Apollo Munich Optima Cash Platinum Plan

Objective

This is a supplementary policy that aims to meet certain expenses which other health policies do not cover. It provides a specific daily cash benefit in the event of hospitalisation. This policy is available online for purchase.

Suited for

This policy may be bought by any individual eligible under the policy. Anyone aged between 5 and 65 years may take this policy. It covers individual and family on an individual basis.

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.

Our View

This is an additional policy which can be taken as an add on to basic health policy and not in lieu of it. This policy is more useful for those who are covered under employer's group insurance policy to pay for incidental expenses that group policy does not cover.