Demystifying deductible:

Deductible is a fixed amount which needs to be exhausted before you can claim your Super top-up policy.

 

When you’re purchasing a Super top-up policy with us, you’ll notice that you’ve got 4 different deductible options:

  • 1 lac

  • 2 lac

  • 3 lac

  • 5 lac

If you selected a deductible of 2 lac, you basically mean that, at the time of claim, your Super top-up policy will not kick in until you’ve crossed a bill of 2 lac which is either paid out of your pocket or through another insurance policy.

 

Sure, so then who pays the deductible (say I selected 2 lac) amount I selected during a claim?

 

You’ve got three options, depending on what’s available to you:

  • You use your company’s group health insurance to cover the 2 lac

  • You use your personal health insurance to cover the 2 lac

  • You pay 2 lac out of your pocket

Depending on your circumstances, you could use a combination of any of these 3 options.

 

Got it. So in case, I’ve claimed earlier in the year through any of the options above, can I count that as my deductible?

 

Yes! Let’s say you’ve undergone treatment for 2 lac earlier in the year. And you need to claim for 1 Lac again, you can use your Super top-up.

 

Okay, does it work the same for a floater Super top-up policy?

That’s right.

 

Let’s say, you’ve got a floater health insurance policy (personal or through your company) for you, your spouse and 2 kids. And you’ve bought a floater Super top-up policy with a deductible of 2 lac.

  1. Your spouse went through a surgery that cost 1 Lac three months ago.

  2. You too, went through a surgery that cost about 1.5 Lac last month.

  3. You need to make a third claim, say of 2 lac.

Here’s where you can use your Super top-up. Since you’ve already foot bills of 2.5 lac, your deductible is technically exhausted.

 

Sure. So what deductible should I choose while buying a Super top-up?

You might notice that the lower the deductible, the higher the cost of your Super top-up policy.

Here’s how this works: it is easier for you to pay 1 lac as a deductible throughout the year versus 5 lac. Hence, the lower a deductible, the more expensive your Super top-up policy is.

 

Our recommendation is to balance out the three factors in a way that suits you the best:

  1. Select a price point that is within your budget

  2. Weigh out which of your insurance polices could cover the deductible throughout the year

  3. Weigh out your emergency fund as a worst case scenario if you had to pay out of your pocket