Hospital cash insurance policy

Bajaj Finance offers fixed amount as hospital cash cover to the policyholder during hospitalisation. Know about it in detail.
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Hospital cash insurance policy
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3 mins
O1-June-2023

What is Hospital Cash Insurance?

Health insurance policies give you financial security, covering all the required expenses during medical emergencies. But there are certain expenditures, which may not get covered in the health insurance policy. You may need funds to deal with these expenses. This is when a hospital cash cover comes in handy. You can buy hospital cash insurance as an add-on cover on a comprehensive health insurance policy. You may also choose to buy it as a standalone plan to cover your additional expenses that health insurance does not cover.

Read on to know about hospital cash insurance in detail and how it works.

What is hospital cash insurance?

A hospital cash insurance policy works as an allowance given to the insured to meet financial needs when hospitalised. You get a fixed amount every day if hospitalised for more than 24 hours. The amount helps you to pay for the miscellaneous expenses incurred during the hospitalisation period. So, you can stay stress-free and focus on your recovery, while your family members can use the daily allowance to pay the required bills.

What are the key inclusions and exclusions of hospital cash insurance?

Before you buy hospital cash insurance, know the key inclusions and exclusions of the plan. The following table gives you a quick glance at the inclusions and exclusions of this policy:

Inclusions

Exclusions

Offers daily allowance to cover hospital expenses or other financial needs.

Most policies have 24 months waiting period for any pre-existing disease.

Individuals between the age group of 6 months and 65 years can avail of the hospital cash cover.

Also, have a waiting period of 24 months for illnesses mentioned in the policy.

Offers daily cash allowance during in-patient hospitalisation up to a particular period as per the plan terms and conditions.

Does not cover any illnesses detected 90 days before purchasing the cover and non-allopathic treatments such as ayurvedic or herbal procedures.

Why buy hospital cash insurance?

There are multiple expenses other than hospitalisation and treatment during a medical emergency that you may need to take care of. These expenses may include travel expenses, diagnostic tests, medicines, and other medical-related expenses. While you are hospitalised, your family may need financial support to cover these expenses. Having hospital cash insurance will save your family from running around to collect funds to meet the miscellaneous expenses. You can use the money to meet your everyday expenses, which usually do not get covered in your regular health insurance plan.

You can buy a hospital cash cover online. You may visit the Bajaj Finance Insurance Mall to buy the plan from Pocket Insurance and Subscription plans at an affordable premium.

How is hospital cash insurance helpful?

You get the entire cash allowance even if your expenses are less than the daily limit. You do not have to pay the extra money back to the insurer. Suppose that the hospital cash benefit limit is Rs. 1,000 every day, and your actual expense is Rs. 700. In such a case, your insurer will still pay you the assured amount.

Hence, hospital cash insurance significantly helps you to cover the expenses that health insurance plans do not cover during medical emergencies.

Frequently asked questions

How do I claim hospital cash benefits?

You can contact your insurer by sending an email or calling on their toll-free number. You can also raise a claim request on their official website. You need the following documents, such as a claim form, health card, policy document and hospital bills to claim for the benefit. You will also need the medical reports, discharge certificate, prescription and address, and identity proofs.

What is a hospital cash rider?

Hospital cash rider also means hospital cash cover offered as an add-on cover. It offers daily allowance during hospitalisation up to a specific number of days. You can buy the add-on cover of hospital cash insurance on your regular health insurance policy.

What is the minimum and upper age limit to purchase hospital cash insurance?

Anyone between the age group of 18 years and 65 years can purchase this policy.

For which expenses can I use the hospital cash cover?

You can use the daily hospital cash benefit for paying the personal and medical expenses incurred during the hospitalisation. The policy offers you the amount to meet extra or miscellaneous expenses.

Do maternity expenses get covered by a hospital cash insurance policy?

No, the hospital cash cover does not cover maternity-related expenses. However, you can avail the maternity insurance policies to cover the expenses.

Do I need to produce original bills to place a claim for the hospital cash benefit?

No, you do not need to submit the original bills when claiming for hospital cash cover. You can use the total coverage amount irrespective of your actual expenses. You may have to show original bills and documents during the claiming process as proof of admission into hospitals for treatment.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Life Insurance Corporation of India (LIC), Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Company Limited, HDFC ERGO General Insurance Company, TATA AIG General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, New India Assurance Limited, Chola MS General Insurance Company Limited, Zurich Kotak General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Care Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure & policy wordings carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also distributor of other third-party products from Assistance service providers such as CPP Assistance Services Private Limited, Bajaj Finserv Health Limited. etc. All product information such as premium, benefits, exclusions, value added services etc. are authentic and solely based on the information received from the respective Insurance company or the respective Assistance provider company.

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