Insurance Plans 151 views April 27, 2020

In today’s fast-paced world lifestyles have progressed in the efficiency of completion of tasks due to technological developments and such. But, on the downside, these lifestyles have become a magnet for ample stress, improper eating habits and lack of proper exercise. This makes us more prone to develop non-communicable diseases and critical illnesses. If being diagnosed with critical illnesses is not bad enough the cost of treatments: prolonged and expensive, make it worse. Therefore, to safeguard oneself from such a situation investing in a good critical illness insurance policy is advisable.

Optima Vital is a unique critical illness plan under Apollo Munich Critical Illness Insurance Plans. This plan secures you financially in the event of any of the 37 listed illnesses in the plan and offers lump sum amounts to cover for the same.

Features of Apollo Munich Optima Vital Plan-

  1. Optima Vital can be availed for individual or for the family from the ages of 18 years up to 65 years.
  2. The policy’s tenure will range from 1 to 2 years depending on the premium payable. A Grace Period of 30 days is also provided.
  3. The sum assured provided will vary from Rs. 1 Lakh to Rs. 50 lakhs with a maximum of Rs. 20 lakhs after 55 years.
  4. Optima Vital Plan has lifelong renewability and does not have any maximum cover ceasing age.
  5. Waiting Periods associated with the plan can get reduced by a year on every continuous renewal of this plan.
  6. With prior approval from the IRDA, the renewal premium will be subject to change. Any changes in benefits and premiums, as approved by IRDA, will be intimated 3 months in advance.
  7. Medical requirements and checkups for this policy will help increase the sum insured and is up to the policyholder to decide.

Benefits of Optima Vital Plan-

  1. As mentioned, this plan can be availed for an individual or family. It can cover for a maximum of 6 individuals under its coverage.
  2. An E-opinion is also provided on request of the insured individual diagnosed with critical illness wherein a second opinion from a medical practitioner on the company’s panel will be arranged.
  3. In the case of claim-free years, Optima Vital plan allows an enhancement in the sum insured at the company’s discretion.
  4. The premiums payable under this Critical Illness Insurance Plan are exempt from Income Tax and, i.e. policyholder is eligible for tax benefits under section 80D of the IT Act. Tax benefits, however, are subject to changes in Tax Laws.
  5. The Portability Policy is customer friendly and tries to transfer most of the accrued benefits from previous plans as well as provides due allowances for waiting periods etc.

Conclusion-

Apollo Munich Critical Illness policy provides the Optima Vital Plan which is a critical illness plan that provides lumps sum amounts for treatments, medical events and surgical procedures for any listed critical illness in the plan. On confirmed diagnosis of illness with defined severity or a scheduled surgery for the same wherein the insured individual survives through the survival period necessary amount as agreed upon is paid to the policyholder.

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