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Health Insurance 2306 views April 11, 2020
The Oriental Insurance Company is one of the leading insurance providers in India. Since its inception in the year 1947, the company is known for offering insurance products as per the insurance needs of their customers. the company offers a wide range of insurance plans and one of them is a critical illness plan. The critical illness plan by the Oriental Insurance company is offered as a part of add-on cover under its most popular health insurance plan called the ‘Happy Family Floater Policy’. Let us understand in detail about the critical illness plan
Table of Contents
What is a critical illness plan?
Critical Illness plans are designed by insurance providers to cover for the expenses incurred for the treatment of critical illness like cancer, stroke, tumour, etc. The critical illnesses are life-threatening diseases. The cost of treatment for critical illness is also expensive which can bring financial challenges in one’s life. Oriental Insurance Company’s critical illness rider under the Happy Family Floater Policy is a must by insurance product in your investment basket.
Oriental Happy Family Floater Policy
The Happy Family Floater Policy is a health insurance policy designed to cover the medical expenses of the entire family. Being a family floater policy, covers for self, spouse, children, parents and parent in-laws. All the expenses incurred due to accident or illness resulting in hospitalization are covered under this plan.
The Happy Family Floater Policy is also designed to cover the expenses incurred for the treatment of critical illnesses. However, this benefit can be availed only by opting for an add-on cover under the ‘Gold’ variant of the insurance policy. The add-on called as the ‘Life Hardship Survival Benefit’ must be availed to protect oneself against critical illnesses. This add-on acts like a rider who takes care of the expenses incurred for the treatment of the listed critical illnesses.
In case, if the ‘Life Hardship Survival Benefit’ is not availed then the insurance provider shall not provide coverage towards the expenses incurred for the treatment of the pre-determined critical illnesses. The Happy Family Floater Policy is a comprehensive health insurance policy designed to cover all medical expenses. The ‘Life Hardship Survival Benefit’ is a benefit that provides financial security in turbulent times.
The Life Hardship Survival Benefit Add-on covers for the following important critical illnesses.
- Cancer – Metastasis (Stage IV)
- End-Stage Renal Disease (ESRD)
- Stroke leading to paralysis or paraplegia
The treatment of the above critical illness is expensive and can cause a dent in your life savings. However, availing the Life Hardship Survival Benefit add-on you can protect your savings and receive best-class treatment, both at the same time. kindly note, the benefit paid under this add-on is paid once in a lifetime of the policy tenure for one particular disease. the benefit paid under the critical illness policy is as under:
| Plan Type | Total amount payable | The amount payable on survival for 180 days and above from the date of discharge from the hospital | The amount payable on survival for 270 days and above from the date of discharge from the hospital |
|---|---|---|---|
| A | 15 % of the Sum Insured under the policy | 5% of the sum insured | 10% of the sum insured |
| B | 25 % of Sum Insured under the policy | 10% of the sum insured | 15% of the sum insured |
Oriental Insurance Critical Illness Plan – Final Words
The Life Hardship Survival Benefit is one of the most important add-on covers as it mitigates the risk of financial drain. Thus, Oriental Insurance Company’s Happy Family Floater Plan is the best option to secure loved ones against medical emergencies. With the critical illness add-on cover, you can get the right treatment without worrying about the finances.