Bharti AXA Life Insurance has forayed into the health insurance segment with its triple-benefit critical illness plan.
Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The joint venture company has a 74 per cent stake from Bharti Enterprises and 26 per cent stake of AXA Asia Life.
A policyholder subscribing to the plan can claim 100 per cent of the sum assured for three unrelated critical illnesses. It covers 13 critical illnesses that have been classified into three groups. The term of the policy is 15 years and it does not cover pre-existing diseases.
Heart attack, kidney or heart transplant, coronary bypass surgery, heart valve surgery are covered in the first group of critrical illnesses.
Coma, multiple sclerosis, major organ transplant are covered in the second group.
Cancer, benign brain tumour and bone marrow are covered in the third group.
If the policyholder is diagnosed with a critical illness under the 13 listed illnesses, then the first claim would be made. On diagnosis, future premiums, payable by the policyholder, are waived off.
However, from that stage, the policyholder would be eligible to make the next two claims only for illnesses from the other two groups.
Mr Rajeev Kumar, Vice-President (product and pricing), Bharti AXA Life Insurance said, "As we cover unrelated illness, the probability of risk for the insurer gets reduced. We are going one step at a time."