What does it do?
This policy offers four plans which are as follows:
Life: Death Benefit + Terminal Illness + Waiver of Premium on permanent disabilityThe policy will pay sum assured on first occurence of either death of life insured or diagnosis of terminal illness. On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under the policy for all benefits are waived.
Life Plus: Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death BenefitIn addition to the benefits under the Life Option, this option also covers for Accidental Death (AD) Benefit. In case of death due to an accident, insurer will pay the nominee/legal heir AD Benefit as lump sum. The policy will terminate after payment of this benefit.
Life & Health: Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Critical Illness BenefitIn addition to the benefits under the Life Option, this option provides for the Critical Illness (CI) Benefit as well. It covers 34 critical illnesses. The benefit will be payable in lumpsum irrespective of the actual expenses incurred byu the policyholder. This benefit is payable, on first occurrence of any of the covered 34 illnesses. The CI Benefit, is accelerated and not an additional benefit which means, the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. Premium payment on account of CI Benefit will cease after payout of CI Benefit and the future premiums payable under the policy for death benefitwill reduce proportionately. If CI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. In case of incidences covered under accidental Permanent Disability as well as Critical Illness, benefits shall be paid out under both the options.
All in One: Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit + Critical Illness BenefitIn addition to the benefits under Life Option, you are covered for both Accidental Death Benefit and Critical Illness Benefit.
This policy allows to take death benefit either in lumpsum or in installmnets spread over 10 years. Policyholder will have an option to increase protection by way of increasing sum assured on event of marriage and child birth. This feature is only available for Life Option.
Pros
It allows policyholder to increase cover amount at key stages of your life – like marriage and birth of children.
It covers 34 critial illnesses.
Special premium rates for women.
Covers female organ cancers such as breast cancer and cervical cancer.
Cons
It s dfficult o understand exclusions under each critical illness.
