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Religare Health Insurance’s critical illness policy is a benefit policy that covers 15 critical illnesses and personal accident. The policy can be renewed for life. The maximum age limit to enter this policy is 65 years.
Most critical illness policies do not offer a sum insured of more than Rs 10 lakh. Here, however, one has the option to have a sum insured in accordance with the financial liability (up to Rs 25 crore), subject to certain conditions and medical tests. It pays the total sum insured at the first diagnosis of illness including cancer, stroke, major burns, coma, paralysis and blindness after a waiting period of 90 days. The policy also covers accidental death or permanent total disablement following an accident but once it pays for either a critical illness or an accident claim, the policy terminates.
The highlight of the policy is that there is a ‘zero survival period’ requirement. Most critical insurance providers have a clause that the insured should survive at least 30 days after the diagnosis of the illness. This condition is not stipulated with Religare’s Assure.
The insurer also promises to get you a ‘free’ second opinion from a medical expert on the diagnosis of a critical illness. The policy, however, does not cover pre-existing diseases and there is also no ‘no-claim bonus’ benefit for claim-free years. The insured is required to intimate the claim to the insurance company within 30 days of its occurrence. Claims are processed only on a reimbursement basis.
Our take Critical illness policies are not a substitute for a health policy. Individuals can buy this policy as an add-on to their mediclaim policy. This policy stands apart from similar products in the market by offering a comprehensive coverage of 15 critical illnesses and also lifetime renewability. And the price asked for this package is not significantly higher. The cost of Rs 10 lakh sum insured ‘assure’ policy is Rs 3,206 inclusive of service tax. But note that there is no cashless settlement of sum insured and one has to pay from his/her pocket initially and later get it reimbursed.
> rajalakshmi.nirmal@thehindu.co.in
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