Apollo Munich has launched a new Super top up insurance plan with name Apollo Munich Optima Super. They call it an aggregate insurance plan, as it takes into account the aggregate of claims made in a single year as deductible, unlike a top up plan where in every claim the deductible gets applied.
There are very few insurance players in the market like United India, HDFC Ergo which offers Super top up insurance plans and now Apollo Munich has also joined the league. Let’s understand the product in detail.
Apollo Munich also having a top up health insurance plan called Optima Plus. Click here to know more on difference between top up and Super Top up health insurance plans.
Apollo Munich Optima Super – In brief
Apollo Munich optima super is a Super top up health insurance plan, which is meant to enhance your total health insurance coverage on cost sharing basis. You can claim from such policy only if your total claim in a particular policy year exceeds a particular amount which is known as deductible.
Deductible means a cost sharing amount. All Top up or super top up plans comes with a pre specified deductible which insured has to bear from his pocket or from any other existing mediclaim policy during hospitalization, over and above the expenses will be borne by the insurance company upto the sum assured.
Let’s understand with an example:
X has Apollo Munich Optima Super plan for a SUM assured of Rs 5 lakh with deductible Rs 1 lakh. He met with an accident and has to undergo one operation which costs Rs 2 lakh. Now he’ll have to pay Rs 1 lakh from his pocket and Balance Rs 1 lakh will be paid by Insurance company.
Let’s assume he has to undergo one more treatment during that policy year which will cost Rs 3 lakh. Now as he’s already crossed Rs 1 lakh of minimum deductible limit in that policy year, this Rs 3 lakh will also be taken care by Apollo Munich Optima super.
Had this been a Top up Insurance Plan, then even for 2nd claim X would have to pay Rs 1 lakh from his pocket to cover the deductible amount.
Apollo Munich Optima Super – key benefits
One major benefit of this plan is that it can be converted into a regular non deductible health insurance plan, with no underwriting or medical tests in the later years of life. This switch can be opted for only between age of 55 and 60 years, provided policy was purchased and continuously renewed with Apollo before 50 years of age.
This feature can be very effectively used by corporate employees who can enhance their employer provided health insurance coverage through this plan during there working life and later when they are nearing retirement can convert this plan into regular health policy.
Apollo Munich Optima Super – Other Features
- This policy covers persons in the age group of 91 days to 65 years. Maximum entry age is 65 years.
- Dependent children between 91 days to 5 years can be covered if either parent is covered under this policy.
- Lifelong renewability.
- Individual and Family floater option is available.
- All normal health insurance policy features are there like Pre hospitalization (60 days) , Post hospitalization (90 days), day care surgeries (144), Ambulance service etc.
Even exclusions and waiting periods are same.
Apollo Munich Optima Super – Premium quotes
This Super top up health insurance plans comes with a Sum assured variants for Rs 5 lakh, Rs 7 lakh and Rs 10 lakh. i.e. The maximum cover available in this plan is for Rs 10 lakh.
Deductible options ranges from 1 lakh to 7 lakh and Rs 10 lakh
Below are some premium quotes for different age groups with deductible amounts of Rs 1 lakh and Rs 3 lakh
First thing first, this policy or not you should be having good health insurance coverage with you. I know you are reading this section because you understand the importance of having high sum assured in health insurance. Super top up health insurance plans are best and cost effective way to enhance your total coverage.
The feature to convert this plan into regular mediclaim when nearing retirement age is added benefits which even those corporate employees who are totally dependent on employer provided policy can use. One can also top it up with the existing health insurance policy from where the deductible can be claimed and rest this super top up plan will take care. Premium wise also it seems fine.
So overall, I find Apollo Munich Optima Super a must consider when someone is looking to enhance the health insurance cover.
How do you find Apollo Munich optima super? If you have any health insurance concern, do share your views in the comments section