Critical Illness Insurance Policy - Compare Health Insurance Plans Online

Critical Illness Insurance

Critical illness cover and critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied.

Most individuals mostly the young individuals know the importance of the Health Insurance Plan. Individuals may receive many benefits from the purchase of a critical illness insurance plan depending upon the certain conditions.

What Critical Illness Plan Covers:

Individuals must carefully examine the specific policy to know what it covered, in general most critical illness policies covers Heart Attacks, Bypass surgery, stroke, cancer and many more. Some policies also cover the loss of vision or hearing. Consumers should also determine what proof that the policy requires of the illness. 

Policy Riders:

Policy riders or we can say benefit riders are add-on insurance policies that cover health related services that are not typically covered by the health insurance plan.

General Riders Available with Health Insurance Policies-

• Ø  New Born Baby Care
• Ø  Hospital Cash
• Ø  Patient Care

The Best Plan:

The best way to compare plans is to contact Composite Health Insurance Broker so that you can compare the offerings of the several companies.

Making a smart decision on what plan is best for you and your family will require you to take following points in consideration:

• 1.    How much will your insurance premium?
• 2.    Can you choose doctors and hospitals of your choice?
• 3.    Are your specific health conditions covered by your insurance plan?
• 4.    What is claim settlement procedure?

Bajaj Capital Insurance – Comprehensive Online Insurance Portal

If you want to get the best-suited health insurance quotes, you can use comprehensive online insurance portals to get the best-rated health insurance plans. Such portal provides you the insurance plan details with the insurance premium from the top insurance providers in India under the one roof.

Compare Health Insurance Quotes Online to Get Maximum Insurance Benefits

Health Insurance Plan

Affordable financial security for you and your family: – Health Insurance Plan

When you start thinking about financial security, you must need health insurance plan. Investment is one of the important things you can do to secure you financial future. But what happens if you get injured or ill at any stage of the life. Your hard-earned investment may spend on your hospital bills. Which surely affect you financial planning. Sudden accidents or illness can happen to anyone at any time, and medical bills could derail all of your careful laid plans. Therefore, it is necessary to have Health Insurance Coverage.

However, getting the best-suited health insurance planis a not an easy task. Moreover, not suited or less suited health insurance plan may cause a threat to your future financial plans. So it is very important to identify your need for getting the best suited health insurance plan.

Shelly Singh of Bangalore is looking forward for Health Insurance plan, as her current employer not providing the health insurance benefits. She starts looking for the health insurance options offline. However, after looking too many of the health insurance options she gets confused. She said- getting best-suited health insurance plans is not an easy task.

Amit Sharma of New Delhi working with reputed IT Company in NCR getting health insurance benefits from the employer. But he realizes that an insurance offering from the employer is not sufficient and not suited as per his life style. When he starts looking for the health insurance plans online, he was stuck and not able to decide which is the best-suited health insurance plan. Then he feels the requirement of an expert advisor, who can provide him the customize health insurance plan as per his requirements.

This situation sucks! There are many of us facing the same problem. Health Insurance is a complex product as having many variables like individual health insurance plan, health insurance plan for family, critical illness plans, top up health insurance plans and many more.

If you want to get the best-suited health insurance quotes, you can use comprehensive online insurance portals to get the best-rated health insurance plans. Such portal provides you the insurance plan details with the insurance premium from the top insurance providers in India under the one roof.

Among many, BajajCapitalInsurance.com provides online advisory services where you can find the most suited and cost effective solution for you and your family’s health Cover.

What makes Bajaj Capital Insurance differ from others?

1. 50 years of financial services to Indian as well as NRI Clients as a Group

2. In house Claim Settlement team.

3. Free assistance by phone, chat and email.

4. 100+ Health Insurance plans from top health insurance companies in India.

5. Free Comparison engine

6. Buy Insurance policies online in minutes

7. And above all, security of your personal information.

Let Us Welcome Cigna ttk Health Insurance in India

It is always good to have entry of new Insurance Company, especially Health Insurance Company. The fifth standalone health Insurance company of the country “Cigna ttk Health Insurance Company Ltd" will soon be entering the Indian market.

Cigna ttk health Insurance Co. Ltd has received the regulatory licence from the Insurance regulator IRDA on Nov.13, 2013 and soon it will start operations in the Indian market. Its head quarter will be in Mumbai.

Its a joint venture between U.S health service giant Cigna Corporation & an Indian conglomerate- ttk group.

We in Insurance Industry have been familiar with ttk as a TPA under the name of ttk Health Care Services Pvt. Ltd.

We are pleased that at least 1 US Health Insurer has entered the Indian Market. As we know that out of 4 -3 Insurance Companies have foreign affiliation with non US companies :

Star                                            Oman

Max Bupa                                    UK

Apollo Munich                              Germany

Religare Health                              ---

According to Mr. William L. Atwell, President of Cigna International “Entering in to India is an exciting new chapter for Cigna International, as we have the Innovative solutions to help the Indian Consumer meet the important health challenges. We are committed to improving access & quality of care while reducing costs.”

