Term of the week: Restore

‘Restore’ is an option (usually built-in) in a health policy by certain insurers such as Apollo Munich, HDFC Ergo and Max Bupa.

Restore feature ensures that a policyholder has adequate coverage even after his/her sum insured is exhausted.

That is, if you utilise your sum insured, fully or partially, it will be restored back to your policy.

For instance, if you have a health policy with restore feature for ₹7 lakh and you happen to utilise the entire amount, the entire sum insured of ₹7 lakh will be restored. In case of partial exhaustion, the sum insured will be restored to the extent of incurred claims.

Note that, you can use the restore feature for future claims and not against any claim for an illness for which a claim has been paid in the current policy year. Generally, the restore option is available only once a (policy) year.

In general, policies with restore features are priced little higher than the other health insurance products.

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