Apollo Munich Optima Restore is different from other health insurance plans due to its restore & multiplier benefits. Apollo Munich Health Insurance is a pioneer in Indian health insurance market & their optima restore plan will again be a new milestone. Prima Facie it seems to be a new invention in Indian health insurance industry with the type of benefits available in this product. Although, the company has been running Easy Health successfully, this product makes an attractive proposition for meeting the need of health insurance for Indian consumers.
Let’s look at the Apollo Munich Optima Restore in detail – article covers its features, what is restore benefit, multiplier benefits, its limitation, comparison with other health insurance plans, premium & most important should you buy Apollo Munich Optima Restore.
Apollo Munich Optima Restore – Unique Features
Although the product has features similar to a standard variant of Apollo Munich Easy Health Plan, the company has introduced some unique ones which makes it an attractive proposition for the buyer. You can take benifit of Health Insurance Portability.
Restore Benefit in Apollo Munich Optima Restore
Under restore benefit the company claims to reinstate the basic sum assured in case it is exhausted in a policy year. What this means is that if someone has a Optima Restore policy of Rs 5 lakh and exhaust the entire amount during hospitalization for some illness, individually or in a floater, the company will restore Rs 5 lakh which you can use for some other illnesses or for other members covered in the plan in family floater. The option works very well for family floater plans as there is high probability of exhausting the insurance coverage.
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Multiplier Benefit in Apollo Optima Restore
In all health insurance policies, the insurance companies give No Claim Benefit (NCB) by increasing the Sum Insured or giving benefit in the premium. Even in Apollo Munich Optima Restore you have NCB benefits. However, the benefit differs from other policies. For first claim free year the NCB is 50% and if the second year also goes claim free, the company doubles the Basic Sum Assured (SA) i.e. 100% NCB. So in third year your SA is double of what you have applied initially. ARs 4 lakh cover will increase to Rs 8 lakh in third year if there is no claim in two years.
Both these features are unique in the respect that it is multiplying your coverage within same premium. The major benefit which will appeal to all consumers, especially in family floaters, is the restoring of SA in case Basic SA is exhausted.Also, like other Apollo products, this one has no loadings if any claim arises which has kept the premium constant for same age group. This is a good advantage for someone who is not maintaining best of health.
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Some Limitations to Consider in Optima Restore Health Plan
- The restore benefits starts only when the Basic SA along with bonus is utilized completely.
- The restore benefit cannot be claimed on the disease/illness for which the claim has already been made in the policy year.
- The restore benefit is applicable only once during a policy year.
- If the restore sum is not utilized in a policy year, it is not carried forward.
- If a claim is made after the bonus has applied then in the following policy year the multiplier bonus is decreased by 50% of basic SA.
Other Features of the Apollo Munich Optima Restore
There are other features some of which have been enhanced from Easy Health Standard variant and will be liked by most policy buyers:
- Pre & Post hospitalization benefits are available for 60 & 180 days which is very exhaustive.
- For two years premium payment at one instant, additional 7.5% discount is offered on the premium.
- No loading is there on renewal premiums.
- Renewals are for life time.
- You can easily upgrade the health cover to next level at renewals.
- You can cover your parents too through this policy which will be beneficial since there is hardly any health insurance scheme which gives such benefits at higher age.
- You can cover your child since minimum age required is 91 days.
What’s not covered in Apollo Munich Restore Health?
There are certain exclusions which one has to consider before applying for this product-
- Pregnancy is not covered at all. So if you plan to have a child in future you will not be able to claim any expenses in this product.
- Preexisting disease covered after three years waiting period.
- Dental treatment is not covered under this product.
- Specific diseases like cataract, hernia has 2 years waiting period.
- Rests of the exclusions are similar to Easy Health product from Apollo Munich.
The exclusion is very important criterion for judging a product based on your specific requirement. For e.g. someone who is newly married will find this product disadvantageous as it does not cover maternity expense. Hence look at the exclusion in detail which is available in policy wordings of the product.
Apollo Munich Optima Restore Comparison
How Apollo Munich Optima Restore Fairs
Features of Optima Restore
Overall, Apollo Munich Optima Restore has come out with a unique concept in their health insurance product. Barring some specific requirement, it gives major benefits to the policy holders especially in family floater plans where taking a high SA for entire members is not feasible due to premium constraints.
“The best feature is that the restore feature of SI and NCB multiplier work together. E.g. Individual or family floater of Rs3 lakh SI will increase to Rs6 lakh SI in a couple of years with no claim. If for some reason, Rs6 lakh SI is exhausted in the policy year, the product will give additional Rs3 lakh (base SI) coverage for new illnesses. It means you can be covered for Rs9 lakh during that policy year by paying premium of Rs3 lakh SI.” Moneylife
Premium of Optima Restore
The premiums in Apollo Munich Optima Restore are slightly higher compared to standard variant of their Easy Health Plan. But the unique feature justifies the increase. As compared to other companies, Apollo Munich has maintained a competitive edge on premium rates. Example: Family Size 2 Adults (age 35 years) + 1 Child (age 5 years) – Sum Assured 3 Lakh (floater)
- Apollo Munich Easy Health – Rs 6370
- Apollo Munich Optima Restore – Rs 8281
Premium in Optima Restore is higher by 30% in comparison to Easy Health.
Should You Buy Apollo Munich Optima Restore?
The restore & multiplier benefits are unique when you look at the similar products available in the industry. Effectively the product covers you more than double the sum assured if NCB also adds up. Even the No claim bonus varies from 5-50% across health products but here the increase really multiplies. Apart from this there are other features which have been enhanced too. Barring some exclusions which may not fulfill some of the specific requirements it looks like a good option for health insurer seekers.
Review of Apollo Munich Optima Restore is done by Jitendra PS Solanki, CERTIFIED FINANCIAL PLANNERCM
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