Page 353 - Ebook health insurance IC27

Sashi Publications

in terms of the cover available for each member of the family during hospitalisation.
The limit can be used by any member of the family, and for any number of times
during the year..

For eg. If you take a floater policy of 6 lakhs for your family, there is no fixed limit
of how much of this amount is used for a single-family member. The claim amount
during the year is restricted to Rs. 6 lakhs for all family members put together.

If you take a normal group insurance policy in place of a floater, you have to define
fixed amounts towards each family member and any unused amounts from one
family member cannot be transferred to another member. Hence it is restrictive.

Q. What is Cumulative Bonus?
Cumulative Bonus is an increase in sum insured by a specified percentage for every
claim free year subject to a certain maximum limit; provided that the policy should
be renewed without any break.

Q. What is meant by Day Care Procedures?
Day care procedures are the medical procedures/surgeries wherein the person does
not need to get hospitalised for more than 24 hours due to technological advancement.

Q. What is a Critical Illness Insurance?
Critical Illness Insurance is a policy that pays out a lump sum amount upto the Sum
Insured upon diagnosis of a critical illness covered under the policy.

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