Monoline insurer, Apollo Munich has launched a new health insurance policy aptly named “Optima Restore”.
Optima Restore is a truly unique health insurance policy with 2 unbelievable benefits:
1. Restore Benefit – If you exhaust your insurance amount in the middle of the year, your insurance amount is restored without a charge
2. Multiplier Benefit – If you have a claim-free year, then your insurance cover increases by 50% in the first year and doubles in the next year, at no extra charge
The first benefit helps individuals deal with the costs of additional illnesses or medical conditions even if they have used up the entire insurance amount on one claim. It is extremely useful in case of a family floater option, wherein, if one member uses up the coverage amount and another member falls ill later during the same period, the company reinstates the insurance amount at no extra cost.
Multiplier Benefit, in a simplified manner means that, if you buy Optima Restore with a sum insured of Rs 5 lakhs and don’t make a claim in the first year, then your sum insured is increased by 50% to Rs 7.5 lakhs in the next year. If you still do not make a claim, then the year after that, your basic sum insured gets increased by 100% to Rs 10 lakhs.
Read Full Review of Apollo Munich Optima Restore Health Policy
Other benefits in Apollo Munich Optima Restore are:
Lifelong renewability – With no renewal age restriction, you get covered forever
No claim based loading – In most health plans, after a claim is made, the insurer increases the premium amount known as loading charges. In Optima Restore, the company promises to never load the renewal premium, if a claim arises.
The policy is available for sum insured Rs 3 lakhs, 5 lakhs, 10 lakhs and 15 lakhs. There is a family discount of 10% if you insure 2 or more members under one plan and an additional discount of 7.5% for a 2 year policy term.
The product is priced on the higher side as compared to other basic health plans but the features make it a very attractive policy.
