The critical illness can be contagious to life as well as to the financial security of the family. To protect your finances in such times, Max Bupa has come up with a Critical Illness plan: CritiCare. The plan is designed with a motive to eliminate the risk of confronting financial crises due to critical illness/diseases. The plan 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-
|Entry Age||Adults - 18 -65 years|
|Sum Insured (in Rs.)||Rs. 3 lakhs to Rs. 2 Crore|
|Provides Coverage for 20 critical illnesses|
|Payable Sum insured in family option|| Self: 100 % of sum insured|
Spouse: 100% of Sum insured
**Last Updated on 06-05-2021
If an individual Criticare plan has been chosen, then the facility of lump sum 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.
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 a lump-sum payment. While the coverage will terminate for that member and the policy continue for the other insured.
In the 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 the lump sum amount. The rule of the policy is that in one particular year only one member can avail of the benefit option. The other insured person will get the benefit amount in the next year or when the issue of critical illness detected but not in the same year.
|Sum Insured (in Rs.)||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|
|The number of members can be included||Maximum 2 adults|
|Minimum and maximum age of entry||18 to 65 years|
|Critical Illness||20 Critical Illness covered|
|Free look period||15 days to review the policy/30 days in case of a 3-year policy|
|Tax Benefit||Save tax by paying the premiums under Section 80D of the 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|
|Plan option|| You can go for any of the following six options,|
Criticare + AccidentCare + HospiCash CritiCare + AccidentCare CritiCare + HospiCash AccidentCare + HospiCash CritiCare Only AccidentCare Only
|Waiting periods|| For Pre-existing diseases - 48 months|
Under HospiCash Benefit - 24 months for specific conditions
**Last Updated on 06-05-2021
The Criticare plan provides financial assistance for 20 ailments listed below-
This graph illustrates the premium payable by an individual at the different sum insured options ranging from Rs 3 lakh to Rs. 60 lakhs. Let's understand the premium price on the basis of the graph:
Premium Payable by an individual at a different sum insured under Criticare Plan
We have seen above that how the premium varies on the basis of the sum insured. With the increase in age, the premium amount increases due to lifestyle changes, smoking habits, pre-existed illnesses, and other factors. For your better understanding, we have prepared a graph:
Premium Payable by an individual at different ages under Criticare Plan
Let's understand this with the help of an example,
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 to 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 the 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 a lump-sum payment.
*The premium paid was after the 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.
In order to process a smooth and hassle-free claim process under the Max Bupa CritiCare plan. Follow the below steps,
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