Critical illness policy with optional loan protector cover to take care of EMIs launched– Check features

In a regular Health Insurance policy, the insurer pays the claim based on the actual expenses incurred on hospitalization.

The critical illness health insurance plans are meant to provide financial help at the time when one is diagnosed with a life-threatening disease. Unlike a regular individual health insurance plan, which during a hospitalisation, reimburses the hospital bill up to the sum insured, the critical illness (CI) plan pays the entire sum insured to the policyholder. A CI plan typically covers major and minor health conditions such as heart or major organ transplant, kidney failure, cancer, brain surgery, CIs related to HIV/AIDS, head trauma/injury, blindness, and multiple sclerosis among others. Both these plans are available with any health insurance or general insurance company.

Liberty General Insurance has launched ‘Critical Connect’ wherein one can choose from two plans for sum insured ranging from Rs 1 lakh up to Rs. 1 crore.  If the customer opts for Plan A, he or she can choose Critical Illness Bundles covering 9, 25, or 43 critical illnesses. Whereas, Plan B offers disease-specific bundles such as Heart Protect, Cancer Protect, Renoliv Protect, and Brain Protect. This policy can be availed by Indian citizens aged over 18 years and less than 65 years

Unlike a regular Health Insurance policy, where one makes a claim based on the actual expenses incurred on hospitalization, the Critical Connect Health Insurance Policy will pay a lump-sum amount to the customer on the diagnosis of listed critical illness covered under this policy.

Key features

1. Sum Insured: One can get coverage from Rs. 1 lakh to Rs 1 crore.

2. Up to 60 Critical Illnesses: The policy covers major and minor conditions, including CIs related to HIV/AIDS.

3. Subsequent Illnesses Cover: Policy will continue to pay for an additional two subsequent unrelated critical illness in an individual’s lifetime.

4. Waiver of Survival Period: Critical Connect gives the optional cover to waive off the 30 days survival period following the diagnosis of Critical Illness.

5. Optional Loan Protector Cover: Takes care of EMIs if the insured is diagnosed with the listed critical illness.

6. Tax Benefits: Insured can get an income tax benefit under Section 80D for insurance premium payments.

7. In-House Claim Settlement: Faster, Easier, and hassle-free in-house claim settlement processing.

The other additional benefits under the Critical Connect Insurance Policy include a second medical opinion where Liberty will arrange and pay for a second opinion for the customer through its network panel of doctors.

Secondly, the policyholder will be entitled to a health check-up every two years.

Lastly, under Health 360° feature, while the customers would be able to avail discounts on outpatient consultations, pharmaceuticals, and diagnostic tests through Liberty’s empaneled, network providers, they would also be able to get integrated healthcare services such as a health risk assessment, disease management, dedicated health coach, and wellness rewards under Wellness programs without any additional charges.

What to do

After buying a regular individual health insurance plan, it is better to top-up by adding a CI plan. Before buying, make sure you go through the inclusions, exclusions and the terms and conditions of the policy. Also, compare the features and premium across 2-3 preferred insurers and then decide.