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Super Top-up Value With A Job Guarantee

TeamAckoDec 31, 2024

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.

Contents

What is a Top-up Health Insurance Plan?
What Is a Job Guarantee in Insurance?
Situations Covered In Job Guarantee
Eligibility For Job Guarantee
Job Guarantee Claim Process
What Is a Super Top-up Plan?
How to Get Super Top-up Value in Health Insurance?
Top-up Value Vs. Super Top-up Value
Benefits of Super Top-up Health Insurance
What is Covered in Super Top-Up Health Insurance
What is Not Covered in Super Top-Up Health Insurance?
Key Considerations When Choosing a Super Top-Up Health Insurance Plan
Key Takeaway
Frequently Asked Questions (FAQs)

What is a Top-up Health Insurance Plan?

Before getting into the super top-up value with a job guarantee, we must understand the basic top-up value.

Usually, when you buy health insurance, you will be covered for a particular sum. This amount is the sum you are insured for or covered for. This coverage amount exceeds 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 costs. You may need to pay via co-pay according to your health insurance plan.

It is helpful 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 yourself of 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 to be eligible for a top-up value. A top-up value premium is a single payment.

What Is a Job Guarantee in Insurance?

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 financial compensation if the individual is fired, such as the layoffs during COVID-19 and other types of losses 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 an insurance policy.

Situations Covered In Job Guarantee

Termination from employment
Temporary suspension

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.

Eligibility For Job Guarantee

The following are the requirements to get a 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.

Job Guarantee Claim Process

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.

What Is a Super Top-up Plan?

A super top-up plan is a feature that can be added to your health insurance or insurance with a 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.

Usually, 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 paying the base policy deductible.

How to Get Super Top-up Value in Health Insurance?

Even if you only have a job guarantee insurance policy, you can still get a super top-up value!

You must set a deductible on your insurance policy to get a super top-up value with the job guarantee. Let's say that your base insurance policy covers you for 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 have to pay the premium (fees for insurance policy). It will be activated when you pay your premium on the super top-up value.

Your coverage or threshold amount is Rs. 5 lakh. You can set a super top-up value of Rs. 2 lakh for your base policy amount. You will be technically insured for 5+2, or Rs. 7 lakh.

You do not need to pay an extra 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 lakhs.

These are the three 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

Top-up Value Vs. Super Top-up Value

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 to your job guarantee policy.

Your medical bills and insurance claims extend beyond the base coverage or threshold in a super top-up value with the job guarantee. Top-up values generally cover one hospitalisation or 1-time claim, per the policy.

The super top-up value keeps you covered beyond one hospitalisation or 1-time claim for job loss. 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 a job loss or multiple hospitalisations. The premium payments are usually paid once a year for this ongoing coverage.

Feature	Top-up Value	Super Top-up Value
Coverage	Covers one hospitalisation or one-time claim beyond the base policy threshold.	Covers multiple hospitalisations or claims beyond the base policy threshold.
Premium Payment	Single lump sum payment.	Usually paid annually.
Flexibility	Less flexible, as it covers only one event.	More flexible, offering cumulative financial assistance.

Benefits of Super Top-up Health Insurance

A Super Top-up health insurance plan is a good backup for heavy medical bills. Here is a breakdown of its key benefits:

Financial Help

Increased Protection: Losses arising from illness are also controllable, and therefore, having a super top-up health insurance policy in place will go a long way because your base health insurance policy limitations are increased.
Tension Reduction: With so much unpredictability, a high level of medical treatment can lead to tension. The super top-up plan addresses this by being a good risk mitigator.

Tax Advantages

Efficient Tax Planning: Health insurance premiums and super top-up plans qualify for allowances to be submitted before taxation within certain sections of the Income Tax Act. This will help minimise the overall taxable liability.

Customisable Protection

Flexible Deductibles: Adopting and insisting on using deductibles within your financial resource capacity helps reduce exposure to losses. This helps ensure that out-of-pocket expenditure is lower. The higher the deductible, the lower the monthly premium one pays to the insurance company.
Personalised Coverage: This enhances the ability of individuals to come up with tailored plans that meet their needs instead of having a cover for the sake of it.

Comprehensive Coverage

A Variety of Treatments: Many Super Top-up plans pay for a wider range of medical expenses, including, but not limited to, hospitalisation, surgeries, medical tests, and chronic disease management.
Alternative Medicine Inclusion: Some even cover Ayurveda, Yoga, Unani, Siddha, and Homoeopathy treatments in their policies for better healthcare.

