TeamAckoOct 23, 2023
Health has always been a #1 priority, but COVID-19 proved to the world why we need to plan for emergencies with contingency plans and insurance. Post-COVID, people realised that just having health insurance isn't enough. Sometimes, even a Rs. 5 lakh rupee coverage won't be enough when illness strikes.
Although you may have coverage, what do you do if your medical expenses cross your policy coverage amount? It's always a good idea to consider topping up your insurance plan with what's known as a super top-up value with a job guarantee. Explore super top-up value with a job guarantee in this article to keep you and your loved ones safe and secured.
Before we get into the super top-up value with job guarantee, we need to understand the basic top-up value.
Usually, when you buy health insurance, you will be covered for a certain sum. This amount is the sum you are insured for, or covered for. This coverage amount goes up to the maximum threshold of your policy's coverage.
Suppose you are insured for Rs. 5 lakh, and have to be hospitalised. If your medical expenses come up to Rs. 4 lakhs (below the Rs. 5 lakhs you are insured for), your health insurance will cover all the expenses. You may need to pay via co-pay according to your health insurance plan.
It is useful to have a top-up plan, similar to a mobile top-up, for single hospitalisation or if you lose your job suddenly. In these cases, the top-up value kicks in immediately so you can avail coverage beyond your threshold. With a top-up value, you don't need to pay out of pocket during an emergency. Your base policy will cover up to the sum insured, and then the top-up value will cover the extra coverage from the top-up premium.
Top-up value premiums are paid during your policy term. You need to have paid for all your base premium payments regularly in order to be eligible for a top-up value. A top-up value premium is a single payment.
With a job guarantee policy in health insurance, you and your beneficiaries will receive a payout in case you lose your job or cannot earn because of an emergency or illness. A job guarantee gives a financial compensation if the individual is fired, such as the furloughs during COVID-19, and other types of loss covered under the policy. Of course, job loss also takes into consideration long-term illnesses or disabilities.
In India, job insurance is not provided as a stand-alone policy. It is offered as an add-on cover and generally comes as an added benefit with health insurance or home insurance policy.
Termination from employment
When the policyholder loses their job in a situation mentioned in the policy document, they or their beneficiaries will be reimbursed for the amount covered.
The following are the requirements to get job guarantee in insurance policies:
The policyholder should be an employee with a monthly income
The company the policyholder works in should be registered
Self-employed people are not eligible for the job guarantee in insurance.
When the policyholder loses their job, they should alert their insurance company and provide proof of unemployment
The policyholder will have to submit documents that the insurance company requires.
A super top-up plan is a type of feature that can be added on to your health insurance or insurance with job guarantee, even if you don't have a health policy. The super top-up plan will cover medical bills beyond the coverage of your base policy.
Normally, you will have a deductible or threshold limit with your health insurance during an emergency or hospitalisation. In a super top-up, the policy will go into action after you pay the deductible from the base policy.
Even if you have just a job guarantee insurance policy, you can still get a Super Top-up Value!
To get a super top-up value with the job guarantee, you will need to set a deductible on your insurance policy. Let's say that your base policy in your insurance covers you for an amount up to Rs. 5 lakh.
As mentioned above, the deductible is the amount to pay to your insurance provider so that they can approve medical payments that exceed your coverage or threshold amount.
In this case, you will set a super top-up value for your deductible, and will have to pay the premium (fees for insurance policy) for it. When you pay your premium on the super top-up value, it will be activated.
Your coverage or threshold amount is Rs. 5 lakh. You can set a super top-up value for Rs. 2 lakh on your base policy amount. So this means that you will be technically insured for 5+2, or Rs. 7 lakh.
You do not need to pay an extra amount of Rs. 2 lakh for the super top-up value. The super top-up value will be taken from the premium you paid for the super top-up value. Then, if you get hospitalised, or lose your job, you can claim the amount beyond what you're insured for, which in this case is up to Rs. 7 lakh.
These are the 3 ways to pay for deductibles:
From your own non-insurance policy money
From a group health cover, usually from your company or college
From your current health insurance policy
You can top up your insurance coverage amount with a top-up value or a super top-up value. What's the difference between the two? In this section, we explore the differences between Top-up Value and Super Top-up Value, so that you can decide which one would be relevant for your job guarantee policy.
In a super top-up value with the job guarantee, your medical bills and insurance claims extend beyond the base coverage or threshold. Top-up values generally cover 1 hospitalisation or 1 time claim, as per the policy.
Super top-up value keeps you covered beyond one hospitalisation or 1 time claim for loss of job. Top-up values are for single lump sum payments.
You can pay top-up value premiums during your policy term. Unlike payments for your base policy, there is usually no set or fixed payment schedule - you can find out more from your insurance company. Top-up value premiums are a single payment. Super top-up values offer you cumulative financial assistance during job loss or multiple hospitalizations. The premium payments are usually paid once a year for this ongoing coverage.
A super top-up covers your medical expenses beyond what you're insured for. The threshold is the amount that your base policy covers, so if the amount exceeds this, the super top-up premium you've been paying for will cover excess beyond the threshold.
No, job guarantee policy only covers loss of job and loss of income due to illness or emergency. If you resign, you will not be covered.
In super top-up value with the job guarantee, you will pay a premium once a year and be assured of continuous financial support from your insurance policy.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet, and is subject to changes.
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