The risk of developing a critical illness has increased recently due to changes in lifestyle and the environment. It should go without saying that having enough insurance coverage is crucial for safeguarding oneself against a variety of unforeseen medical risks. The Bharti AXA Smart Critical Illness Insurance Plan is a critical illness insurance product that can be used in conjunction with a primary health insurance policy as an additional layer of protection. Contrary to the majority of critical illness policies, this coverage can be obtained as a fixed-benefit plan or an indemnity-based depending on the needs of the policyholder.
Purchasing a Bharti AXA Critical Illness Insurance Plan – Checklist
- Finalize and select the necessary insurance based on your personal, health, and family needs.
- Put the premium amount and insurance amount in writing.
- Examine each exclusion listed in the policy document with great care.
- Thoroughly review the policy document.
- Pick from the available add-on options.
- Keep all the paperwork available.
Documents Needed to Buy Bharti AXA Critical Illness Insurance Plan
- Any ID-proof
- Proof of address
- If requested, medical reports
The Bharti AXA Critical Illness Insurance Plan
A comprehensive term insurance plan that offers the nominee flexible payment options is the Bharti Axa Smart Jeevan Plan. Payments to the nominee may be scheduled as a lump sum, escalating monthly payments, or a combination of the two.
Name of the Plan: Bharti Axa Life Flexi Term Plan
Type of Policy Term Insurance
Note: This plan has existed in earlier iterations with various UINs.
Advantages of Bharti AXA’s critical illness insurance plan
Benefit of Death
If the policyholder passes away, the nominee will be awarded the highest of the following:
The policyholder must select one of the following payout options when enrolling in the plan. The nominee’s method of receiving the death benefit will depend on this.
- The cover amount or the sum assured
- 95 percent of all premiums paid
- One hundred times the annualized premium.
The nominee will not be taxed on the death benefit they receive.
Choices for Payout
The policyholder must select one of the following options for payout at the time they enroll in the plan. The nominee’s method of receiving the death benefit will depend on this.
- Lumpsum: The nominee receives the full death benefit.
- Monthly Income Increase – For a period of 15 years, the death benefit will be paid out as a monthly income that will increase yearly by 10% at a simple rate.
- 50% of the death benefit will be paid out as a lump sum right away, and the remaining 50% will be paid out as a monthly income that will increase yearly by 10% at a simple rate for a period of 15 years.
The table below shows how much each participant will receive each month for the Increasing Monthly Income & Lumpsum + Increasing Monthly Income. They will represent a portion of the plan’s sum assured.
Benefit for Optional Critical Illness Coverage
The policyholder must first determine how much coverage he requires for this benefit before selecting one of the options below:
- 34 critical illnesses are included in the Comprehensive Critical Illness Coverage.
- 15 Critical Illnesses on the Major Critical Illness Cover List
The amount of coverage chosen for this benefit is paid out to the policyholder if they are diagnosed with one of the critical illnesses covered by this plan and live for 30 days after diagnosis. There are no more premiums due for the plan, and the base life insurance will remain in effect without any additional critical illness benefits.
For more information on how this plan’s critical illness benefit works, please see the policy document.
Premium Exemption in the Event of Critical Illness
The critical illness benefit will be paid and all upcoming premiums will be waived in the event that one of the critical illnesses covered by the plan actually occurs. If a claim arises from angioplasty, this waiver is not applicable.
The specifics of this plan are essentially covered by that.
Bharti AXA Critical Illness Plan’s Key Features
The following are some standout characteristics of the Bharti AXA Smart Critical Illness Insurance Plan:
- The sum insured options for this policy are Rs. 2 lakh, Rs. 3 lakh, and Rs. 5 lakh.
- The option of receiving a lump sum payment for a fixed benefit or reimbursement of hospital expenses is available to policyholders.
- After a 30-day survival period, the fixed-benefit lump sum compensation will be paid. In other words, the insured cannot receive the sum insured benefit until at least 30 days have passed since the critical illness was first diagnosed.
- This protection is offered for up to 20 serious illnesses.
- Pre-existing conditions are only covered for four consecutive renewals after the policy’s start date.
- This policy will not provide coverage for any critical illnesses discovered within the first 60 days of the policy’s coverage. For later renewals, this waiting period is not applicable.
- People with pre-existing conditions or those who enroll in this coverage after the age of 45 must undergo a pre-policy medical examination. The business will pay back half of the costs associated with the medical examination after the proposal is accepted.
