Fixed tenure makes product unpleasant for the young
Bharti AXA Life marked its entry into the health insurance plan with the launch of a triple advantage of a recent serious illness. The triple health insurance plan, you can claim three times, and each time the sum insured is 100 percent.
It is the USP, and other policies of the critical illness allow a single claim. Here, the customer stops paying premiums after the first, and still allows you to do two more.
The triple health plan covers 13 critical illness is on par with most health insurance companies that cover from 8 to 12 diseases on average. In general, the greater the number of diseases covered, the better. However, customers need to read the fine print of the conditions attached to the deck. In this plan, the list of diseases has been classified into three groups. The claim may be made for each disease group. So if a customer has ordered a heart attack, which belongs to group A, will not be covered by bypass surgery or a heart transplant that fall into this category. In addition, there should be a mandatory norm at least one year between each of the claims.
There are other deterrents, too. While the maximum age for entry 50 and the renewal of leaving the age of 65 years is on par with what most other policy offers health plan has three fixed for 15 years in office. The fixed term of not less in favor of policies, insurance experts say. “Usually, even a person of 30 years to purchase a policy is guaranteed to be renewed until the age of 65. But here, the 30 years will not be renewed after 45 years,” said Abhishek Bondia Insurance Brokers now.
These people will be a disadvantage, while the purchase of a new policy because insurance companies charge higher premiums for those in the higher age group.
Thanks for the three opposition benefits, it also ends up paying more premium price plan. So, 35 years, a man to pay Rs 3360 and the sum assured of Rs 5 lakh. Insurance premiums paid by other health insurers to solve a lot cheaper. HDFC ERGO critical illness cover the cost of Rs 1654, Bharti Axa General Insurance costs Rs 1314, while the costs of Bajaj Allianz General Insurance Rs 1654. These come in single-deck only option.
The plan also has a ‘premium income’ facility that can be used in a higher premium of Rs 7665. Customers are entitled to a benefit of maturity harmless to return an amount equal to 15 times the first year premium.
In case of death, the candidate shall be paid an amount corresponding to the first year bonus, multiplied by years of political existence.
But if you’re interested in buying the plan, insurance experts sugest buying only the basic plan premium in addition to their regular compensation Mediclaim policy base. Plans serious diseases make a single payment in the diagnosis of the disease, while Mediclaim policies pay the actual costs incurred for treatment (subject to the sum insured). A critical illness plan is no substitute for basic health coverage provided by a system of compensation and, therefore, must be purchased as additional coverage. Disbursements will be used time to meet other expenses, plus incurred due to hospitalization.
Source: Business Standard
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