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HEALTHEE PLAN

A Term plan which provides a choice to the Life Assured to get coverage of 37 critical illnesses, daily hospitalization benefits, and also total and permanent disability cover with the life risk cover under the base policy.

It is a non-profit pure term plan with premium rates that differ depending on the life assured’s health and habit choices, for example: whether he is a smoker or a non-smoker. If the Life Assured is a non-smoker then the premium rate charged is less than that charged from a smoker.

This plan provides protection to the Life Assured’s family through its base policy by allowing high Sum Assured at a very low price and also provides protection to the Life Assured by giving option to choose from one of the riders which are health related.

In the unfortunate event of Life Assured becoming critically ill or needing hospitalization, rider benefit amount will be payable. It also provides a safety net for the family in the unfortunate case of death of the life assured.

The minimum Sum Assured allowed under this plan is USD 300,000.

BENEFITS

RIDERS

Accelerated Critical Illness Rider

 This rider provides a lump sum benefit to the Life Assured on the occurrence of a defined critical illness. It covers 37 critical illnesses like: Cancer, Stroke, Heart Attack, Coronary Artery by-pass Surgery, End-Stage Renal Disease (Kidney Failure), Major Organ Transplant, Heart Valve Surgery, Paralysis of Limbs, Loss of Limbs, Profound Vision Loss – Irreversible (Blindness), Coma, Third-Degree Burns (Severe Burns), Major Head Trauma, etc.

For detailed list & conditions please contact our Branch / Chief Agent.

Accelerated Total and Permanent Disability (TPD) Rider

This rider provides a lump sum benefit to the Life Assured on the occurrence of total and permanent disability due to accident or sickness.

Hospital Cash Benefit (HCB) Rider

This rider provides daily cash benefit to the Life Assured on continuous hospitalization of more than 48 hours. Minimum Hospital Cash Benefit under this rider is USD 100 per day.

Death and Accident Benefit

In the event of unfortunate death of the life assured during the term of the policy, basic Sum Assured will be paid to the beneficiary.

In the event of unfortunate death of the life assured due to an accident during the term of the policy, the basic sum assured plus an additional amount of USD 100,000 will be payable to the beneficiary.

BASIC PRODUCT ELIGIBILITY CONDITIONS

 

Attribute Minimum Limit Maximum Limit

 

Sum Assured USD 300,000 No Limit (Subject to

Underwriting)

Entry Age 18 Years 65 Years
Maturity Age 23 Years 70 Years
Term 5 Years 35 Years
Mode of Premium

Payment

Yearly, Half Yearly and through Salary Saving

Scheme (SSS)

SERVICING ASPECTS

SURRENDER VALUE / MATURITY VALUE

Base policy/Riders will not acquire any surrender value or maturity value.

POLICY LOAN

Policy loans are not available under this plan.

PAID UP VALUE

There is no paid up value under this plan.

GRACE PERIOD

 A grace period of 30 days will be allowed for payment of yearly and half yearly premium, whereas a grace period of 15 days will be allowed for payment of monthly (SSS Mode) premium.

This policy will lapse if the premium is not paid within the grace period, and all the benefits under the policy will cease.

UNDERWRITING REQUIREMENTS

Applicants desiring to avail non-smoker premium rates will be required to undergo urine cotinine test. All other aspects of underwriting will be as per the underwriting policy of the company.

RIDER LIMITS

 

Minimum Sum Assured For Accelerated CI and TPD rider, USD 100,000.

For Hospital Cash Benefit, USD 100 per day depending upon the Sum Assured under the base policy.

Maximum Sum Assured For Accelerated CI and TPD rider, 50% of sum assured under base policy or USD 500,000 whichever is lower.

For Hospital Cash Benefit, USD 300 per day depending upon the sum assured under the base policy.

FREQUENTLY ASKED QUESTIONS

Q1. Who should buy Healthee Term Insurance Plan?

