Health Insurance 2056 views April 21, 2020

HDFC Life Cardiac Care Plan

HDFC Life Cardiac Care Plan is a non-linked fixed benefit health insurance plan with no participating benefit. It provides coverage against 18 heart ailments and offers premium waiver benefits. You can also choose to opt for the benefit of hospitalisation under this plan. HDFC Life Cardiac Care is a comprehensive insurance plan which is aimed at providing financial support in case the insured individual is diagnosed with any covered cardiac condition or procedure.

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Features of HDFC Life Cardiac Care Plan

Cardiac Care is a comprehensive health insurance plan that covers an extensive list of various cardiac conditions and procedures. The key features of HDFC Life Cardiac Care Plan are as follows:

  1. It pays a fixed amount of lump-sum as pay-out to the policyholder irrespective of the expenses actually incurred for the diagnosis or procedures.
  2. You can make multiple claims under this plan of the same or different heart conditions or the procedures. However the multiple claims are subject to the exhaustion of the total sum assured in the plan.
  3. You also have an option to choose the benefit of Indexation so that you can be sure that you are ahead of the medical inflation in future
  4. You can also choose the benefit of hospitalisation in which you can receive a lump – sum amount in the form of pay- out if you are hospitalised due to any covered illness in the plan
  5. The premiums for the plan shall be reviewed on the expiry of every three years as HDFC Life Cardiac Care is a fixed benefit health plan.
  6. No claims shall be paid for a period of 180 days from the commencement of the insurance plan as it is the waiting period of the plan. Also a cooling off period of 12 months shall be applicable following the previous occurrence of the covered heart condition or procedure during which no claim shall be accepted.
  7. Survival period of 30 days will be applicable from the date of the occurrence of covered heart condition or procedure. The survival period will also apply to the claim of the hospitalisation benefit under this plan.
  8. The holder of the policy can nominate a person to whom the benefit under this plan will be paid in the event of his/her death.
  9. Tax benefits are also offered under the plan under section 80D of the Income Tax Act, 1961
  10. There is no surrender benefit in case of regular pay option but for single pay option, surrender benefit is available.

Eligibility Conditions of HDFC Life Cardiac Care Plan

Individuals are required to ensure the following eligibility conditions of HDFC Life Cardiac Care plan before opting to buy it:

Age at Entry18 years65 years
Age at Maturity23 years70 years for Single pay option
75 years for Regular pay option
Policy Term Single pay: 5 years only
Regular pay: 5 years
Regular pay: 40 years
Frequency of premium paymentSingle pay and regular pay (which is equal to the term of the policy)
Mode of premium paymentSingle Premium, Annual, Half yearly, quarterly or monthly.
Sum assuredRs 2 LakhRs 50 Lakh
Premium Rs 357.40 for Regular premium pay
Rs 1313.20 for Single premium pay
Rs 6,55,860 for Regular premium pay
Rs 14,43,435 for single premium pay

Benefits of HDFC Life Cardiac Care Plan

The benefits offered by HDFC Life Cardiac Care plan are as follows:

Benefit on Diagnosis – Considering the severity of heart conditions HDFC Life has classified 18 conditions into three major groups which include High severity condition, moderate severity condition and mild severity condition. The benefit payable under all the three conditions is different and depends on the group to which the condition belongs. 100% of the sum assured is paid for high severity condition, 50% of the sum assured is paid for moderate severity condition and 25% of the sum assured is paid for mild severity condition

Optional benefits – In addition to the base benefit offered under the plan, the holder of the policy also has an option to choose from the three option benefits which includes Indexation benefit, hospitalisation benefit and income benefit. One or more optional benefits may be selected by you at the time of the inception of the policy and an option once selected cannot be changed throughout the term of the policy.

Maturity or Death benefit – There is no maturity or death benefit payable under this plan. The policy will terminate on the death of the insured or on the maturity of the plan whichever is earlier.

Hospitalisation Benefit – Lump -sum amount shall be paid if you are hospitalised due to any covered illness under the plan which shall be 1% of the original sum assured under the plan upto a maximum amount of Rs 10, 000 for maximum 10 days in one policy year for Non- ICU benefit type and 2% of the original sum assured under the plan upto a maximum amount of Rs 20, 000 for maximum 5 days in one policy term for ICU benefit type. The benefit of hospitalisation shall be paid to the policyholder within 24 hours of hospitalisation of the insured due to any of the covered illness under the plan.

Indexation Benefit – Under this benefit, if you have made no claim during the first year of the policy then the sum assured under this plan will increase 10% of the sum assured from the first policy anniversary. The sum assured will increase upto maximum of 200% of the base sum assured under the plan. Upon making a claim under this plan, the sum assured will cease to increase and there will be no further increase in the amount of sum assured after a successful claim.

Income Benefit – Under this benefit option, the policyholder will receive 1% of the sum assured under this plan for a fixed term of 5 years in the event of diagnosis or occurrence of a procedure or condition as covered under high severity conditions. This benefit is not available in case of moderate and mild severity conditions. The income benefit is paid to the policyholder in addition to the optional benefit as selected by him/her and the base benefit under the plan. The Income benefit will be paid to the nominee of the policy if the insured dies during the term of the plan

Grace Period – Grace period of 30 days for single, annual, half yearly and quarterly premium paying mode and 15 days for monthly premium paying mode is offered to pay all the due premiums for the plan. On the expiry of the said grace period the policy will lapse if the premiums are not paid.
Revival- A lapsed policy can be revived by the policyholder within two years from the date of the first unpaid premium on payment of all the due premiums for the plan along with interest.

With the increase in heart related problems and incidents as well the medical cost of treatment, any kind of heart ailment can strain a person financially. The Cardiac Care plan offered by HDFC Life protects you financially from a wide list of heart ailments. HDFC Life Cardiac Care provides exclusive financial support and protection to the insured individual specifically for cardiac procedures and conditions. HDFC Life Cardiac Care plan is a suitable option for those who have a family history of heart diseases and conditions as this insurance plan provides complete coverage and flexible benefits against 18 heart conditions and procedures. So, invest in the plan and secure yourself against the financial loss which you can suffer in case of heart related medical contingencies.

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