Bajaj Allianz General Insurance today announced the launch of ‘Criti-Care,’ a critical illness policy that allows the customers to design their coverage by selecting any or all 5 sections within the policy, waiting period as well as survival period. This policy covers 43 critical illnesses, which include both initial and advanced stages as mentioned in the policy.
As per the company, the idea behind this product is to not only give customers the freedom to structure the policy as per their needs, but also provide them with much-needed financial support in crucial times to recuperate faster.
Criti-Care is a benefit only policy which means that it pays a lump sum amount to the customers if diagnosed with the listed ailment. The sum insured under each section ranges from Rs 1 lakh to Rs 50 lakh.
The maximum total Sum Insured of the policy is Rs 2 crore. The 5 sections under the policy are – Cancer Care, Cardiovascular Care, Kidney Care, Neuro Care, Transplants Care & Sensory Organ Care. Each section has a specific list of ailments bifurcated as ‘Category A’ which comprises of initial stage ailments and ‘Category B’ for advanced stage ailments. If the claim falls under Category A, customer is eligible for 25% of the sum insured of that section and for a claim under Category B, 100% sum insured of the section is payable.
Sum Assured options available under the policy
# If more than one Sections are chosen, the total SA will be restricted to INR 2 crore
The customer can choose a waiting period of either 120 days or 180 days along with the survival period post diagnosis of 0 days, 7 days or 15 days. This policy is available on individual basis and can be taken for a period of 1, 2 and 3 years. The premium of this policy varies depending on the Member Age, Sum Insured opted, Critical Illness ‘Section’ opted, Waiting Period and Survival Period. The customer can also avail additional benefits which are in-built in the policy up to the limit defined in the policy. These benefits include Cancer Reconstructive Surgery, Cardiac Nursing, Dialysis Care, Physiotherapy Care and Sensory Care.
Commenting on the launch of the policy, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, “We have observed that many people are becoming susceptible to critical illnesses due to changes in lifestyle, amongst other causes; and the treatment costs for such ailments can substantially affect a person’s financial health. With our modular product Criti-Care, our aim is to not only allow our customers the freedom to design their policy as per their needs, but also provide them with much needed support through additional benefits like Dialysis care, Physiotherapy care, etc. that can help them with faster recovery. Thus, enabling them to stay worry-free and live a life of dignity.”
The entry age for adults is 18 years to 65 years and for children it’s 3 months to 30 years. There is no exit age under Criti-Care and the renewal is applicable for lifetime. Self, Spouse, Dependent Children and Grand Children, Parents and Parent-in-laws, Sister, Brother, Aunt, Uncle can be covered under the policy. The premium of this policy can be paid in instalments, and discounts for wellness, long term, and online purchase are applicable as defined in the policy.
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