Life Goals Loading…

10 Blue cross

Notifications10

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get Life Cover worth Rs.1 Crore at Rs.21 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • Life Insurance Term Plan with Return Of Premium

    WATCH NOW
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for sharing your details, A Sales representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

Have Us Call You
X

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

Compare an ordinary Health Insurance Plan and a Critical Illness Cover

Know the difference between health insurance plans and critical illness cover

Compare an ordinary Health Insurance Plan and a Critical Illness Cover


calender-blue

Dec 24, 2018

By : Bajaj Allianz Life

Many of us are confused about the difference between a traditional health insurance plan and a critical illness cover and sometimes might even use the terms interchangeably. That's not all, some of us also believe that one of the two is enough when it comes to health insurance.

The truth is that there is a huge difference between health insurance and critical illness and each of them serves a unique need. Opting for a right health cover is a crucial decision and it is important to make an informed decision to ensure that our medical expenses do not disrupt our journey towards our life goals.

Here's a comparison between a health insurance plans and critical illness cover to help you decide what works for you:

Ailments and expenses covered:

A traditional health insurance plan primarily covers expenditures around hospitalization. On the other hand, in critical illness, you get a lump sum in case you are diagnosed with a critical illness, which is covered by the policy.

However, hospitalization accounts for only 35% of the expense. With a critical illness cover, you are able to cover other costs including pathology test, therapy, post-surgery care and so on. A fundamental purpose of going for a critical illness plan is not only to bear the high essential expense of illness but also to provide financial security and compensate for the financial loss incurred due to critical illness.

A critical illness cover typically covers Non-Communicable Diseases, including heart attack and cancer. Bajaj Allianz Life Health Care Goal provides comprehensive cover for as many as 36 critical illnesses

Benefit Model:

A regular health insurance plan is an indemnity plan which covers the actual expenses incurred. You will need to submit bills and your medical records to get the benefit. However, in Critical Illness, the lump sum amount is received irrespective of the actual cost incurred and can supplement the financial burden.

Policy period:

An ordinary health insurance plan is generally availed for a year at a time and is renewed every year. A Critical Illness policy is typically purchased for a longer period of time, for example, for 15-20 years.

Waiting Period:

For critical illness cover, there is a waiting period after which the sum insured amount can be claimed post the diagnosis of the illness. However, in case of a health plan, the waiting period is generally of 30 to 90 days and is not applicable in case of an accident.

Survival Period:

In case of critical illness cover, the insurer needs to survive for minimum 30 days after diagnosis of the ailment for taking the benefits of the critical illness cover. On the other hand, an ordinary health insurance plan does not have any survival period clause.

Policy Expiry:

A critical illness plan ceases to be active once the insurer is diagnosed with a critical illness and the sum insured is paid to the insurer, irrespective of the actual expenditure. However, health insurance plan remains effective till the end of the policy term and can be renewed at the end of the policy term.

To sum up, the rising incidences of Non-Communicable Diseases (NCDs) and the cost of medical treatment mean that critical illness cover is a must have. A combination of health insurance and critical illness cover provides the most comprehensive cover. While health insurance can be availed in case of hospitalization, critical illness cover helps in taking care of the other expenses. It is a win-win combination.

Bajaj Allianz Life Videos

Video Icon

ULIP Ek, Fayde Anek | Bajaj Allianz Life

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Customer Care Helpline:

1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91 20 67688888 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

33% Discount is available for regular premium and limited premium payment frequency under all variants of Bajaj Allianz Life Smart Protect Goal - A Non Linked, Non-Participating, Pure Life Term Insurance Plan

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.