We asked a hundred people between the age of 25 and 40 what are the 3 most important things in life. The most common answers where Love, Money and Health. Love is something we have no control over, but did you know money and health are intertwined.
The past decade has seen a huge growth in the number of people affected by Lifestyle diseases such as Obesity, Cancer, Diabetes, Lung Diseases, Stroke, and Heart Diseases. This rise has often been attributed to increasing pollution, poor diet and more time spent in front of computer and phone screens. With the increased instances of lifestyle diseases, so has the cost of them increased. A coronary bypass can cost up to ₹ 4 lakhs, and that doesn’t include the cost of recuperation.
The best way to protect yourself from large hospital bills is with a Health insurance or Mediclaim policy which covers all hospitalization benefits. However, for critical illnesses such as Cancer or Heart diseases that may not be enough. In such illnesses you have to not just account for hospitalization costs but also the loss of income from not being able to go to work, and the costs associated with recovery.
For these cases, Pramerica Life has launched a Cancer & Heart Shield policy which pays out a fixed amount if you are diagnosed with Cancer or Heart issues. The amount they pay your is fixed as per the plan you select and it makes no difference what your hospital bill is. When purchased along with a regular health insurance plan, you can make sure you are financially protected from all angles.
What are the Coverage Options?
Option I: - Cancer Shield
This option offers fixed benefits against Cancer diagnosis. The amount of benefit coverage varies according to Minor and Major Stages of Cancer
Minor Stage: Carcinoma in Situ/Early Stage Cancer
Major Stage: Cancer of specified severity
Option II: - Heart Shield
This option offers fixed benefits against Heart (Cardiovascular) related conditions/procedures. The amount of benefit coverage varies according to Minor and Major Stages of Heart related conditions/ procedures.
| Minor Stage | Major Stage |
|---|---|
| Initial implantation of Permanent Pacemaker of Heart or Insertion of Implantable Cardioverter defibrillator (ICD) | Myocardial Infarction (First Heart Attack – Of Specified Severity) |
| Angioplasty | Cardiomyopathy |
| Angioplasty and Stenting for Carotid Arteries | Stroke Resulting in Permanent Symptoms |
| Renal Angioplasty | Open Chest CABG |
| Percutaneous Procedures for Heart Valves Repair or Replacement | Major surgery of the Aorta |
| Surgical Septal Myomectomy to relieve Left ventricular Outflow Tract (LVOT) obstruction in Hypertrophic Obstructive Cardiomyopathy | Open Heart Replacement or Repair of Heart Valves |
| Pericardectomy | Heart Transplant |
| Primary (Idiopathic) Pulmonary hypertension |
- Option III: - Cancer & Heart Shield
This is a combination of Option I & Option II. This option offers fixed benefits against both Cancer and Heart (Cardiovascular) related conditions/procedures.
- Option IV: - Comprehensive Shield
This option offers fixed benefits as per Option III plus an additional coverage against 26 Major Critical Illnesses. These 26 additional Major Critical Illnesses are distinct from the Critical Illnesses covered under Major category of Cancer and Heart. (check the terms & conditions for the full list of Critical Illnesses covered)
What are the benefits of purchasing this plan?
Care Benefit Variant
Upon diagnosis of a Minor Stage Condition/Illness:
Lump Sum payment of 25% of Base Sum Insured becomes payable immediately; plus
Monthly Income of 1% of Base Sum Insured is payable every month for next 6 months where first payment made immediately with lump sum payment.
Upon diagnosis of a Major Stage Condition/Illness:
- 100% of Base Sum Insured less 25% of Base Sum Insured, if paid earlier under Minor stage condition, becomes payable immediately.
On diagnosis of critical illness under the policy, premium would be waived off for next 3 Policy years. This benefit is available only one time during the lifetime of the Policy.
Care + Benefit Variant
You can also go for the Care+ option, where the Effective Sum Insured increasing by 10% every year till the year of the first claim (up to max of 150% of Base Sum Insured).
Upon diagnosis of a Minor Stage Condition/Illness:
Lump Sum payment of 25% of Indexed Sum Insured becomes payable immediately; plus
Monthly Income of 1% of Base Sum Insured is payable every month for next 6 months where first payment made immediately with lump sum payment.
*Upon diagnosis of a Major Stage Condition/Illness:
100% of Indexed Sum Insured less 25% of Indexed Sum Insured, if paid earlier under Minor stage condition, becomes payable immediately.
Monthly Income of 1% of Base (Initial) Sum Insured become payable for 5 years, where first payment made immediately with lump sum payment.
Can you claim multiple times?
Yes you can, however the total claim can only be up to the maximum sum assured (Base sum assured in Care plan and Indexed or Effective sum assured in Care+ option)
| Plan Option | Option I | Option II | Option III | Option IV |
|---|---|---|---|---|
| No. of minor stage claims allowed | 1 Cancer | 1 Heart | 1 Cancer & 1 Heart | 1 Cancer & 1 Heart |
| No. of major stage claims allowed | 1 Cancer | 1 Heart | 1 Cancer & 1 Heart | 1 Cancer & 1 Heart & 1 Major Critical Illness |
Things to be aware of
Waiting Period : There will be a waiting period of 180 days after commencement or revival of the Policy, whichever is later. The Company will not entertain any claim arising due to any illness/ disease, where the insured had or is aware of objective evidence, had consultations/ Investigations for it ,or was diagnosed with the disease which first became apparent or commenced within the waiting period under this Policy.
Survival Period : There is no Maturity or Death benefit under this plan. It is the duration between date of diagnosis of a condition/procedures and the date of eligibility for a benefit payment would be applicable.
Cancer or Heart (Cardiovascular) - 7 Days of Survival Period
Other Major Illnesses - 15 Days of Survival Periodt
This means that the insured has to survive 7 days after the “full histopathological diagnosis” of the cancer, including stage and grading. Failure to do so entitles the Insurance Company to refuse any claim under this cover.
- Free Look Period : The policyholder will have a period of 15 days from the date of receipt of the Policy terms and conditions to review the same. Where the policyholder disagrees with any of these terms and conditions, the policyholder will have an option to discontinue the Policy stating the reasons for objection. On receipt of the letter, the company will refund the premiums paid, subject to the deduction of proportionate risk premium, any expenses incurred by the Company on insurance medical examination and stamp fee (if any), towards the Policy.
