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A critical illness robs your employees not just of physical reserves, but also depletes
their financial resources. Apart from the obvious physical pain is the psychological
trauma and loss of income. The spiraling cost of medical treatment right from the
diagnosis through treatment, up to recovery and rehabilitation - the financial strain
builds up. Ready financial support like ING Life's Group Critical Illness
Rider can make all the difference.
The critical illness concept was first evolved in 1893 by Dr. Marius Bernard of
South Africa. Dr. Bernard realised that the medical expenses towards recovery and
rehabilitation after critical illness was beyond the means of most patients.
As and when required, a yearly renewable term plan is converted into a critical
illness insurance plan.
The existing Group Term Life benefits are modified so that an employee can get a
lumpsum immediately on being diagnosed as suffering from one of the 10 predefined
critical illnesses.
The basic sum assured of the original Group Term Life gets reduced by the extent
of the benefit, if any amount is paid to the employee under this rider.
The amount of critical illness benefit is a percentage of the sum assured under
the original Group Term Life Plan. The benefit under the rider can be customised
- you can choose anything between 20%-100%.
What's unique about this plan is that a lumpsum payment is made immediately on diagnosis.
So, unlike in other medical policies, your employees don't have to produce bills
as proof of expenditure. The money paid out is not a reimbursement or linked to
cost of treatment. This gives the employees the flexibility to use that money as
they choose - e.g. for any expense during the course of an illness. A member can
get this benefit in addition to any existing health insurance benefit he may have.
Cancer, Heart Attack, Coronary Artery Bypass graft, Stroke, Kidney Failure, Major
organ transplant, Brain Tumour, Paralysis, Coma and Blindness.
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You can provide comprehensive life insurance + Critical Illness insurance cover at a lower cost. Coverage at minimal or no medical underwriting. Save tax, and help employees benefit. Reduce your administrative workload. Build a positive attitude in your workforce, inspire loyalty and retain employees for longer. Achieve your objective of being a conscientious employer and a good corporate citizen.
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They get a comprehensive life insurance + Critical Illness insurance cover. In other words, more wholesome protection against life's uncertainties.
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No lengthy procedures to go through. They are eligible for cover with minimal or no medical examinations.
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They don't need to worry about maintaining the plan by making periodic premium payments.
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If they're contributing towards paying premiums, they save tax under Section 80D of Income Tax Act.
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They never need to compromise on their health; they can afford to opt for the best available treatment.
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Minimum age at entry: |
18 years age last birthday |
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Maximum age at entry: |
64 years age last birthday |
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Maximum risk coverage: |
65 years age last birthday |
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Can be attached to: |
Yearly Renewable Term Assurance |
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Amount of benefit: |
20% - 100% of sum assured under basic policy (subject to the premium on this rider
not being more than 100% of the premium on the base plan) |
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Maximum Sum Assured: |
20 lakh per member |
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Premium guarantee : |
Premium rates are guaranteed for one year |
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Eligibility: |
Only employee groups with minimum group size of 50 members (conditions apply) |
The critical illness cover is applicable only for the first critical illness and
not for subsequent critical illnesses if contracted. Critical illnesses are specifically
defined under the Policy.
Confirmed Diagnosis of the critical illness should result in hospitalization on
account of the critical illness.
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In the event of Critical Illness occurring within 180 days from the Date of Risk
Commencement, the benefit under this rider are not payable.
In addition to the above, the following exclusions are applicable
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Intentional self-inflicted injury, attempted
suicide, while sane or insane
Life Assured being under the influence of alcohol,
narcotics, psychotropic substances or drugs unless taken in accordance with the
lawful directions and prescription of a qualified and registered medical practitioner; -
Participation in any flying activity , except as a bonafide passenger in a commercially licensed
aircraft;
Participation in a criminal or unlawful act. -
Any injury sustained before the Date of Risk Commencement
under this Policy.
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Any Critical Illness for which care, treatment, or advice was
recommended by or received from a physician or a Specialist, or
which first manifested itself or was contracted before the start of
the Risk Commencement Date, or for which a claim has or could have
been made under any earlier policy.
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Participation in hazardous sports, hobbies or pastimes including
(but not limited to) racing, parachuting,
mountaineering;
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Atomic energy explosion or radiation of any kind, biological and
chemical accidents; or War (declared or undeclared), invasion, civil commotion, riots,
terrorism, revolution or any war-like operations.
Disease in the presence of HIV infection
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No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance in respect
of any kind of risk relating to lives or property in India, any rebate of the whole
or part of the commission payable or any rebate of the premium shown on the Policy,
nor shall any person taking out or renewing or continuing a Policy accept any rebate,
except such rebate as may be allowed in accordance with the published prospectuses
or tables of the insurer. -
Any person making default in complying with the provisions of this section shall
be punishable with fine that may extend to five hundred rupees.
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The above content outlines one of the group insurance solutions offered by ING Vysya
Life Insurance Company Limited. For more details & enquiries, please contact or mail jayashree.soundararajan@inglife.co.in |
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