The last couple of years have seen a spate of innovative launches in the health insurance space. Many companies are now designing products with life-long renewability, large covers and outpatient department coverage. Joining the list of products that aim to provide more than standard offerings is standalone health insurer Apollo Munich's recently launched Optima Restore.
As the name suggests, the key feature of the product is the sum assured replenishment facility. The product undertakes to reinstate the basic sum insured in case the policyholder exhausts his/her cover in a policy year. The restored sum insured can be used to bear the expenses of any other illness – that is, dissimilar to the one for which claim has been made earlier. This restriction will not be applicable if the claim is made under a floater policy for another family member's treatment. While the company states that the restoration facility comes at no extra charge, it is likely that all benefits will be factored into pricing at the time of issuing the policy, making it a bit more expensive than basic, standard health policies. Do note that premiums charged by various companies depend on a host of factors, including age and state of health of the insured persons. L&T General Insurance offers a similar feature, but the replenishment facility to finance the second claim in a year is triggered only in the event of an accident.
Apart from cover reinstatement, the other advantages include no-claim bonuses offered. Termed multiplier benefit, the product offers to increase the basic sum assured by 50% if you haven't filed any claims during the year. If the subsequent year, too, is claim-free, the basic sum insured is doubled. Also, the product does not feature sublimits or restriction on age for renewal. This apart, there is no claim-based loading at the time of renewal.
The feature promoted heavily by the company — sum insured restoration for unrelated illnesses and/or other members in family — is its core benefit.
When compared with the standard health insurance policies available in the market, Optima Restore is likely to entail a higher premium.
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