- If no prior claims have been filed under this policy, the sum insured amount selected at the time of enrollment may be increased at the time of renewal.
- The grace period for renewing this policy cover for policyholders is 30 days after the date of expiration.
- Reviewing the policy’s terms and conditions is permitted during the first 15 days of the free look period. The policy may be terminated during this time without being charged a premium.
- According to IRDAI regulations, policyholders have the choice to transfer their policies to different insurers without forfeiting any accrued benefits. In this scenario, the company must be informed at least 45 days prior to the renewal date.
- The premium for this policy is eligible for tax relief under Section 80D of the Income Tax Act.
Health Insurance provides a broad range of health insurance plans, each of which is uniquely created to satisfy the unique medical needs of its customers. Additionally, applicants can choose add-on riders, which are optional features, to increase the efficacy of their policies.
Through the digital signature feature, it is now possible to quickly and easily buy health insurance policies online. This implies that you can purchase them from anywhere, regardless of time or place.
Little documentation is necessary.
With the development of digital technology, visiting an insurance company branch can now be avoided. It is now simple and quick to purchase, renew, or submit claims under a health plan. In addition, there is little documentation needed for these online procedures.
Program for Rewards
The Wellness Program is the health insurance company’s attractive rewards program, which is well-known. This program provides policyholders with rewards for making wise choices. Points for wellness serve as these incentives.
Bharti AXA Critical Illness Plan variants
The Critical Illness Insurance Policy from Bharti AXA SmartHealth is offered in two variations. These are
- Once critical illnesses are identified, payment for treatment is made.
- After surviving for more than 30 days following diagnosis, compensation for treatment is made.
Coverage of critical illnesses
The 20 critical illnesses covered by the Bharti AXA Smart Critical Illness Insurance Plan are as follows:
- Kidney Disease
- Infectious Meningitis
- Several Sclerosis
- Burns of Major
- Deathly Illness
- Marrow/Organ Transplant
- Chronic hepatitis
- The initial heart attack
- Basic Pulmonary Hypertension
- Alzheimer’s disease
- Advanced liver failure
- Anemia aplastic
- Aorta surgery
- Advanced Lung Disease
- Surgery to Replace an Artery
- Surgery on heart valves
- Cardiovascular Disease
Bharti AXA Critical Illness Plan Exclusions
This policy will not provide coverage for the following list of exclusions:
- Treatment resulting from involvement in criminal activity
- Those who make claims after abusing alcohol or drugs are
- Intentional self-harm or suicide attempt-related medical costs
- Any type of unproven or experimental medicine.
- The cost of a laser procedure and cataract surgery
- Claims relating to venereal diseases or sexually transmitted diseases.
- Medical costs associated with being pregnant and giving birth.
- The price of aesthetic or cosmetic procedures
- Psychiatric or mental illness-related treatment costs
- Birth defects, congenital diseases, and anomalies
- Non-medical costs incurred while you were in the hospital.
Elements That Affect the Cost of Critical Illness Insurance.
Your age is a key factor in setting health insurance premiums. This is due to the increased risk of mortality, hospitalization, and medical costs that come with advancing age.
As a result, a 25-year-old would pay a significantly lower premium of about Rs 2,414 per year, compared to a 50-year-old who might be required to pay a premium of Rs 6,208 per year (for a sum insured of Rs 3 lakh).
Additionally, some insurance providers set an upper age limit of 65 to 80 years for people purchasing new health insurance policies because it becomes harder to predict risk factors and medical costs as people age.
Existing Medical Conditions
Pre-existing medical conditions that have a long-term impact on health, like diabetes, high blood pressure, or asthma, are likely to result in higher hospital costs as well as higher medical bills. As a result, they will have to pay a higher premium than healthy individuals in their same age bracket.
According to the pre-existing condition you have and its severity as determined by a doctor, your premium will increase in proportion to it.
Medical history of the family
You are more likely to develop heart disease, cancer, Alzheimer’s disease, and other diseases if your immediate family members (such as your parents or grandparents) have a history of them. Your premium will go up as a result of this.
Location (Zones) of Your home
In India, different cities are divided into zones, each classified based on the city’s medical expenses. The higher the medical expenses in a city, the higher its zone, and the higher your premium will be.
