A critical illness can strike anytime and this is where Bajaj Finserv Critical Illness Health Insurance Policy comes in; by providing financial help when it is required the most.
Critical illnesses come without warning and when they do, they stir a financial storm. Treatment of these illnesses is not cheap and will dry up savings very quickly. Buying a Critical Illness Health Policy from a reputed insurance provider is recommended to get the best service possible when needed, should a critical illness emergency strike you or your family. Here are some must-have features of critical illness health insurance policy:
Just a health insurance policy is possibly not good enough in an era when serious illnesses are striking people irrespective of their age. Life is unpredictable, and you should be prepared to be able to financially deal with any (health) curveball. The treatment for illnesses like cancer, kidney failure, heart disorders can be long drawn out. It is taxing not just on a person’s psychological health, but also on their bank account. Treatment should not leave a person destitute. Such an eventuality can easily be averted with a critical illness policy (you need one even if you already have a health insurance policy).
If insured with a critical illness policy, you can free yourself from finacial anxiety and that is a huge load off anybody’s chest. Once you know that you have a policy that will pay you a giant amount to cover treatment costs, consultations, lab tests, from the disease, you can rest easy.
The Bajaj Finserv Critical Illness Health Insurance Policy has the following benefits:
When it comes to choosing the right critical illness policy, you need to keep in mind the following points:
Be cognizant of your current situation & family structure
Select a policy that will keep you & your family financially afloat
Consider your current health status
Know your complete financials
Choose a plan with comprehensive health cover
Your plan should complement your health insurance policy
A lump sum amount is to be paid on diagnosis of one of the listed critical illnesses subject to the policy terms and conditions.
The lump sum amount can be used for treatment outside of India.
Minimum and Maximum Age Limit for adults : 18 years is the minimum age limit required for an individual being enrolled in under the Critical Illness Insurance Plan. 65 years is upper limit on eligibility based on age.
Minimum and Maximum Age Limit for dependents : 6 years is the minimum age limit required for an individual being enrolled in under the Critical Illness Insurance Plan. 21 years is upper limit on eligibility based on age.
Health Insurance is a must for any individual or family who are looking to secure their health and financial future. Owing to medical inflation in the recent years, the cost of medical treatment and procedures often drains one’s lifetime savings and acts a burden. However, getting a health insurance means adding a fall-back cushion to safeguard savings as well as get tax benefits.
As you apply for a health insurance plan, the insurance providers do a thorough check/assessment of your health. Basis your health status, they offer a premium amount for the plan.
Your age is a major factor on which the health insurance premium will be decided. Most companies follow this mantra – the higher the age of the insured, the higher the premium to be paid. This is because older people are prone to illnesses. It is advisable to buy a health insurance plan when you are younger to enjoy more benefits and pay a lower premium.
Your occupation or the nature of your work will also determine the health risks you may be exposed to. Given our hectic lifestyles and sedentary jobs, you will be prone to stress, anxiety, etc. which will lead to other health issues. So, for example, if you have a high stress job, your premium will be higher.
Medical history plays a vital role too in deciding the premium. If you have a chronic illness, or have suffered from any past major illnesses, or if family history points to any pre-existing illnesses, your health insurance premium will go up.
If you have a co-pay feature in your health insurance plan, then your premium will be lower as a certain percentage of the medical costs will be borne by you and the rest by the insurance provider..
Habits. Yes, your habits matter a lot. For example, if you are a smoker, you are at risk of serious illnesses like cancer. If you drink regularly, you are at risk of chronic diseases. So, your premium will be higher.
Duration of your policy will also affect your premium. If have a longer duration for your policy, you will pay less premium.
Your BMI or Body Mass Index also affects your premium. If your BMI is high, then you are at a higher risk of chronic or lifestyle illnesses. This means you will pay a higher premium.
Location If you stay in locations where food, water, air quality is an issue, it will lead to serious health issues and therefore, your premium will be higher.
Your plan type affects your premium amount.
Check out in less than 1 minute!Buying our critical illness insurance plan online is an easy, hassle-free process with minimum fuss or paperwork.
High Claim Settlement Ratio of 99.5%
No need for any in-person intervention
Premium paid is exempt under section 80-D of the Income Tax Act.
