Bharti AXA Life Insurance has entered into the health insurance space with the launch of a triple-benefit critical illness plan.
Under the plan, the policyholder can claim 100 per cent of the sum assured for three unrelated critical illnesses. The term of the policy is 15 years. It does not cover pre-existing diseases.
Three groups
It covers 13 critical illnesses that have been classified into three groups.
Illnesses such as heart attack, kidney or heart transplant, coronary bypass surgery, heart valve surgery are covered in the first group; coma, multiple sclerosis, major organ transplant in the second group; and cancer, benign brain tumour and bone marrow in the third category.
If the policyholder is diagnosed with a critical illness under the 13 listed illnesses, then the first claim would be made. On diagnosis, future premiums, payable by the policyholder, are waived off.
However, from thereon, the policyholder would be eligible to make the next two claims only for illnesses from the other two groups.
“As we cover unrelated illness, the probability of risk for the insurer gets reduced. We are going one step at a time. The motive going forward is to remove this distinction,” said Mr Rajeev Kumar, Vice-President (product and pricing), Bharti AXA Life Insurance.