What does top up mean in health insurance?
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What does top up mean in health insurance?
“A top-up health policy is an additional coverage for people who have an existing individual plan or a mediclaim from the employer. It is for reimbursement of expenditure which arises out of single illness beyond the limit of the existing cover,” says Deepak Yohannan, CEO, MyInsuranceClub.com. WHEN IT MAKES SENSE.
Definition: A top-up premium is something that a policyholder can invest into his ULIP over and above his existing premium payment. Top up in a ULIP can be done anytime during the life of the policy until the total of top-up premiums does not exceed a specific percentage of the total premium paid.
What is the validity of top up recharge?
It generally refers to a validity for number of years and thus recharge and top up are now used in the same context; i.e. to add the amount in the balance without worrying the validity period. Now the companies provide the online facility to recharge the mobile account.
Does top up recharge work without plan?
The core balance is used to charge the customer at base tariff if a plan does not exist . So, the use of core balance is to cover for overages and the usage which is not free under the subscribed plan. Or if the customer does not have a plan at all.
What is a top-up health insurance plan?
Top-up health insurance plans cover policies that offer an additional coverage, beyond the threshold limit of the existing health insurance policy.
How to increase your health insurance cover?
A top-up plan, therefore, is a cost-effective way to increase your health insurance cover. You can take a base policy and a top-up over and above that policy. This way you can use your base health insurance policy to make a claim up till the deductible amount and use your top-up plan for any payments over that.
Is pre-medical screening required for top-up health insurance?
Moreover, in a top-up plan, pre-medical screening is not required up to the age of 55 years. And, in most of the other basic health insurance policies, it becomes mandatory after 45 years of age. If your basic plan reaches the threshold, the claim for both top-up and individual health plan can be filed together.
What is the difference between a deductible and top-up plan?
A top-up plan is a cost-effective way to increase your health insurance cover. 1 min read . Updated: 19 Nov 2018, 10:09 AM IST Deepti Bhaskaran A deductible is that portion of the claim amount that is not covered by the insurer and has to be paid by the policyholder before the benefits of the top-up policy can kick in.