As per the plans of Cigna ttk - it will set up an innovative distribution network. It plans to leverage its network of pharmacies & physicians to sell its health insurance plans. The simple health Insurance products would be sold over the counter. We as www.healthinsuranceindia.org feel that they (Cigna ttk) should not violate IRDA regulations on Corporate Agency/ Agency i.e product should be sold by trained professionals or organizations say Insurance Brokerage Firms. Recent penalties on Insurance Companies/ TPA’s/ Insurance brokerage Firms are an eye opener. We are sure Cigna, a great brand in US will not like to take any wrong step.

We understand that Cigna ttk product will be a box product & the buyer would be able to get a policy kit across a counter. This is similar to what Reliance General introduced in 2005. There may be a simple product for which medical tests are not compulsory criteria and the documents can be submitted online once the customer reaches home.

According to  Mr. Sandeep Patel, Managing Director & Chief Executive Officer of the company–“We will strongly leverage Cigna’s Global Health Insurance services, experience & expertise as well as the trust of the TTK group to offer an innovative suits of products.”

Let us hope that we as consumers will get special treatment from this company. Indian market has been waiting for introduction of following:
OPD Treatment
Dental Care

Cigna has been doing this in US for a long time. If they introduce these products/features  it will be a good achievement & initiative.

If it is going to be a normal product then customers are at present & having a wide choice available.

The Changes in Oriental Happy Family Floater policy’s guidelines result in increase in premium for many families as high as 86%

Till Nov. 03, 2013 the Oriental Happy Family Floater policy‘spremium calculation was unique & was very popular as in this the premium was calculated based on the age of the proposer. As a result the product was popular among large families comprising of self/spouse/parents/parents in law and even children below 21 years.

The revised calculation method announced by Oriental Insurance Co. Ltd. on Nov. 4, 2013 is:

·        If one generation is covered the primary member would be the person of higher age

·        If two generations are covered i.e. husband, wife & children, primary member would be the person of highest age.

·        If three generations are covered by excluding the senior most generations, the highest age member will be the primary insured.

This has affected the premium amount a lot.

Let us see this with example

Let us take an example- Suppose a family of 4 members, husband (35yrs), wife (33 yrs), mother (60yrs), father (62 yrs) was insured for Rs. 6 Lakhs of sum insured. According to the old rate their premium would be 20490 Rs. But, according to the revised rate its premium will be 38200.

Oriental Happy Family Floater Comparison Rates
	Age	Old Rate for Rs. 6 Lakhs	New Rate for Rs. 6 Lakhs
Self	35	Rs. 7,140	Rs. 1,430
Spouse	33	Rs. 1,430	Rs. 1,430
Father	62	Rs. 7,800	Rs. 31,220
Mother	60	Rs.4,120	Rs. 4,120
Total Premium		Rs. 20,490	Rs. 38,200
Total Premium after S.tax (12.36%)		Rs. 23,023	Rs. 42,922

So, we observe that a total increase of 86% in premium hasbeen imposed on this family.

Due to this high increase in premium rate this product has lost its attraction. Is it good or is it bad for the company – only time will tell. We foresee many families will use the portability clause to switch over to other companies.

Surprising, No Health Insurance Policy is available for Cancer Patients

India is having 30 Lakhs Cancer Patients and every year 8 Lakhs new patients get added to this number.

According to Mr. R.K.Chaturvedi, Adviser to Vedanta’s Cancer Hospital project.

“The number of cancer patients in India is rising alarmingly and from year 2020 onwards, the nation will add more than 20 Lakhs new cancer patients every year,”

It is surprising to know that not even a single Insurance Company is ready to provide Health Insurance for patients who are having pre- existing cancerous condition.

The Raheja QBE, who offers a product separately with the name “Cancer Insurance”, does not cover a pre- existing cancerous condition. They provide cover to the persons who have not been diagnosed cancer symptoms.

Some Life Insurance Companies as well General Insurance Companies offer Critical Illness Cover under which Cancer is one of the diseases. It means Raheja QBE has introduced a disfeatured Critical Illness product under the fancy name of “Cancer Insurance”. This product does not cover a pre- existing cancerous condition or patient. They provide cover to the health persons who have not been diagnosed with Cancer symptoms.

Now, here is a question that which is a better option for proposer or client.

-        To purchase a standalone Cancer insurance of Raheja QBE

-        or

-        To purchase a life insurance policy providing a critical illness cover. Here is a comparative analysis of the premium rate of two companies who gives cover against cancer.

TATA AIA: - CriticalIllness cover for the Sum Insured of Rs. 10 Lakhs for a person of age 35 will cost Rs. 8892.

Raheja QBE: - Aperson of age 35 to get cover against cancer for the sum insured of 10 Lakhs will cost Rs. 3060.

Therefore we can interpret that the Life Insurance plan for Critical Illness Cover may be much better & cheaper than standalone Cancer Insurance Policy.

Rajiv Gandhi Cancer Institute located in Rohini, Delhi has a scheme that those who are having no pre existing cancerous condition can make one time donation of Rs. 5000. They can have checkup and when required will be given free of cost treatment by this hospital in the event of person getting Cancer. 

Although, Rajiv Gandhi Cancer Institute is not Insurance Company but the initiative taken by this hospital needs appreciation.