Page 149 - Ebook health insurance IC27

Sashi Publications

(ii) Each condition covered can be defined clearly especially in terms of its
' payout point' at which the benefit amount becomes payable.

(iii) Sufficient data is available to price the product.

Though it is difficult to find data in India, but currently Indian insurers are pricing
the products based on reinsurers' data. Initiatives have also been underway to
standardize the nomenclature and definitions of Critical Illnesses in India, so that
the products are comparable, and can be more readily understood by the potential
customers.

In many markets, like in U.K & Malaysia , the definitions of the conditioned are
already standardized by industry agreement or regulatory action. In India too,
IRDA is moving towards the same path.

Common conditions covered in Critical Illness policies are :
(i) Cancer
(ii) Coronary Artery Bypass grafting (CABG)
(iii) Heart attack/ Myocardial Infarction
(iv) Kidney failure
(v) Major organ transplant
(vi) Stroke.

Some other common conditions additionally offered in CI policies nowadays
are:
(i) Alzheimer's disease
(ii) Multiple Sclerosis
(iii) Aorta surgery

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