By understanding the multifaceted benefits of Super Top-up health insurance, you can make informed decisions to safeguard your financial well-being and ensure comprehensive medical coverage for yourself and your loved ones.

What is Covered in Super Top-Up Health Insurance

Super Top-Up health insurance is designed to provide financial protection against significant medical expenses beyond your base health insurance policy's limit. Here's a breakdown of what's typically covered:

Hospitalisation Expenses: This includes room rent, nursing charges, ICU charges, doctor's fees, surgeon's fees, anesthetist's fees, cost of medicines, blood, oxygen, operation theatre charges, and more.
Pre and Post-Hospitalisation Expenses: Expenses incurred 30 days before and 60 days after hospitalisation are often covered.
Daycare Procedures: Certain medical procedures that don't require overnight hospitalisation, such as cataract surgery or dialysis, may be covered.
Organ Donor Expenses: Costs incurred for organ donation and related procedures are often included.
Annual Health Check-ups: Some plans offer coverage for annual health check-ups.

What is Not Covered in Super Top-Up Health Insurance?

While Super Top-Up Health Insurance plans offer comprehensive coverage for various medical expenses, it is essential to understand their limitations. Specific categories of expenses are typically excluded from these health insurance policies. Here are some standard exclusions in Super Top-Up Health Insurance plans:

Pre-existing Diseases: Conditions that existed before the policy's inception.
Self-Inflicted Injuries: Injuries caused intentionally by the insured.
Cosmetic or Plastic Surgeries: Procedures for aesthetic purposes.
Infertility Treatment: Treatments like IVF, IUI, etc.
Dental Treatments (except for accidental dental injuries)
Routine Check-ups and vaccinations
Ayurvedic and Homeopathic treatments (unless specifically covered)

While we have made every effort to provide accurate information, the specific coverage details of a Super Top-Up health insurance plan can vary depending on the insurer, policy terms, and individual plan features. It is crucial to carefully review the policy document to understand the exact inclusions and exclusions. Please consult your insurance provider or a qualified insurance advisor for the most accurate and up-to-date information.

Key Considerations When Choosing a Super Top-Up Health Insurance Plan

When selecting a Super Top-Up health insurance plan, consider the following factors:

Sum Insured: The maximum amount the insurer will pay.
Deductible Amount: The amount you will pay out-of-pocket before the insurer starts covering claims.
Network Hospitals: A wider network of hospitals can provide more flexibility.
Add-on Covers: Optional covers like maternity, critical illness, etc.
Waiting Period: The period before certain benefits become active.
Policy Term: The duration for which the policy is valid.
Claim Settlement Process: A smooth and hassle-free claim settlement process is crucial.

By carefully evaluating these factors and consulting with an insurance advisor, you can choose a Super Top-Up plan that complements your existing health insurance and provides comprehensive financial protection for you and your family.

Key Takeaway

In an era of escalating healthcare costs, a Super Top-up health insurance plan emerges as a prudent financial decision. By offering enhanced coverage, tax benefits, and customisable options, it provides a robust shield against unforeseen medical expenses.

As job security becomes increasingly uncertain, a Super Top-up plan can offer peace of mind, knowing that you are protected, regardless of your employment status.

It is essential to carefully assess your needs and consult an insurance advisor to select the most suitable Super Top-up plan. Doing so can empower you with financial security and ensure that your health and well-being are prioritised.

Frequently Asked Questions (FAQs)

Below are some of the frequently asked questions on Super Top-up Value With A Job Guarantee

How does super top-up health insurance work?

A super top-up covers your medical expenses beyond what you're insured for. The threshold is the amount your base policy covers, so if the amount exceeds this, the super top-up premium you've been paying will cover excess beyond the threshold.

If I resign, will the job guarantee cover me?

No, the job guarantee policy only covers job loss and income loss due to illness or emergency. If you resign, you will not be covered.

How are super top-up value premiums paid?

With super top-up value and a job guarantee, you will pay a premium once a year and be assured of continuous financial support from your insurance policy.

Is a super top-up policy good?

Super top-up policies are a cost-effective way to boost your health insurance coverage significantly. A ₹10 lakh super top-up policy for a family of four (two adults and two children) aged 35 and below can be obtained for a modest annual premium of around ₹4,500.

What is the age limit for super top-up?

Anyone aged 18 years and above can purchase a Super Top-Up 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.