Thursday, 29 March 2018

HDFC Life Cardiac Care Policy | Features & Benefits

HDFC Life Cardiac Care Policy | Features & Benefits

HDFC Life Cardiac Care Policy | Features & Benefits

HDFC Life, one of India’s leading private life insurance companies, has launched HDFC Life Cardiac Care policy. HDFC Life Cardiac Care policy is a comprehensive and affordable plan which provides financial protection for 18 cardiac conditions. These 18 cardiac conditions are categorized as per the degree of severity – Mild Severity, Moderate Severity, and High Severity. In this post, let us take a look at the features and benefits of HDFC Life Cardiac Care policy.



HDFC Life Cardiac Care Policy

HDFC Life Cardiac Care policy is a non-linked, non-par fixed-benefit health plan. HDFC Life Cardiac Care policy is a comprehensive plan aimed at providing financial protection in case you are diagnosed with a cardiac condition or are undergoing a procedure as covered under the policy.
This plan provides financial protection for 18 cardiac ailments of three degrees of severity – Mild Severity, Moderate Severity, and High Severity. A lump sum benefit is given to the insured as per the category.

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Features of HDFC Life Cardiac Care policy

1. HDFC Life Cardiac Care policy is a comprehensive cover for an extensive list of cardiac ailments and procedures.
2. Fixed lump sum payout irrespective of actual expenses incurred for diagnosis/procedure.
3. Multiple claims for the same or different conditions/ subjects to exhaustion of applicable sum assured.
4. Option to choose Indexation benefit to ensure you stay ahead of medical inflation.
5. You can choose hospitalization benefit option which provides lump sum benefit in case of hospitalization due to any of the covered conditions.
6. Tax benefits under Section 80D of the Income Tax Act 1961.
7. Waiver of premium for the outstanding term in case of a claim for a mild/moderate severity condition.



Eligibility for HDFC Life Cardiac Care Policy

1. Minimum entry age - 18 years (Last birthday).
2. Maximum entry age - 65 years (Last birthday).
3. Minimum maturity age - 23 years (Last birthday).
4. Maximum Maturity Age
a) Single pay: 70 years (Last birthday).
b) Regular pay: 75 years (Last birthday).
5. Policy Term
a) Single pay - Only 5 years.
b) Regular pay - 5 to 40 years.
6. Premium Payment Frequency
a) Single pay
b) Regular pay (Equal to the policy term).
7. Premium Payment Mode
a) Single premium
b) Annual premium
c) Half-yearly premium
d) Quarterly premium
e) Monthly premium
8. Sum Insured (At policy inception)* -Minimum 2,00,000
                                                          - Maximum 50,00,000
9. Premium** - Minimum Regular Pay: 357.40
                                        Single Pay: 1,313.20
   - Maximum Regular Pay: 6,55,860
                      Single Pay: 14,43,435
*The Maximum Sum Insured may increase subject to the Indexation Benefit (Please refer to the section on Indexation Benefit for details).
**The premium amount is exclusive of Taxes and other levies and underwriting extra premium if any.

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Benefits structure under HDFC Life Cardiac Care Policy

The severity levels for the following 18 conditions related to the heart have classified them into 3 categories.
a) High Severity Conditions
b) Moderate Severity Conditions
c) Mild Severity Conditions
Please refer to the table below for the classification of the various conditions and benefits payable under HDFC Life Cardiac Care Policy.
HDFC Life Cardiac Care Policy | Features & Benefits

Benefit options under HDFC Life Cardiac Care Policy

HDFC Life Cardiac Care policy offers you Base Benefit and the flexibility to choose from the following optional benefits:
1. Option A - Hospitalization Benefit
2. Option B - Indexation Benefit
3. Option C - Income Benefit
You can select any one or more of the optional benefits at the inception of the policy.


Base Benefit under HDFC Life Cardiac Care Policy

In the event of occurrence of any of the conditions listed in the table above, you shall receive a fixed benefit equal to:
a) 100% of the Sum Insured under Group A
b) 50% of the Sum Insured under Group B
c) 25% of the Sum Insured under Group C
HDFC Life Cardiac Care Policy | Features & Benefits

Hospitalization Benefit under HDFC Life Cardiac Care Policy

In case you are hospitalized due to the occurrence of any of the covered and admissible conditions as listed previously, the lump sum amount payable shall be as follow:

Indexation Benefit under HDFC Life Cardiac Care Policy

If no claim has been made during the first policy year, the Original Sum Insured opted for at the inception of the policy shall increase by 10% p.a. starting from the first policy anniversary. The Sum Insured shall continue to increase till earlier of
a) Maximum of 200% of the Original Sum Insured opted at policy inception.
b) Any claim event (excluding a claim for hospitalization benefit).

Income Benefit under HDFC Life Cardiac Care Policy

In event of occurrence of condition from those listed under Group A, you will receive 1% of Sum Insured opted at inception for a fixed period of 5 years. This benefit will be paid in addition to the base benefit and optional benefit (if any). In the event of the death of policyholder during the income benefit period, the remaining payouts will be made to the nominee.

Death Benefit under HDFC Life Cardiac Care Policy

There is no benefit payable on death of the Life Insured. On such an event, the policy shall terminate.

Maturity Benefit under HDFC Life Cardiac Care Policy

There is no maturity benefit available under this plan. The policy terminates at the end of the Policy Term.


Surrender Benefit under HDFC Life Cardiac Care Policy

a) Regular pay option, there is no surrender value available under this plan.
B) Single pay option, surrender value paid out is calculated as per the formula: 60% x (Single Premium – U/W cost) x (1 – M/P)
Where,
UW cost = 2,750 for medically underwritten life
M = Policy month of surrender
P = Policy term in months


Why do you need HDFC Life Cardiac Care Policy?

Cost of medical treatments is increasing every year. Cardiac ailments are on the rise and can affect anyone, anytime. Cardiac ailments can also adversely affect your finances. HDFC Life Cardiac Care policy allows you to avail the best medical treatment by helping meet your medical needs in case you are afflicted with a cardiac disease and ensure that instead of worrying about your family or finances, you can concentrate on getting better.

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HDFC Life Cardiac Care Policy | Features & Benefits




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