Benefits of Unlimited Sum Insured Health Insurance
Unlike standard health insurance, an unlimited sum insured plan covers the entire cost of medical treatment where the insurer pays or reimburses only a fixed amount. This allows the insured to reduce their financial stress in the event of a medical emergency or major medical treatment.
Some of the major benefits of an unlimited sum insured health insurance plan are as follows:
- Financial Protection: It provides comprehensive financial protection by removing the concern of exhausting the coverage amount during a medical treatment.
- Quality Medical Services: It allows the insured to receive medical treatment at top, high-value hospitals without worrying about medical expenses.
- Peace of Mind: It eases the financial burden for the insured during medical emergencies, providing them with peace of mind.
Health Insurance Plans With an Unlimited Sum Insured
Here is a list of unlimited sum insured health insurance plans in India:
- Care Supreme Plan
- Future Generali Health Unlimited Plan
- ICICI Lombard Elevate Plan
- ManipalCigna Sarvah Uttam Plan
- Niva Bupa Reassure 3.0 Plan
- Star Super Star Plan
- Tata AIG Medicare Select Plan
Is the Unlimited Sum Insured Health Insurance Plan Truly ‘Unlimited’?
One must remember that ‘unlimited’ does not always mean limitless or without any conditions. A health insurance plan may offer an unlimited sum insured benefit, but it may still include clauses such as co-payment, sub-limits, waiting periods, and exclusions. Hence, one must read the policy wording carefully and weigh all the pros and cons before buying an unlimited medical policy.
Who Should Opt for an Unlimited Health Insurance?
A health insurance plan with an unlimited sum insured is ideal for:
- People who have major pre-existing diseases
- People with elderly parents requiring continuous medical care
- People with a critical family medical history
- People who wish to get medical treatment at high-value private hospitals
- People who have specific reasons to believe they may incur high medical treatment costs
- People who wish to add an extra layer of financial security in times of medical emergencies
Things to Keep in Mind When Selecting an Unlimited Sum Insured Health Plan
Here are a few important things to remember when buying an unlimited coverage health insurance in India:
- Some health insurance plans offer unlimited sum insured as a policy benefit, while others provide it as an optional cover (for example, ManipalCigna Sarvah Uttam plan and Tata AIG Medicare Select plan) or add-on cover (for example, HDFC ERGO Limitless add-on).
- In most unlimited sum insured health plans, the benefit is available only once in a lifetime and ceases once the insured raises a health insurance claim. However, in a few plans, the unlimited sum insured amount is available for the entire policy duration.
- An unlimited claim amount is available for any medical treatment in most plans. However, some plans offer unlimited coverage only for specific diseases (for example, ManipalCigna Sarvah Uttam plan).
- It is a relatively newer healthcare product offered by only a few health insurance companies in India. Hence, most health plans with unlimited sum insured have a relatively higher premium than standard policies.
- Unlimited sum insured health insurance plans also have exclusions and do not cover all medical treatments.
- Not all plans are truly ‘unlimited’ and may have waiting periods, capping, co-payment and sub-limits.
Health Insurance of 1 Crore vs Unlimited Sum Insured: Which is Better?
It is not an unknown fact that mediclaim policies are crucial to manage financial burdens during both planned and unplanned medical treatments. Health policies are now offered with different sum insured, even as high as ₹1 crore or higher. However, an unlimited sum insured health insurance plan differs from a high sum insured one. It comes without any capping on the sum insured, allowing the policyholder to get reimbursed for the actual medical expenses incurred.
Which is better for you – a high sum insured policy or an unlimited coverage health insurance? The answer depends on your individual profile and health risks. If you have a high-risk profile or have a pre-existing condition that requires medical attention, an unlimited health insurance plan may be a better option. However, a standard medical policy with a high sum insured may be the right option if you have low health risks and do not require continuous medical care.
