Critical Illness Insurance

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:

• Fraud
• Misrepresentation
• 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