It will also affect your premium if you have bad habits like smoking, chewing tobacco, or snuff. Smokers’ health insurance premiums will be higher than non-smokers’ due to these behaviors’ increased risk of lung infections, cancer, and other serious illnesses.
In comparison to non-smokers, this increase for smokers may be almost twice as high. For instance, whereas a 25-year-old non-smoker might have to pay Rs 5,577 per year for a sum of Rs 1 crore, a smoker of the same age would pay somewhere around Rs 9,270 per year for the same amount.
Your health insurance premium will also depend on the amount of insurance that you choose. A lower sum insured is the maximum amount you can reimburse your insurer for medical costs, a lower SI can lead to a lower premium, and vice versa for a higher SI.
You will need to cover the additional costs out of your own pocket if your total medical bills are more than your SI allotment. As a result, you must carefully choose your SI because you do not want to increase the amount you have in an emergency.
Insurance companies view people who are overweight (based on BMI) as having a higher risk of developing diseases like diabetes or hypertension. They will also be assessed a higher premium because this could increase the likelihood that they will submit future claims for health insurance.
How to File a Critical Illness Insurance Claim
Third-party administrators (TPAs) assist in managing the claims settlement process. More than 4,300 network hospitals spread across the nation’s various regions offer cashless medical services. The TPA needs to be informed right away after receiving a diagnosis of any of the listed critical illnesses. All the receipts and paperwork required to back up the claim may be requested by the TPA.
The insured must provide the TPA with bills, doctor’s reports, diagnostic results, prescriptions, and other documentation in addition to the claim form. As soon as the paperwork is turned in, the TPA will check to see if the request is legitimate and decide whether to accept or reject the claim. From the date that it receives all necessary paperwork, the company guarantees claim settlement in a maximum of 21 days.
Making a cashless claim:
- Alert your insurance provider right away.
- Request prior approval and present a health card.
- Insurance companies will pay bills to network hospitals directly.
Making a claim for reimbursement:
- Activate claim form
- It is advisable to keep ready bills, invoices, and discharge summaries.
- Along with the claim form, submit the pertinent documents.
- Within seven working days, reimbursements will be made.
The insurer’s terms and conditions
- Any information provided by the policyholder that is false, misleading, or withheld gives the insurance company the right to cancel the policy.
- Completely filled-out claim forms will not be processed
- It is necessary to submit all claims within the policy’s allotted time frame.
- No exclusion claims may be made.
Renewal of the Bharti AXA Critical Illness Insurance Plan online
As important as purchasing the policy is renewing the Bharti AXA Critical Illness Insurance Plan. You should think about renewing your Bharti AXA Critical Illness Insurance Plan online if you anticipate a health emergency in the future. Prior to the policy expiring, policyholders must renew their coverage. If you choose the online method, it’s simple and convenient to renew your Bharti AXA Critical Illness Insurance Plan. You can complete the Bharti AXA Critical Illness Insurance Plan online renewal by following the instructions provided below.
- The Bharti AXA General Insurance Company Limited website must first be logged into.
- Then, click the “Renew” tab and choose “RENEW HEALTH INSURANCE” to begin the Bharti AXA Critical Illness Insurance Plan online renewal process.
- Click “Renew Bharti-AXA Policy” after that, then “Submit.”
- You must then click “Continue” after filling out the information pertaining to your personal information and policy details.
- You must complete the renewal of the Bharti AXA Critical Illness Insurance Plan by paying the premium digitally in the following step.
- You will receive a confirmation email after making the premium payment stating that the Bharti AXA Critical Illness Insurance Plan online renewal has been successfully completed.
A policy of insurance that guards you and your family against various medical emergencies. You get full support during any medical emergency thanks to flexible plans, tax advantages, cashless claims, and helpful claim assistance.
The majority of life’s uncertainties can be overcome by health, and being unprepared in those situations may prove to be financially costly. In this regard, having the appropriate health insurance plan is crucial. High-quality healthcare services are offered to customers of Bharti AXA Critical Illness Insurance Plan.
As a joint venture between Bharti Enterprise and AXA, Bharti AXA General Insurance Company Limited was established. The Bharti AXA Critical Illness Insurance Plan, which was introduced in 2008, covers all of the family’s medical treatment costs. Bharti AXA General Insurance, which was founded in 2008, offers a wide range of insurance products. Buying Bharti AXA Critical Illness Insurance Plan policies entitles you to a number of benefits.