Bajaj Allianz General Insurance today announced the launch of ‘Criti-Care’ a unique 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. 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 listed ailment. The sum insured under each section ranges from Rs. 1 lakh to Rs. 50 lakh.
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 an 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.
Commenting on the launch, Mr. 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.
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 a lifetime. The premium of this policy can be paid in installments and discounts for wellness, long-term, and online purchase are applicable as defined in the policy.