Claim Settlement Ratio of 99.02%~

Notifications11

  • World's First Music Video Created Retired Senior Citizens

    WATCH VIDEO
  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

    WATCH VIDEO
  • 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.20 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE 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

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

Get 1 Crore Life Cover@ Rs.20 Per Day2

Covers COVID-19 Claims##

How Critical Is It To Buy A Critical Illness Insurance Policy | Bajaj Allianz Life

Pay lower premium3 on online term plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

2,3,##T& C Apply | BJAZ-BN-EC-03414/22

2,3,##T& C Apply | BJAZ-BN-EC-03414/22

How Critical Is It To Buy A Critical Illness Insurance Policy?


calender-blue

July 15, 2017

By : Bajaj Allianz Life

Critical illness policies are defined benefit plans that pay you back your entire sum assured if you suffer from any of the covered critical illnesses. Find out why this policy is so important

A benefit plan that assures you of your entire sum assured being guaranteed in case you are diagnosed with any critical illness covered by your plan, is called a critical illness insurance policy. With most regular health insurance policies giving you coverage that proves insufficient to meet the high costs of critical disease treatment, insurers have specifically designed plans to meet such exorbitant costs. Medical treatment costs are heavy for most people, and with inflation, they are only due to rise.

With regard to critical illnesses, costs of medical treatment are even higher than those for regular illnesses. Critical illnesses are classified as life-threatening diseases, the treatment of which may entail major surgery (or more than one), and further ongoing post-surgical treatment, as in the case of many kinds of cancers. Hence, you don’t have to meet the sole costs of hospitalisation, but also further treatment. This may mean that sustained treatment prevents patients from returning to gainful employment, thus leading to a loss of income. In such circumstances, critical illness cover may alleviate much of the stress of major expenses.

 

What should you do if you already have health insurance cover?

 

A critical illness plan comes into effect only if you are diagnosed with a critical illness, defined, and covered by the plan. In contrast to a regular health insurance plan that reimburses hospitalisation and treatment costs, or settles bills with hospitals directly, critical illness plans provide lump sum payments. A critical illness plan will give the insured policyholder who has been diagnosed with a critical illness listed under the policy, the full amount that their policy covers. This results in the termination of the said policy on payment of the benefit amount.

Most individuals opt to have regular health insurance plans that cover illnesses and hospitalisation costs to the extent of policy coverage. Once claims are raised, and amounts are reimbursed by the insurer, the policy is reinstated, as the policyholder continues to pay the premium. You can still get a critical illness plan if you have an existing health insurance plan. The main purpose of critical illness insurance is to mitigate high costs associated with life-threatening illnesses, and the financial fall out because of these. You may not just have to pay extremely high costs of treatment but may require financial support to deal with further loss of income.

Critical illness cover is provided in one of two ways. These are explained below:

  • Standalone Policy - You can opt to have a critical insurance plan as a standalone policy, separate from your current health insurance plan.
  • Riders - You can get riders that cover critical illness, which is an additional feature of coverage you pay for at an increased premium. This kind of rider is offered as a supplement to a base life insurance plan.

 

Age Criteria in Critical Illness Insurance

 

Although critical illness cover is essential to protect you from any financial burden you may have to face as a result of a severe illness, it is vital that you know about some of the conditions in such a plan. If you take a critical illness rider, then you must avail of it with a life insurance policy. This will ensure coverage only till a specific age, typically set at 55-60 years of age. When you are comparing policies, you will notice that each plan will have different criteria, and you should purchase one that suits your individual requirements.

 

Benefits

 

A critical illness plan offers you benefits in terms of coverage. With most insurers, you get an easy in-house facility to process claims, and or with a survival period of one month (this may vary product wise). According to the limit of your sum assured, you can also avail of cover for organ transplant surgery (provided this is covered under the plan). Under critical illness insurance, most insurance companies cover a specified set of critical disease conditions. Here is a basic list of some of the critical illnesses covered, but it's best to check on the plan you opt for, for more accuracy:

  • Myocardial Infarction (initial heart attack)
  • Stroke that results in permanent symptoms
  • Cancer
  • Kidney Failure (with a regular dialysis treatment plan)
  • Transplantation of Major Organs (human bone marrow, kidney, lung, liver, pancreas)
  • Multiple Sclerosis
  • Aortic Surgery
  • Permanent Paralysis of Limbs

 

Conclusion

 

Choosing a critical illness plan, as a rider or a standalone policy, may benefit you. Both provide holders of policies with a payout after the detection of a critical illness in a policyholder. In the digital age you live in, with the hectic schedules you have, a critical illness policy can be considered as part of your financial planning. More and more individuals are realising the need for basic health insurance cover, and this is a good sign of things to come. While having good health insurance is absolutely necessary, you should also consider purchasing critical illness cover.

Source:

https://www.creditmantri.com/article-difference-between-health-insurance-critical-illness-cover/

https://www.businesstoday.in/magazine/insurance/story/how-to-choose-the-best-critical-illness-insurance-plan-37005-2012-10-20

BJAZ-WEB-EC-01691/22

Bajaj Allianz Life Videos

Play

Bajaj Allianz Life | Children's Day

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: +91-20-35125850 (Call charges apply)

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

Find Us Online

##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Non -medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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.