NEW DELHI: Bajaj Allianz General Insurance has launched a Criti-Care critical illness policy that allows customers to design their coverage by selecting any or all the five plans within the policy, waiting period as well as survival period. The policy offers cancer care, cardiovascular care, kidney care, neuro care and transplant and sensory organ care.
Bajaj Allianz, in a press statement issued today said, "This policy covers 43 critical illnesses, which include both initial and advanced stages as mentioned in the policy. 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."
Premium Who can buy?
People of 18 to 65 years are eligible for the policy, while for children it is 3 months to 30 years. There is no exit age under Criti-Care and the renewal is applicable for a lifetime. Self, spouse, dependent children and grandchildren, parents and parents-in-law, 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.
Policy coverage
Criti-Care is a benefit-only policy which means that it pays a lump sum amount to the customers if diagnosed with listed ailment. The sum insured under each section ranges from ₹1 lakh to ₹50 lakh. The maximum total sum insured of the policy is Rs2 crore. The five sections/plans 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 initial stage ailments and ‘Category B’ for advanced stage ailments. If the claim falls under Category A, the 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, as per the press release.
For instance, if the insured member is diagnosed with Cancer in early-stage or Carcinoma in situ (localized to the specific organ or area and has not spread to the other parts of the body), which falls under Category A, the pay-out would be 25% of the sum insured.
Subsequently, if this early-stage cancer progresses into an advanced stage of cancer (where it has spread to other organs in the body), the remaining 75% of the sum insured would be paid out to the insured member.
Premium Premium 
Premium Premium Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, “We have observed that many people are becoming susceptible to critical illnesses due to lifestyle changes, amongst other causes; and the treatment costs for such ailments can substantially affect a person’s financial health."
Premium calculation
Take a look at the premium calculation of the Criti-Care policy for three members for a one-year policy.
Exclusions under the policy
Any critical illness or its signs and symptoms diagnosed within the first 180/120 days as mentioned in the policy schedule of the date of commencement of the first policy will be excluded. However, this exclusion will not apply to an insured for whom coverage has been renewed without a break for subsequent years.
Secondly, the insured should survive for 0/7/15 days as mentioned in the policy schedule from the diagnosis and fulfilment of the critical illness definition before the claim benefit will be paid.
Besides, self-inflicted injuries, suicide attempt, insanity, and deliberate participation of the insured in an illegal or criminal act with criminal intent, etc. are be excluded from the policy.
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