Super Top Up policy : Optima Super

 Super Top Up policy :Optima Super 

Apollo Munich Health Insurance

 

What is a Super Top Policy? 

Super Top policy allows you to enhance your sum insured as per your need at a lower cost. Under Super Top Up Policies, claims will be paid   where the medical expenses exceed the deductible amount selected by you. 

 

Example of deductible 

Mr. X has policy (Policy period- 1st Jan 2014 to 31st Dec 2014) with a sum insured of Rs. 5,00,000 and with a deductible of Rs. 1,00,000. 

Scenario 1: For multiple claims in a year

In May 2014, he is hospitalized and a claim is filed for Rs. 1,00,000. Claim is not admissible in this scenario since his deductible is Rs. 1,00,000. In June 2014, he is hospitalized and a claim is filed for rs. 3,00,000. A the total claims under the policy for the year is Rs. 4,00,000 (1,00,000+3,00,000), he is eligible to claim for Rs. 3,00,0000 (i.e. Rs. 4,00,000- Rs. 1,00,000)

Scenario 2 : For a single claim 

In may 2014, he is hospitalized and a claim for Rs. 5,00,000 is filed, in this scenario claim payment will be made for Rs. 4,00,000 (Rs. 5,00,000-Rs. 1,00,000) 

OPTIMA SUPER 

Optima super is  issued both as individual and family floater policy. It is best suited for individuals with group cover and low sum insured policies. Optima Super also offers a life long Renewal Benefit. 

This plan make it the perfect match for you, if 

  • You are looking to increase your current individual health coverage or add to your current company provided coverage.
  • You have a company provided cover that may cease due to retirement or change of job. Invest little now and switch when you need.
  • You are only looking for coverage over a specified amount which can be easily spent by you. 

Sum Insured Options (in Rs.) 

5,00,000

7,00,000

10,00,000

Deductible Options (in Rs.) 

1,00,000

2,00,000

3,00,000

4,00,000

5,00,00

6,00,000

7,00,000

10,00,000

Policy Period 

The policy will be issued for 1 year/ 2 years period after which it needs renewal. 

Tax Benefit 

 The premium amount paid under this policy qualifies for deduction under Section 80D of the Income Tax Act. 

Selected annual Premium (Excluding service Tax) 

Individuals 

Age Band

Sum Assured(Rs)

5,00,000

7,00,000

10,00,000

Deductible(Rs)

2,00,000

3,00,000

5,00,000

18-35

2055

2210

2475

46-50

5120

5285

5640

61-65

14860

14975

14145

Family Floater (2 adult + 2 Child) 

Age Band

Sum Assured(Rs)

5,00,000

7,00,000

10,00,000

Deductible(Rs)

2,00,000

3,00,000

5,00,000

18-35

4935

5305

5940

46-50

9840

10225

11000

61-65

25420

25725

24615

Our View

The policy is beneficial for availing higher coverage with lower cost and can be taken even if you have an existing policy from any other company with  lower coverage.

 

Last modified on Saturday, 19 July 2014 07:39

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial PlannerCM from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

3 comments

  • Sujata Aniruddha Sapkal

    posted by Sujata Aniruddha Sapkal

    Monday, 06 July 2015 09:48

    Good option for salaried people who rely on inadequate health insurance cover provided by their employer (i.e. company) they can easily top up their existing cover by opting for this policy optima super.

    Report
  • minecraft.net

    posted by minecraft.net

    Friday, 22 May 2015 14:52

    Heya i am for the primary time here. I found this board and I in finding It really useful & it
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    Report
  • durga

    posted by durga

    Friday, 25 July 2014 10:40

    Good,useful article

    Report

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