Edelweiss Tokio Life, the life insurance arm of Edelweiss Financial Services launched Edelweiss Tokio Life -CritiCare+, a critical illness cover, with a higher coverage amount of upto 10 million and a multi claim of upto 3 times for different illnesses.
Edelweiss Tokio Life - CritiCare+ is an individual, non linked, non participating Critical Illness (CI) standalone plan with two options namely Single Claim option where on the onset of a critical illness the sum is paid and the policy terminates. The second option is a Multiclaim Option which allows cover to continue for unrelated conditions even after a claim has been paid under the policy. Life assured can claim up to 3 times, subject to a one-year waiting period between each claim, after which the policy terminates. The premium amount is guaranteed for the first five policy years and may be reviewable afterwards.
Edelweiss Tokio Life - CritiCare+ provides bigger amounts for treatment as well as loss of income over multiple claims. Life assured can claim up to 3 times for critical illnesses from different groups after which the policy terminates, subject to a 365 days waiting period between each claim.
The product also offers tax benefits. The premium is deductible from taxable income under section 80D, over and above Rs 1.5 Lakhs under Section 80C. The claim amount is also non taxable.
Commenting on the launch of the product, Mr. Deepak Mittal, MD & CEO, Edelweiss Tokio Life said, "The incidences of Critical Illnesses have considerably gone up over the years and the advancements in science and medical facilities have provided an opportunity to continue living a normal life even after recovery. At Edelweiss Tokio Life what we understood is that the burden on such an individual is not limited to only hospitalization expenses, but the loss of income and the imperative need to pay off debts, other treatment costs and such exigencies. Criticare+ provides a lump sum benefit up to Rs 10 million to ensure that all financial needs are taken care of when a critical illness is diagnosed. This is in keeping with our core philosophy to design solutions based on a true understanding of customer needs. The personal thought with developing such a product is that Investing in a critical illness plan in addition to your basic health insurance can be as important as having any other kind of savings plan. It buys you peace of mind, and gives you the luxury of investing your savings in other avenues of wealth accumulation."
Cancer, kidney failure, heart attack, coma, organ transplant, paralysis, major burns, open-heart surgery, multiple sclerosis, motor neurone disease, etc. are some of the illnesses and treatments covered under the plan. Treatments like dialysis or chemotherapy are prolonged and expensive (at least Rs. 20,000 per month for dialysis, for instance) and it is at times like these that a critical illness plan can provide the buffer that can make these expenses manageable.
