Critical illness cover for each family member in one policy, one premium.
September 2018: Expenses associated with critical illness treatment are only increasing in the country. Medical or health insurance is essential to cope with these expenses, however, they may not be enough to manage the financial burden that comes along with a critical illness, especially if the illness strikes the breadwinner of the family. Typically most of the Indian population dips into its savings or other investments to meet their expenses arising due to illness. This often leads to their life goals getting derailed. Furthermore, mediclaim/hospitalisation plans have limits and sub-limits restricting individual to claim the expenses incurred. Many feel that a hospital reimbursement / mediclaim plan is enough to cover all healthcare expenses including critical illness, forgetting that critical illness comes with several ancillary expenses, including loss of income, when the illness strikes the breadwinner.
Keeping these key insights in mind, Bajaj Allianz Life, one of India’s leading life insurance company, launched a critical illness cover, Bajaj Allianz Life Health Care Goal, today. In this plan, a family of up to 6 members can be covered under one policy in one premium. The plan has other unique features designed to help Indians manage most of the expenses arising due to critical illnesses.
Speaking at the launch, Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “We are here to offer our customers an extensive product portfolio to help them achieve their life goals. Being impacted by a critical illness and not having enough backing to manage the financial burden, could derail our customers’ life goals journey. Hence, we are happy to introduce a robust critical illness product where an entire family can be covered under a single policy, to ensure that our customers are able to focus on getting better rather than worrying about the expenses associated with the illness. For instance, our family cover feature. It ensures life goals of others in the family don’t get impacted, in case of a critical illness within the family. The product is simple and holistic, designed keeping our customers’ needs and insights in mind.”
Unique features of Bajaj Allianz Life Health Care Goal
1. Family and individual cover: A policyholder can cover his entire family (up to six members) under one policy with one premium. Each individual in the family will be covered by a separate sum assured (family: self + spouse + children). Furthermore, a claim made for one member does not reduce the sum assured of others.
2. Return of Premium: Offering more value to customers, Bajaj Allianz Life Health Care Goal comes with the Return of Premium feature. Here, at the end of policy term the company returns all the premium paid towards the policy, in case no claim has been made in the policy (comes with two variants of the policy*).
a. Waiver of Premium: This is applicable in all the four variants* of the product. Under the family variant, in case the policy holder were to have permanent total disability due to accident, or suffer a critical illness or is deceased, then the company will waive away all the future premium payments.
3. Cover for 36 critical illnesses: Critical illnesses covered include heart, lung, liver, cancer, brain surgery, major head trauma, multiple sclerosis and more. It is the only critical illness policy by a life insurer to cover Encephalitis and Bacterial Meningitis, critical illnesses affecting children.
4. Payment in lump sum: To help policyholders manage expenses associated with critical illness the sum assured is paid in lump sum on the detection of the illness. Furthermore, the policyholder can claim the benefit of this plan in addition to the hospital reimbursement they may have. This ensures they have ample funds to manage the expenses arising due to the critical illness.