The restoration benefit in health insurance is a feature that can reset the sum you insured back to its original limits once you use it due to a claim. If your health insurance claim amount is finished, it will be refilled to its full value. Hence, you will be able to use it again. You can even add it to your existing policy as an extra cover. It is very helpful if you need to get hospitalised more than once a year. Also, restoration benefits in health insurance will ensure that your costs are still covered without paying extra money. You can even consider it a safety net that keeps your health insurance protection strong throughout the year. In this blog, let's discover the advantages, types and conditions related to restoration benefits.
Advantages of Restoration Benefit
If you have any health insurance plans with restoration benefits, it will provide you with several advantages. Some of them are listed below:
- Family floater plans
If you have a family floater plan, restoration benefits are especially beneficial for you. In this health insurance plan, the insured amount is shared among all family members. Now, the restoration benefit can really help you by refilling the health insurance claim if it gets used up by one member. Hence, it provides continued protection for the rest of your family.
If you are looking for health insurance for your family that comes with restoration benefits, FG Health Absolute is the best plan from Generali Central. With coverage for up to 15 family members, you get total coverage for mental and physical wellness along with restoration benefits.
- Extra sum insured
On the other hand, if you have an individual health insurance plan, the restoration benefit helps you reset the insured amount once you have used it. It is especially helpful if you have an existing illness or face an accident. In such a case, it will allow you to make multiple health insurance claims in one policy year.
- No extra premium
Many health insurance plans offer restoration benefits without an additional premium, which means that you can get extra coverage without paying more.
Types of Restoration Benefit
There are two main types of restoration benefits in health insurance. These are separated on the basis of how much of your insured sum has been used up. The two types are- complete exhaustion and partial exhaustion.
- Complete Exhaustion
In complete exhaustion, your restoration benefit will activate only when you have used up the entire sum insured. This type of restoration benefit is found in most health insurance.
Complete exhaustion is a more affordable option. If you are okay with your restoration benefit to start once the entire amount is used up, this option suits you. It is also a good backup for health emergencies.
- Partial Exhaustion
This restoration benefit in health insurance is more flexible. Partial exhaustion restoration benefits can be activated even when some insured sum is left in your account.
If you prefer continuous coverage, even if some part of your insured sum is used, then this is the best option for you. Also, partial exhaustion restoration benefits give more peace of mind and better protection against ongoing medical issues.
Conditions Related to Restoration Benefit
- No Carryover
You cannot carry over the amount restored in one policy year to the next. So, if you do not use it in the current policy year, you will lose that amount.
- Full Reinstatement
Using your entire amount in a single claim will be fully restored in the same policy year.
- Applicable to Any Sum Insured
The restoration benefit applies to any amount of the sum insured, not just to higher amounts. So, your restoration benefit can apply whether your amount is large or small.
- Future Claims Only
One of the most important points is that your restoration benefit in health insurance is only for future claims. So, you cannot apply it to the first claim you make in a policy year.
- One Person at a Time
Only one person can use the restoration benefit at a time, so multiple family members cannot use it at the same time.
In conclusion, restoration of cover in health insurance meaning a benefit that helps you regain the coverage back to its full potential. It has multiple benefits, which makes it a must-have component of insurance. Since now you know what is restoration benefit in health insurance, don't forget to check it out when buying insurance. With plans like Generali Central DIY Health, Health Absolute, and Health Elite, you can avail of this benefit easily. It is one of the policies that Generali Central offers with full customisation options. Hence, you have to pay for what you need with nothing added without your will.
