Eligibility Criteria of Optima Vital Critical Illness Insurance Policy
Minimum age- 18years Maximum entry limit-65years
Child can be covered from 18 years to 25 years provided both parents are covered in a critical illness policy of an Indian Insurer.
Maximum 6 members can be added in a single policy. In an individual policy, a maximum of 4 adults and a maximum of 5 children can be included in a single policy.
No cover ceasing age under this policy. The policy will be issued for 1 or 2 year(s) period. The sum insured & benefits are on policy year basis.
This policy will be issued on individual basis only. The policy can be issued to an individual and/or family (spouse, dependent children and dependent parents).
The amount insured of the dependent members should be equal to or less than the sum of the primary insured member. In case where two or more children are covered, the Sum Insured for all the children must be same. Sum insured of all dependent parents must be same.
Apollo Munich Optima Vital Critical Illness Insurance policy benefits:
A lump sum amount is payable for the identified critical illness, medical events or surgical procedures on confirmed diagnosis and severity of the illness. The insured should also survive the defined period.
E-opinion: On request of the Insured a second opinion of a medical practitioner selected by the himfromour panel. This benefit can be availed once in a policy year.
Sum Insured Enhancement -the sum insured can be increased by the person holding the policy at the time of renewal. The waiting period is calculated afresh in such cases. The amount of the increase permitted would be decided by the company.
Annual Sum Insured Options:
The sum insured ranges from: Rs. 1,00,000 to Rs. 5,00,000 in multiples of Rs.1,00,000 and thereafter till Rs. 50,00,000 in the multiples of Rs. 5,00,000 .
Maximum sum insured available above 55 years of age for new policy is restricted up to Rs. 20, 00,000.
The insured can propose to apply for all sum insured available as per stated conditions applicable on age.
The policy terminates on the occurrence of the first critical illness and issuer receives the sum insured as per applicable guidelines; and the policy ceases and the issuer cannot renew, however the other insured members will continue to be covered in the policy.
The policy offers easy transfer of accrued allowances and provides due waiting period if the application is made at least 45 days prior to renew date.
Free Look Period of Apollo Munich Optima Vital Critical Illness Insurance Policy:
For a period of 15 days from the date of receipt of the Policy document to review the terms and conditions of this Policy. If you have any objections to any of the terms and conditions, you can cancel the Policy stating the reasons for shall be refunded the premium paid after adjusting the amounts spent on any medical check-up, stamp duty charges and proportionate risk premium.
Apollo Munich Optima Vital Critical Illness InsuranceRenewal Policy:
Lifelong renewability: No maximum cover ceasing age in this policy
Grace Period of 30 days for renewal.
Waiting periods as mentioned in the policy wording gets reduced by 1 year on every continuous renewal of your Maxima Insurance policy.
To make changes in benefit or premium (other than due to change in age), IRDA approval is needed.
All treatments within the first 30 days of cover excluding accidental injury.
Pre-existing condition is covered after a waitingperiod of 3 years and for specific diseases like cataract, hernia, joint replacement surgeries, surgery of hydrocele etc. a waiting period of 2 years.
Expenses arising from HIV or AIDS and related diseases/Congenital diseases, mental disorder or insanity, cosmetic surgery and weight control treatments.
Hospitalization due to war/related situations.
Pregnancy, dental treatment, external aids and appliances.
Experimental, investigative and unproven treatment devices and pharmacological regimens.