Health Wallet by Apollo Munich – Should you purchase?

health wallet

Health Wallet is a new health product introduced by Apollo Munich. Health Wallet is an interesting product where you can store money and also earn interest income. Money stored in Health wallet can be used for spending on health-related expenses. The unused corpus in a year will be carried forward to the next year. The prime aim of this product is to generate big health fund for the family. In this post, let’s review Apollo Munich Health Wallet in detail.

Apollo Munich Health Wallet

Apollo Munich Health Wallet is all in one unique health insurance plan that pays money for the hospitalization, OPD and daily medical bills irrespective of allopathy, homeopathy or ayurvedic treatment. You can even store money and also save taxes by purchasing this policy.

Also Read – Best Health Insurance Plans in India

Unique Features of Apollo Munich Health Wallet –

Reserve Benefit –

You can keep reserve benefit while paying a premium. The reserve benefit amount can be used for OPD expenses or any other non-payable items under health insurance claim or to pay up to 50% of renewal premium. The unutilized reserve benefit will be carried forward to next year with 6% bonus.

 Coverage of Domiciliary Treatment

You can get coverage for the treatment done at home. This means you need not get hospitalized for getting treatment.

Ayush Benefit

This policy provides coverage for the medical expenses for in-patient treatment taken under Ayurveda, Unani, Sidha and Homeopathy.

Restore Benefit

Restoration of basic sum assured, if the basic sum assured and multiplier benefit has been exhausted during the policy year. This restore benefit is available only once in a policy year.

Multiplier Benefit

You will get a bonus of 50% of the basic sum insured for every claim free year. This facility is available for the bonus up to 100%.

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Worldwide Coverage Option

This policy comes with optional Worldwide Health Coverage. This means health wallet can act as a replacement of travel insurance. This benefit is available for the policy value 10 Lakh and above.

Apollo Munich Health Wallet other basic features

  • In-Patient Hospitalisation – The medical expenses for coverage for hospitalization of more than 24 hrs.
  • Pre-Hospitalisation – The medical expenses that you incur due to illness during the 60 days immediately before you are hospitalised.
  • Post-Hospitalisation – The medical expenses you incur in the 90 days immediately after you are discharged from hospital.
  • Organ Donor – Treatment expenses for the organ donor at the time of organ transplant.
  • Health Check-up – Reimbursement of expenses incurred on preventive health check-up.

Health Wallet by Apollo Munich – Should you purchase?

The cost of health care is skyrocketing. The only solution to withstand increasing health care cost is health insurance. Thus, you should purchase an adequate health insurance for your family.

You must be thinking that Health Wallet by Apollo Munich is a good choice as a health insurance. It offers multiple unique benefits. However, all these benefits are given to you as a part of the higher premium paid by you.

If you compare premium of Apollo Munich Optima Health Restore with Health Wallet, you will be paying a nearly double premium with health wallet.

The higher premium of Health wallet will help you to save more tax by utilizing your 80D limit but, you have to get ready to face hassle for claiming health-related expenses. If you are willing to take the trouble of claiming bills and calculating reserve benefit you can surely purchase a health wallet policy.

As per me, normal health insurance policy with a top-up health plan will suffice for your health insurance need.

Reference – Apollo Munich Health Insurance Website

Article by Raviraj

Raviraj is the man behind moneyexcel.com. He is graduate in finance, engaged in blogging since 6 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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  1. Kamal Garg says:

    I agree with the author. There is no need to have multiple policies/products for health insurance. Have one well thought out policy and then stick to it in terms of multiplier benefits and enhanced health risk coverage. K

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