Triple Health Insurance Plan Introduced by Bharti AXA Life

Saturday, October 22, 2011

Recently, Bharti AXA Life introduced a new critical illness plan - Triple Health Insurance Plan. It covers up to 3 unrelated critical illnesses.

An online news portal about business and economy - economictimes.indiatimes.com, writes about Triple Health Insurance Plan, “The sum assured is paid out in lump sum upon diagnosis of ailments covered under the policy. While other critical illness covers cease once the claim is disbursed, this product promises to extend the cover to include three critical illness claims during the life of the policy.”

Further it adds, “However, it is restricted to 13 diseases or conditions covered by the policy. The claims can be to the extent of 100% sum assured for all the three illnesses, provided they do not fall in the same group as listed by the policy, which covers 13 such ailments, segregated into three groups in all.

Note that this condition means that no claim will be payable in the event of recurrence of say heart attack or cancer, since they would fall in the same group. Group A includes conditions like heart attack, coronary artery bypass, kidney or heart transplant, kidney failure and paralysis. Group B has coma, multiple sclerosis, liver or lung transplant. And Group C takes care of cancer, benign brain tumour and bone marrow transplant.”

About the details of Triple Health Insurance Plan the news portal writes, “Only those with no pre-existing illnesses at the time of applying will be eligible for this policy, which will kick in after a waiting period of 90 days from the policy's inception. Also, between diagnoses of two illnesses, there has to be a gap of 365 days, for the second or third claim to be admissible. Premium rates are guaranteed for the first three policy years, post which they can be reset annually.

The total policy and premium paying term is 15 years. The minimum and maximum ages at entry are 18 and 50, respectively, with the upper age limit at maturity being 65 years. You have to buy a cover of at least Rs 2 lakh, while the highest cover available under the policy is Rs 30 lakh.”

So, it is one of the best health policies for the age group of 18 to 50. Maturity of age for the plan is 65 years. Policy paying term is 15 years. You can take a look of Capital Protection Oriented Fund of SBI Mutual Fund also.

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