Should I Buy A Hospital Income Insurance?

I just got a call from a sales rep of HSBC Insurance. They were offering a Hospital Income Insurance with No Claims Bonus. Based on the sales rep’s pitch, the insurance promises to pay Php3,000 for each full day of confinement within a hospital as an inpatient. The benefit comes in the form of a manager’s check. As a bonus, I would also get a 25% refund of the annual premium at the end of the year if there has been no claim made against the policy. The premium for this insurance is Php391 per month and would charged to my HSBC credit card.

Pros:

• Benefit comes in the form of a manager’s check. It can be used for purposes other than the hospital/medical expenses.
• 25% premium refund if no claim was made

Cons:

• Monthly premium is charged to your credit card. Not paying credit card bills in full is a financial nightmare.

Facts:

• Last time I was hospitalized was 10 years ago.
• Though I am not perfectly healthy, I think I take care of myself very well.
• I pay my credit card bills in full.

The question: Is this insurance feasible? Is it worth charging an additional Php391 monthly expense?