You can save up to Rs.50,000/- towards the premium you pay for your Critical Illness Health Insurance Policy.
You can avail all your health insurance benefits PAN India. Explore our vast network partners.
You can avail all your health insurance benefits PAN India. Explore our vast network partners.
An Easy, Hassle-Free And Quick Procedure
Fact: Unlike other policies wherein you have to pay the expenses first or submit bills for settlement, the critical illness policy gives out a lump sum lump sum in one transaction on the diagnosis of the disease. This amount can be used for the treatment of the disease, lifestyle changes, donor expenses or a planned treatment outside India etc.
Fact:You can avail a critical illness policy even if you have a pre-existing medical condition. A pre-medical screening will reveal your medical condition, considering which you might have to pay a higher premium, but you can get critical illness health insurance.
Fact:Not all policies have hefty premiums, you can always compare the premiums of different insurance providers and buy the one which gives you the best bang for your buck.
If your family has a history of critical illness like heart attacks or kidney problems, chances are that you also might inherit it. Treatment of critical illnesses is very expensive and in case you did need treatment the expenditure will suck your finances dry. That is why you must opt for critical illness insurance.
A Bajaj Finserv Critical Illness insurance policy offers cover from 10 critical illnesses. These are:
• First Heart Attack (Myocardial Infarction)
• Open Chest CABG (Coronary Artery Disease Requiring Surgery)
• Stroke Resulting in Permanent Symptoms
• Cancer of Specified Severity
• Kidney Failure Requiring Regular Dialysis
• Major Organ Transplantation
• Multiple Sclerosis with Persisting Symptoms
• Surgery of the Aorta
• Primary Pulmonary Arterial Hypertension
• Permanent Paralysis of Limbs
• It provides the benefit amount once the disease is diagnosed, meets specific criteria and the insured survives 30 days after the diagnosis.
• There are no clauses on how the amount can be used. The insured member can utilize this amount for treatment of the disease, lifestyle changes, donor expenses or for treatment outside India etc.
• The premium paid for the critical illness insurance policy is exempt from taxes under section 80-D of the Income Tax Act.
• The policy can be claimed hassle-free through an in-house claim process.
The eligibility criteria for buying a Bajaj Finserv Critical Illness insurance policy:
For Adults: 18 years - 65 years
For Dependent Children: 6 years – 21 years
The pre-policy medical criteria for a Bajaj Finserv Critical Illness insurance policy is as follows:
• Pre-policy Medical examination would be advised based on the age, sum insured opted and the adverse health declaration on the proposal form (if any).
• The pre-policy check-up would be arranged at Bajaj Finserv’s empanelled diagnostic centres.
• The validity of the test reports would be 30 days from the date of medical examination.
• Pre-policy check-up is conducted at Baja Finserv’s panelled diagnostic centre, 100% of the standard medical tests charges would be reimbursed, subject to acceptance of proposal and policy issuance.
The conditions for renewal of Bajaj Finserv critical illness health insurance policy are:
• Under normal circumstances, lifetime renewal benefit is available under the policy except on the grounds of:
• Moral hazard
• Upon the occurrence of an event of Critical Illness
• The Policy shall immediately cease to exist upon the occurrence of an event of Critical Illness, subject to the terms, conditions and exclusions of the Policy.
• For renewals of age 61 years and above the maximum Sum Insured would be Rs.5,00,000/- or expiring Sum Insured whichever is lower.
• In case a policy is renewed by Bajaj Finserv a grace period of 30 days is permissible, during which the Policy will be considered continuous for a waiting/break period. Any medical expenses incurred as a result of a disease condition/ Accident contracted during the break period will not be admissible under the policy.
• For renewals received after completion of 30 days grace period, a fresh application of health insurance should be submitted to Bajaj Finserv, it would be processed as per a new business proposal.
• The premium payable on renewal and subsequent continuation of cover is subject to change with prior approval from IRDA
Policy premium can be paid on an instalment basis - Annual, Half Yearly, Quarterly or Monthly.
Sum Insured options of Bajaj Finserv critical illness health insurance policy are:
• Rs.1,00,000/- to Rs.50,00,000/- for age group 6 years to 60 years
• 1,00,000/- to Rs.5,00,000/- for age group 61 years to 65 years