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Critical Illness

Why do you need a Critical Illness Insurance Policy?

There was a time when life cover was enough, your main fear was probably of dying prematurely and leaving your family to cope without a breadwinner. However due to the advancement in Medical technology Many life-threatening illnesses such as heart attack, cancer can now be cured. You would agree that the requirement of financial support would be very critical in such situations. Bajaj Allianz, in its efforts to provide a customer centric solution is offering an insurance policy to cover to some of these critical illnesses. This is the reason why Critical Illness Insurance policies have been developed.

What does the Critical Illness Insurance Policy Cover?

Critical Illness insurance is a benefit policy which covers 10 Critical Illnesses. A lump sum amount would be paid on diagnosis of one of the listed critical illness subject to the policy terms and conditions:

Critical Illnesses covered under the policy:

  1. First Heart Attack (Myocardial Infarction)
  2. Open Chest CABG (Coronary Artery Disease Requiring Surgery)
  3. Stroke Resulting in Permanent Symptoms
  4. Cancer of Specified Severity
  5. Kidney Failure Requiring Regular Dialysis
  6. Major Organ Transplantation
  7. Multiple Sclerosis with Persisting Symptoms
  8. Surgery of Aorta
  9. Primary Pulmonary Arterial Hypertension
  10. Permanent Paralysis of Limbs

What are the advantagesof Critical Illness Insurancecover?

  1. The benefit amount is payable once the disease is diagnosed meeting specific criteria and the insured survives 30 days after the diagnosis.
  2. The insured member can utilize this amount for treatment of the disease, lifestyle changes, donor expenses or a planned treatment outside India etc.
  3. Hassle free In House claim process
  4. Premium paid is exempt under section 80-D of Income Tax Act.
  5. Competitive premium rates.

What are the advantagesof Critical Illness Insurancecover?

I.Waiting Period
1.Any Critical Illness diagnosed within the first 90 days of the date of commencement of the Policy is excluded. This exclusion shall not apply to an Insured for whom coverage has been renewed by the Named Insured, without a break, for subsequent years.

II.General Exclusion
1.Any Critical Illness for which care, treatment, or advice was recommended by or received from a Physician, or which first manifested itself or was contracted before the start of the Policy Period, or for which a claim has or could have been made under any earlier policy.

2.Any sexually transmitted diseases or any condition directly or indirectly caused by or associated with Human T-Cell Lymphotropic Virus type III (III LB III) or Lymphadinopathy Associated Virus (LAV) or the Mutants Derivative or Variations Deficiency Syndrome or any Syndrome or condition of a similar kind commonly referred to as AIDS.

3.Treatment arising from or traceable to pregnancy, childbirth postpartum complications including but not limited to caesarian section, birth defects and congenital anomalies.

4.Occupational diseases.

5.War, whether war be declared or not, invasion, act of foreign enemy, hostilities, civil war, insurrection, terrorism or terrorist acts or activities, rebellion, revolution, mutiny, military or usurped power, riot, strike, lockout, military or popular uprising, civil commotion, martial law or loot, sack or pillage in connection therewith, confiscation or destruction by any government or public authority or any act or condition incidental to any of the above.

6.Naval or military operations of the armed forces or airforce and participation in operations requiring the use of arms or which are ordered by military authorities for combating terrorists, rebels and the like.

7.Any natural peril (including but not limited to storm, tempest, avalanche, earthquake, volcanic eruptions, hurricane, or any other kind of natural hazard).

8.Radioactive contamination.

9.Consequential losses of any kind, be they by way of loss of profit, loss of opportunity, loss of gain, business interruption, market loss or otherwise, or any claims arising out of loss of a pure financial nature such as loss of goodwill or any legal liability of any kind whatsoever.

10.Intentional self-injury and/or the use or misuse of intoxicating drugs and/or alcohol.

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