part 4.3, it’s only “Shield profit”. I’ve simply listed these options. If you happen to want to know the whole particulars of those options, then you will need to discuss with the brochure.
# Safe profit is just not at FREE of value!!
In contrast the opposite comparable merchandise of medical health insurance, you observed that the premium is increased than different plans. Therefore, by introducing this function, 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 High UP!!
The problem with HDFC ERGO lies in the truth that the very best sum insured provided below their Tremendous High Up plan is proscribed to Rs.20 lakh. It’s unclear why there’s such a restriction, particularly because the objective of an excellent top-up is to supply 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 choice, 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 is just not provided alongside the extra ingredient of the SECURE BENEFIT.
Conclusion – I’m not saying that this product is dangerous or it’s essential to avoid shopping for this product. Nevertheless, consumers 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 incredible 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 High Up. You should purchase this product for the product options however not the safe profit function alone.
Repeating once more….Any eye-catching choices, free choices, or discounted choices from the monetary world come at their very own value…BEWARE!!