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Step 1 – the policyholder chooses the Sum Assured, the policy term and the premium paying frequency.
Step 2 – based on the life insured’s age and the above factors, the premiums are computed which are payable throughout the term of the plan.
Step 3- If the life insured suffers any of the 12 covered illnesses, the Sum Assured is paid in lump sum.
Step 4 – If the life insured dies during the term of the plan, no death benefit is paid.
Step 5 – if the plan matures and the life insured suffers from no covered ailments, no benefit is paid.
Ravi, a noon-smoking male aged 40 years, buys Health Secure Plan for a cover of Rs.10 lakhs and for a term of 20 years.
Option 1 – the plan covers 12 critical illnesses. If Ravi suffers from any of the covered illnesses, Rs.10 lakhs is paid in lump sum.
Option 2 – If Ravi dies during the term of the plan, no benefit is payable.
Option 3 – if the plan matures and Ravi doesn’t suffer any ailment, no benefit is paid and the plan terminates.
|Age at entry (in completed years)||18 years||55 years|
|Age at maturity (in completed years)||NA||65 years|
|Term of the plan||10 years||30 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||Rs.5 lakhs||Rs.50 lakhs|
What is not covered by the plan?
Illnesses suffered during the first 90 days of the plan commencement are not covered.
If the life insured dies within 30 days of diagnosis of a covered critical illness, no benefit would be paid.
Pre-existing illnesses or conditions are not covered by the plan in the first 4 years of the policy
If the restoration benefit is activates, there is a cooling off period of 6 months during which no claim should be made. If a claim is made during this period of 6 months, no benefit would be paid.
Heart related illnesses due to failure to follow doctor’s advice, self-inflicted injuries or attempted suicide, alcohol or drug abuse, failure to seek medical advice, radioactive contamination, etc. are not covered by the plan.
Below are the sample rates of premium payable by a non-smoking male for different combinations of age, term and Sum Assured. Premiums are assumed to be paid annually.