Critical Illness Cover

What are the key features of Critical Illness Benefit Cover?

The sum assured by the insurance policy is payable to the policy holder on being diagnosed with any one of the 15 critical illnesses which is mentioned in the policy itself. Although the proceeds of the critical illness benefit Cover can only be availed once during the policy period in case of an unexpected event. The critical illnesses that are mentioned in the policy are

What are the eligibility criteria for availing critical illness insurance?

The eligibility criteria for the benefits of the base plan of critical illness benefits Cover depends on the age of the insured. The policy holder must be more than 18 years of age when he or she entered the policy and must be well within the age of 65 years. This is the eligibility criteria with regard to age.

What about the premium rates of the critical illness benefit Cover?

The premium rates for the critical illness benefit Cover are assured for the first 5 years from the commencement of the policy. Although the insurance provider holds the right to revise the premium depending on the corporation’s experience with the policy holder.

Revival and Paid-Up Value of Critical Illness benefit Cover

The request for revival of critical illness benefit Cover will only be considered along with the revival of the base plan. And the terms and conditions that were previously declared under the base plan will also be applicable to critical illness benefit Cover plan.

What is Free Look Period?

In case of the policy holder not being satisfied or happy with the ‘Terms and Conditions’ of the insurance policy, he/she is eligible to return the policy to the insurance provider within a period of 15 days. This 15-day time period begins from the date of commencement of the policy bond and this process of returning the policy should be attached with the reasons for dissatisfaction.

The insurance provider will cancel the policy issued to the policy holder upon receiving the request and the deposit amount will be reimbursed after deducting the costs for medical tests, special reports and charges for stamp duty.

What are the exclusions from critical illness benefit Cover?

The insurance provider will not be help responsible or be liable to any the proceeds of the policy if the critical illness had occurred as a result of the following

• If the policy holder had intentionally harmed himself/herself or attempted to commit suicide, irrespective of how stable he/she is mentally.
• If the policy holder is taking part in war, revolt, revolution communal or civil riots.
• If the policy holder is diagnosed with any of the listed critical illnesses but he/she passes away within thirty days from the date of diagnosis.
• If the policy holder is a consumer of alcohol or drugs until and otherwise recommended by a medical practitioner.
• If the policy holder is part of any activity that is against the law or criminal in nature.
• If the policy holder is diagnosed with HIV or AIDS.
• If the policy holder is harmed by a radioactive contamination or a nuclear accident.
• If the policy holder refuses to undergo tests and treatments that he/she is supposed to, upon being diagnosed with any of the given critical illnesses.