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Insure yourself against Critical Illnesses with Bajaj Allianz

Updated on December 2, 2015

The critical illness policy from Bajaj Allianz offers financial protection when you are at your most vulnerable. Critical illnesses are becoming major killers in more ways than one. The uncertain nature of these illnesses leaves everyone susceptible. Given rising medical costs, treatments can erode savings and leave incomes insufficient to meet regular financial obligations.

Treating Critical Illnesses

Being the unfortunate victim of a critical illness like cancer or a heart ailment or kidney failure can be shocking. It’s not hard to imagine how much more difficult it would be to combat these ailments without adequate financial support.

Routine medical treatments are becoming increasingly expensive. Specialized treatment is almost out of reach for most people. In fact, studies show that in most cases, Indians fund medical treatment by dipping into their savings or selling off personal assets.

Critical Illness Policy - Affordable medicare

Seeking quality treatment begins with financial security - knowing that medical aid is within reach is the first step to successful resolutions.

Critical Illness policies are offered by health insurance providers either as a rider that can be added-on to a primary policy or as a separate policy itself.

Bajaj Allianz Critical Illness Insurance Plan

This offering from Bajaj Allianz covers the following illnesses:

  • Heart attack (first)
  • Open Chest surgery CABG
  • Stroke which causes Permanent Symptoms
  • Cancer (depending on the stage and intensity)
  • Renal or Kidney Failure (where dialysis is required)
  • Organ Transplants (major organs)
  • Multiple Sclerosis
  • Aorta surgery
  • Primary Pulmonary Arterial Hypertension
  • Paralysis (Limbs)

Under this policy, an insured person can be covered for Rs.1 lakh to Rs.50 lakhs if they are between 6 years to 60 years of age. The maximum amount of coverage is reduced to Rs.5 lakhs in case of those between 61 years to 65 years.

In the event an insured person contracts any of the above mentioned ailments they will be paid the coverage amount i.e. the sum assured (subject to certain conditions). The sum assured can be chosen by the proposer depending on how much coverage is required and how much he/she can afford. The premiums or cost of the policy will increase as the chosen sum assured increases. The sum assured can be enhanced at renewal if so required.

What are the premiums payable on this policy?

Premiums are charged in accordance with age, sum assured chosen. The company’s underwriting policy may also lead to higher charges. Based on age and coverage, premiums range between Rs.200 to Rs.30,000 per year plus service tax at applicable rates.

Who can avail this policy?

The age criteria to avail this policy is 18 years to 65 years. This applies to the person who wants to avail the policy (the proposer) and his/her spouse. This policy also covers children dependent on the proposer/spouse. They can be covered under this policy if they are between 6 years to 21 years.

How long does coverage last for?

Coverage lasts for one year. At the end of the year, it has to be renewed. Ordinarily, it can be renewed through the insured’s life.

Claiming amounts under this policy

When suffering from a fatal ailment, processes and paperwork are the least of a person’s worry. This is exactly what Bajaj Allianz aims to address with its cashless claims facility. Through this, insured persons can avail treatment without making payments at their treatment centre (if it is part of the insurer’s TPA hospital network). All amounts, within the chosen sum assured, will be paid to the hospital by the insurer. This makes financing treatments quick, easy and hassle-free.

What is the ideal amount of coverage?

The amount of coverage a person should opt for depends on their personal financial position and expected cost of treatment. If one has adequate savings, few to no dependents, good income and few personal financial obligations, a lower sum assured can be opted for, provided meeting treatment costs does not put one in a financial hole. Treatment costs for special illnesses can be very high and only gets more expensive as time progresses. Keeping this in mind, a cover in line with current costs plus the effect of inflation, should be opted for, so far as the insured party can afford it. While a person may require a higher sum assured, chances are that he/she may not be able to afford the premiums due every year for such coverage.

Value Added Services

Source

Bajaj Allianz offers a number of attractive health plans including Health Guard, Silver Health, Personal Guard, Tax Gain, Sankat Mochan, Extra Care, etc. Each plan is devised to cater to specific customer needs and serve different financial purposes. It is worthy to note that a policy taken at at a younger age is cheaper as health risks are lower. Supplementing a primary health insurance policy with a critical illness cover will give a policyholder more comprehensive and affordable protection.

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