What does it do?
Optima Cash Policy pays a pre-specified cash benefit upon each continuous and completed stay of 24 hours in a hospital as an inpatient due to sickness or accident. The daily cash benefit doubles in case Intensive Care Unit (ICU) services are accessed. The insured person may utilize the daily cash amount towards medical or non-medical expenditure. But, the basic idea is to provide for expenses such as attendant's food, travel and accommodation which are otherwise, not covered. It pays half of sickness daily cash amount if the insured undergoes 10 identified day-care procedures.
In an event where two or more insured members meet with an accident and get hospitalized jointly, the policy pays twice the accident daily cash amount in addition to accident daily cash. This benefit is payable only till both are hospitalized concurrently. Apart from hospitalisation benefit, Convalescence cash if hospitalisation extends beyond 7 consecutive days is payable. Parent accommodation charge is also paid if insured person is below 12 years of age. Also, an amount equal to twice the daily cash amount upon childbirth is paid. All the benefits are capped either by maximum number of days for which the daily cash benefit is payable or by number of times the benefit can be availed during policyholder's lifetime.
Pros
It pays an additional benefit upon joint hospitalisation of two or more insured members as a result of an accident.
It also pays a convalescence charge for expenses during period of recovery.
This policy can be bought online.
Premium paid towards this policy is eligible for tax benefit under section 80D of Income Tax Act.
Cons
Pre existing diseases are not covered.
