Insurance Savvy
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What is Hospital Cash Insurance?
Hospital Cash Insurance is a daily cash benefit insurance which is aimed to give financial relief for meeting miscellaneous expenses which are not even covered by a regular health insurance.
Is Hospital Cash Insurance the same as Health Insurance?
Hospital Cash Insurance and Health Insurance are not the same. The compensation provided by Hospital Cash Insurance does not cover the cost of medical treatment. While a Health Insurance policy only covers the cost of medical treatment incurred by the policy holder, Hospital Cash acts as supplementary to health insurance as it provides cash benefit aimed towards:
- Special diet expenses of the patient
- To and fro conveyance from hospital and back
- Extra bed for person staying with the patient
What is the benefit of Hospital Cash Insurance?
Instant benefit available by opting for a Hospital Cash Insurance is a Saving in Income Tax. Premium paid for getting Hospital Cash Insurance is eligible for tax deduction as per Section 80D of Income Tax
Who is eligible for Hospital Cash Insurance?
- This insurance is available to persons between the age of 1 year and 60 years at the commencement date of the Policy. Renewal is accepted up to 70 years.
- This cover is available for Self, Spouse, Dependant Children and Dependant Parents.
Does this insurance include terrorism cover?
Yes, this policy provides daily benefit for hospitalization due to terror attacks.
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