Bajaj Allianz’s Women Specific Critical Illness Plan: A Review

First of all Happy Women’s day to all dear readers. Today on the occasion, I am posting a review of a lesser known insurance cover: Bajaj Allianz’s Women Specific Critical Illness Plan.

I have already done a detailed comparison of critical illness plans in the market sometime back but special thing about this plan that it is specifically designed for eight types of critical illnesses that women can suffer from. The plan is a benefit plan which pays a lump sum in case you are diagnosed with any of the eight illnesses. We hope this post creates awareness of such plans in market.

 (Data and screenshots are courtesy Bajaj Allianz website)

What is covered?

This plan covers the following critical illnesses:

  • Ovarian Cancer
  • Vaginal Cancer
  • Uterine / Endometrial Cancer
  • Fallopian Tube Cancer
  • Breast Cancer
  • Cervical Cancer
  • Burns
  • Paralysis / Multitrauma

Apart from this benefit, this plan also provides “Congenital Disability Benefit” where 50 % of sum assured is payable on the birth of the child with one or more of the Congenital Disabilities listed below and the child survives 30 days from the date of diagnosis as follows:

  • Down’s syndrome
  • Congenital cyanotic heart disease
  • Tracheo esophageal fistula
  • Cleft Palate with or without left clip
  • Spina bifida

Condition: You will get the benefit for the first two children only and is not applicable if the child is born after proposer attains age of 40 years.

How much does it cost?

You can refer the below table to calculate the premium under this plan

 premium table bajaj allianz women critical illness

 Premium is excluding service tax

*Additional   Inbuilt Benefits:

Children Education Bonus – Rs. 25,000 is payable if claim is paid under Critical Illness section

Loss of Job – Rs25,000 is payable if claim is admissible under Critical Illness section

Medical Tests

Based on the age, following medical tests need to be performed: 

Medical Tests List Bajaj Allianz Women CI plan

 Note: Medical tests are required to be done by the customer. These tests can be arranged by Bajaj Allianz with their network of clinics but the cost of tests will have to be borne by the customer.

 Who cannot take this plan:

 Expected Mothers cannot take this policy. It can be purchased by them 3 months after delivery.

 Exclusions under this plan:

For each disease out of 8 critical diseases there are some exclusions associated with it. To see a detailed list of exclusions for each disease, check the website here. For any assistance, you can call Bajaj Allianz nos. 020- 66495000.

 Exclusions - Bajaj Allianz Women specific plan

Other points:

  • Freelook period of 15 days is available (thanks to new IRDA health regulation,  its now a must in all health policies)
  • Waiting period of 90 days – that means any illness that is diagnosed within 90 days of purchasing the policy is not covered.
  • Once any critical illness is diagnosed, payment will be made and policy will cease to exist.
  • Survival period of 30 days – that means after diagnosis, insured has to survive for atleast 30 days to get benefit under the policy
  • After the freelook period also, you can cancel the policy anytime and subject to deduction of premium as per short rate table, the premium will be refunded to you.
  • Premium paid will qualify for a deduction under Section 80D of Income Tax Act.

Click here to download the brochure and click here to read the policy wordings

How to Buy this plan

To buy this plan you cannot purchase online, you will need to visit Bajaj Allianz and call a representative. When you visit the website, you will see a box with a caption “I am interested – Call Me Back”. Here you need to provide your details and you will get a call from the representative who will vist your place and get the proposal form filled.

My Review of Bajaj Allianz Women Specific Critical Illness plan:

First of all, we need to complement Bajaj Allianz for coming up with a plan focussed on women’s critical illnesses, which no other insurer has done till now.

Talking about critical illness cover in general, first of all I will like to clear my view on “critical illness plans”:  it’s a good t0 have this cover but one should purchase it only after one has purchased the most important covers i.e. term insurance, mediclaim insurance and personal accident insurance.

Only when you have purchased these insurance then you should look for this cover. As regards my view specifically on the plan, I will recommend it. Simple product, no hidden terms, reasonable premium!

Speaking on critical illness cover does is that it adds one more layer of protection to provide a lump sum fund so that in case there is a diagnosis of illness, there is no immediate financial instability and atleast some corpus is created while the family makes long term adjustments to cope up with the illness.

Every policy has its good and not so good points, I have listed them below:

Good points:

One of a kind cover in India:

In what I could research, I found this as one of a kind cover in India covering women specific illnesses like cervical cancer, breast cancer etc.

Reasonable premium:

If you see the premium for Rs. 2 lac sum assured, in 26-35 age group, it comes to Rs. 938. Even that is tax deductible u/s 80D, so in terms of premium, this plan is very much affordable.

If you are a working women earning say Rs. 50K a month, spending an amount of Rs. 900/- for a year is NOTHING!

Clear disclosures and exclusions:

Very clear cut disclosures and exclusions listed on the website, to enable customer to get a fair idea of what is covered and what is not. Bajaj Allianz is one of the reputed players in the industry, so the plan carries with it the goodwill of Bajaj Allianz

Not so good points:

Could have been a comprehensive cover:

This plan does not cover the regular critical illnesses like a heart attack, kidney failure – this is the biggest drawback of the plan. If a plan has been designed for women, the plan should offer the diseases as covered in a regular criticare plan (Check Bajaj’s regular criticare plan) PLUS the women’s specific illnesses, to make it a complete product. Also, women are equally prone to kidney failure or a heart attack as compared to men, so in that sense it is not a complete product in itself, and can be considered to be an add-on to the regular critical illness plan that women can take.  

Very low sum assured:

Cover is max. 2 lacs which is very low and this is a big drawback of this plan. In my view, in case a women is a professional, earning well, she would want a complete cover and will not mind paying a bit extra premium for the cover. Bajaj can look at increasing it atleast till Rs. 5 lacs.

Cannot be purchased online:

The plan cannot be purchased online. Not exactly a drawback, but with many health and other plans being available online, for those cases where medical tests are not required, Bajaj can give online purchase option this will increase customers.

Summing Up

With women also working as professionals and subject to good amount of stress managing work and family at the same time, these illnesses will only rise with time and it’s a good idea to get adequate protection for the same.

While this is a good plan and women can consider to include the same in their insurance portfolio, my advice to women will be to review the risks holistically – for each risk, there is a specific type of insurance cover available. Yes, when it comes to critical illness, women can look to top up the regular criticare plan with this plan to get complete coverage.

Special thanks to financial advisor and reader Ms. Bhakti Rasal for her suggestion to do a review for this product on occasion of Women’s Day.

Hope this post was useful. Do share your thoughts/ views on this plan.