HDFC Life Critical Care Plan
HDFC Critical Care Plan is a Critical Illness Benefit Plan. It is a Traditional Plan without Bonus facility.
How it works – This plan pays a lumpsum amount of money on diagnosis of any of the mentioned critical illnesses. If the Life Insured is diagnosed with a Critical Illness of Group A, as mentioned, then 100% of the Sum Assured is paid for recovery, irrespective of the actual amount spent in treatment and the policy terminates.
However, if the Life Insured is diagnosed with a Critical Illness of Group B, as mentioned, then 50% of the Sum Assured is paid for recovery and the policy continues with the reduced Sum Assured. If another diagnosis of any Group A or Group B Critical Illness is done, then the remaining 50% of the Sum Assured is paid and the policy terminates.
In this plan, premium needs to be paid throughout the entire period of coverage in monthly, half-yearly or annual modes . The policy can be taken for 5-20 years. There is no Death, Surrender or Maturity Benefit in this plan.
Key Features of HDFC Life Critical Care Policy
- It is a Critical Illness Plan without Bonus facility
- The policy can be taken for 5 to 20 years of tenure
- On diagnosis of any Critical Illness mentioned, a lumpsum amount is paid for recovery
- 100% of the Sum Assured is paid on diagnosis of Group A Critical Illness and the policy terminates
- 50% of the Sum Assured is paid on diagnosis of Group B Critical Illness and the policy continues for the reduced Sum Assured
- There is Large Sum Assured discount in this plan
- There is no Death, Surrender or Maturity Benefit in this plan
- This plan covers as many as 30 critical illnesses
- There is a facility to change premium amount, frequency, policy tenure and sum assured, but only after completion of 3 policy years
Benefits you get from HDFC Life Critical Care Insurance Policy
Death Benefit – There is no Death Benefit under this plan.
Maturity Benefit – There is no Maturity Benefit under this plan.
Critical Illness Benefit— If the Life Insured is diagnosed with a Critical Illness of Group A, as mentioned, then 100% of the Sum Assured is paid for recovery, irrespective of the actual amount spent in treatment and the policy terminates.
If the Life Insured is diagnosed with a Critical Illness of Group B, as mentioned, then 50% of the Sum Assured is paid for recovery and the policy continues with the reduced Sum Assured. If another diagnosis of any Group A or Group B Critical Illness is done, then the remaining 50% of the Sum Assured is paid and the policy terminates.
Group A Critical Illnesses- Cancer, Coronary Artery Bypass Graft Surgery (CABGS), Heart Attack, Kidney Failure, Stroke, Major Organ Transplant (as a recipient)
Group B Critical Illnesses -Come, Loss of Sight, Major Burns, Loss of Speech, Parkinson’s disease, etc.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 15,000 are allowed as a deduction from the taxable income each year under section 80D which is extended upto Rs 20,000 p.a. for Senior Citizen.
Eligibility conditions & other restrictions in HDFC Critical Care Insurance Plan
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Minimum
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Maximum
|
|
Sum Assured (in Rs.)
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2,00,000
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20,00,000
|
|
Policy Term (in years)
|
5
|
20
|
|
Entry Age of Life Insured (in years)
|
18
|
55
|
|
Age at Maturity (in years)
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-
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65
|
|
Premium (in Rs.)
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1500
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No Limit
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|
Payment modes
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Monthly, Quarterly or Annually
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Sample illustration of premium amount in HDFC Critical Care Plan
The below illustration is for a Healthy Male opting for a Sum Assured of Rs 5,00,000 for a tenure of 20 years.
Additional Features and Benefits of HDFC Critical Care Plan
Riders – There are no additional riders in this plan.
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease.
You want to surrender the policy – There are no surrender benefits under this plan.
You want a loan against your policy – Loan facility is not available in this plan.
