Page 18 - LIFE INSURANCE TODAY Novemver 2017

A Cover for

Critical

Ailments

I CICI Prudential Life has launched are not financially stressed out when The policy offers three benefits as

a health plan which covers heart
you have to pay for the treatment.
add-on benefits for additional pre-
ailments and cancer. Policies
such as these that are targeted Product features mium. One, there is a no-claim benefit
which can take care of inflation in
at specific ailments give a comprehen- ICICI Pru Heart/Cancer Protect covers medical costs. The sum assured under
sive life coverage. They cannot be individuals of 18-65 years and allows the policy increases by 10 per cent
compared with medi-claim (or renewal till 75 years. However, the every year of noclaim up to 200 per
hospitalisation) policies from a general cent of the cover chosen at inception.
maximum policy term allowed is only
or a health insurer. The advantage is 40 years. Individuals who have been The cover keeps rising till the first
that the sum assured is paid lumpsum receiving treatment for any heart ail- claim is made.
on diagnosis of the illness and is not
ment or cancer in the preceding 48
restricted to inpatient treatment in months of buying the policy will not The second is the ‘hospital cash’ ben-
hospitals. be covered under this plan. But oth- efit, where for every day of
hospitalisation, the insurer will give
ers can sign up without a medical
Critical illness (CI) policies from gen- Rs. 5000. The third is income benefit,
check-up. The initial waiting period is
eral insurers too promise lumpsum six months. If the ailment is diagnosed where the policy tries to substitute for
payment at the time of the first in the early stage, the policy will pay loss in income after you are diagnosed
diagnosis of the disease, but the draw- with a major heart ailment/cancer and
25 per cent of sum assured and waive
back is that they do not cover early all future premiums, though the risk cannot do your regular job. The in-
stage cancers and minor heart condi- cover will continue. The balance sum come benefit is 1 per cent of sum as-
tions that require angioplasty. assured will be paid whenever there sured and is given every month for
The other disadvantage is that in CI is next claim for a minor or major con- five years.
policies, there is always a condition dition in a new or already existing ail-
that the patient should survive at least ment. Our take
30 days from the diagnosis of the dis- The one other player in the market
ease for the insurer to pay for the In the case of cancer, there is no mini- which combines heart care and cancer
claim. mum survival period. In heart ail- is PNB Met Life. It has a product called
ments, however, there is a condition Mera Heart and Cancer Care. ICICI Pru
With increasing lifestyle disorders and that the policyholder has to survive Heart/Cancer Protect is a better plan
risk of cancer and heart ailments, it for at least seven days after the diag- as it waives off premium for the rest
makes sense to buy a policy with a nosis of the ailment for the claim to be of the policy term once an initial stage
comprehensive coverage so that you accepted. claim under cancer or a heart ailment

Better to write for yourself and have no public, than to write for the public and have no self.

18 November 2017 Life Insurance Today

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