Page 122 - Ebook health insurance IC27

The Insurance Times

Conditions
 At least 24 hours hospitalisation
 Relaxation for specified daycare surgical procedure
 Cashless payment in specified hospitals

New concepts in products
 Introduction of sub limits on specific components of hospital costs
 Copayment-insured bears part of claim
 Cash less facility
 High deductible plan

Critical illness policy
 Number of people suffering from critical illness is increasing very rapidly. Diseases

like cancer, strokes and heart attacks have become quite common and requires
huge amount for treatment.
 The usual hospitalisation indemnity policy is not sufficient to take care of these
expenses.
 In order to help the insurers to meet these expenses critical illness covers are offered
which covers the high cost of treatment expenses.
 Life insurance companies offer two variants of this product-as a rider and as a
standalone product.
 Under the policies where riders are attached to life insurance policy, when the critical
illness is detected the amount which would have been payable on death is paid
immediately.
 Under standalone critical illness products the insurance company pays the full claim
amount on diagnosis of any critical illness.
 In order to make the products comparable initiatives have been taken to standardise
the definition of critical illness.
 IRDA has moved forward for developing a common nomenclature.

126 Guide for Health Insurance