Max Bupa Critical illness Plan
The CritiCare Plan plan was instituted by Max Bupa with the motive to eliminate the risk of confronting financial crisis due to critical illness/diseases. The critical illness can be contagious to life as well to the financial security of the family. Max Bupa CritiCare organizes your saving in such a manner that does not let your savings drain away in an event of critical illness.
The CritiCare Plan provides two coverage options-
- Individual plan
- Family Floater option (maximum 2 adults)
Benefit Options
- Option 1
If an individual Criticare plan has been chosen, then the facility of lumpsum payment is available to the insured on the sum insured. This means at the time of critical illness claims the insured will get the whole sum insured amount. - Option 2
A lump sum payment would be made on a claim based on the detection of critical illness during the policy tenure. In addition, 10% of the sum insured will be paid to the beneficiary for a continuous 5 years from the date of lumpsum payment. While the coverage will terminate for that member and the policy continue for the other insured.
In case of a family floater, the benefit chosen is applicable to both the adults. In case, insured 1 is detected with critical illness, then the company will pay lumpsum amount. The rule of the policy is that in one particular year only one member can avail the benefit option. The other insured person will get benefit amount in next year or when the issue of critical illness detected but not in the same year.
Features of CritiCare Plan
| Sum Insured | 3L/ 5L/ 7.5L/ 10L/ 15L/ 20L/ 30L/ 35L/ 40L/ 45L/ 50L/ 60L/ 75L/ 100L/ 125L/ 150L/ 175L/ 200L/ 225L/ 250L/ 275L/ 300L |
| Tenure of the policy | One, two, or three years |
| Number of members can be included | Maximum 2 adults |
| Minimum and maximum age of entry | 18 to 65 years |
| Renewability | Lifelong |
| Critical Illness | 20 Critical Illness covered |
| Free Look Period | 15 days to review the policy/30 days in case of 3-year policy |
| Tax Benefit | Save tax by paying the premiums under Section 80D of Income-tax Act |
| Claim Settlement | Direct settlement of a claim by Max Bupa without the involvement of the third party |
| Pre-existing Disease | Covered after 48 months |
| Pre-policy check up | Required for 46 years & above/ for sum insured more than 10 lakhs |
Illnesses Covered
The Criticare plan provides financial assistance for 20 ailments listed below-
- Cancer of specified Severity
- Open Chest CABG
- Myocardial Infarction
- Open Heart Replacement Or Repair Of Heart Valves
- Stroke Resulting In Permanent Symptoms
- Permanent Paralysis of limbs
- Coma of specified Severity
- Kidney failure requiring regular dialysis
- Major Organ/Bone Marrow Transplant
- Motor Neurone Disease with permanent Symptoms
- Multiple sclerosis
- End-stage Liver Disease
- End-stage Lung Disease
- Loss of speech
- Deafness
- Third-degree Burns
- Aplastic Anaemia
- Bacterial Meningitis
- Viral Hepatitis
- Muscular Dystrophy
Discount offered
- Long Term Discount: On purchasing a plan of 2 or 3 years, insured will receive 12.5% and 15% discount on the premium paid for the year.
- Online Purchase Discount: If the online medium is selected for the purchase of the policy, then a discount of 10% off will be credited to the insured’s total amount of premium.
Exclusions
- Self-inflicted injuries or suicides
- Involvement in Adventure sports like climbing, parasailing, skydiving etc
- HIV/AIDS transmitted due to sexual interaction
- Injuries due to involvement in the naval, military, air force, war, radioactivities, or nuclear bombing, an act of terrorism etc
- Injuries sustained due to criminal acts, or breach of a law.
- Illness arising due to consumption of alcohol, drugs, narcotics, sedatives or poison.
Case Study
Ashutosh took a CritiCare plan of Rs 50 lakhs for him and her spouse. Ashutosh is of 35 years and his wife is 33 years. The annual income of primary inured i.e Ashutosh is 10 lakhs.
The policy was taken for two years and the premium decided was 38626*. The couple opted for Benefit Option 2 (please refer above in the Benefit Options).
Ashutosh was detected with a critical illness after 10 years from the inception of the policy. He claimed for the hospitalization expenses incurred on the treatment of the disease which was accepted by the company. He received a lump sum payment of sum insured and his share of benefit will terminate. Now, his wife is the only beneficiary of the policy and will receive 10% of 50 lakhs every year for 5 continuous years counting from the date of lump sum payment.
*The premium paid was after online discount (10%) and 2 years policy discount (12.5%).
Please Note: The sum insured taken must not cross 12 times of the income, if you are salaried class and 15 times, if self-employed.