Healthee term insurance policy is best suited for working individuals who have dependents (children, parents) and who are looking for high sum of protection against uncertainties of life (like critical illness, total disability, death) at a very competitive price.

Q2. What is meant by the base policy?

Base policy is Healthee term insurance plan without any riders.

Q3. What is meant by acceleration of the rider benefit?

Accelerated TPD or CI rider refers to the benefit being paid as an “advance of the death benefit” amount under the base policy, which means when a claim under TPD or CI rider is paid, the death benefit under the base policy is reduced by the amount of the TPD or CI claim payout.

Example: Suppose a Life Assured has taken the Healthee term insurance policy for USD 300,000 for a term of 15 years and opted for Accelerated Critical Illness rider for USD 100,000.

In the 10th policy year, he is diagnosed with one of the covered critical illnesses. On such diagnosis or having undergone a procedure, the CI rider sum assured of USD 100,000 will be paid to the Life Assured. On such payment, the rider benefit will cease and the premiums for the rider benefit will also stop. Subsequently, the sum assured of USD 300,000 under the base policy will be reduced to USD 200,000.

In case the death of the life assured happens thereafter, but before the end of the term, then USD 200,000 will be payable provided the policy is kept inforce by payment of due premiums. In case the death is due to accident, then inbuilt accidental death benefit of USD 100,000 will be paid in addition to USD 200,000.

Should the life to be assured survive the entire term of 15 years, no benefit is payable. Premium is not refunded either.

Q4. Is it compulsory to take the riders along with the base policy?

No, all the three riders available are optional. Life Assured can take all or any of these by payment of extra premium which will need to be paid along with the premium of base policy.

What happens if due to covered critical illness the Life Assured becomes totally and permanently disabled?

If there is an overlap between the CI rider and TPD rider and the claim qualifies under both CI and TPD due to the same disease or cause, then the higher of the Sum Assured between the two benefits would be paid but not both.

Q5. Till what time rider premium are payable?

Accelerated CI and TPD Rider premiums are payable throughout the policy term along with the premium under the base policy or till earlier death or claim under the respective rider benefits.

Hospital Cash Benefit rider premiums are payable till the stipulated date of last payment in the policy term along with the premium under the base policy, or till earlier death of the Life Assured or completion of 180 days of hospitalization.

Q6. Whether the premium amount change during the tenure of the policy?

Once the policy is issued, premium under the base policy will remain the same for the duration of the policy. Any Government levy or applicable taxes shall be be added and will be payable by the policyholder.

The rider premiums are non-guaranteed. They are annually reviewable and may increase depending upon the experience of the company. Any Government levy or applicable taxes will be required to paid in addition as per the prevailing Law.

Q7. Whether the premium rates are the same for everybody?

No. The premium rates will depend upon the age and selected sum assured and term. For the same age, term and sum assured, non-smoker will be charged lesser premium as compared to smoker. This policy has different rates based upon smoking habit and gender.

Q8. If the Life Assured is admitted in the hospital for few hours only, whether Hospital Cash Benefit will be payable?

No. Hospitalization of less than a continuous period of 48 hours shall not be payable under this policy. If the period of hospitalization exceeds a continuous period of 48 hours, the company will pay the agreed daily Hospital Cash Benefit for each continuous and completed period of 24 hours up to 30 days per policy year, subject to maximum of 180 days, during the entire contract period.

Q9. What is general waiting period under Hospital Cash Benefit (HCB) rider?

General waiting period is the period during which the benefits under the Hospital Cash Benefit rider are not payable. General waiting period applicable under HCB rider is 90 days from the risk commencement date or last reinstatement date. It means that if the Life Assured is hospitalized within 90 days of date of risk commencement or date of reinstatement, claim under HCB rider will not be payable.

However, if the hospitalization is due to an accident occurring after the contract inception date, waiting period shall not apply.

Q10. What is specific waiting period under Hospital Cash Benefit (HCB) rider?

Specific waiting period is the period during which the benefits under the HCB rider for hospitalization due to specific illnesses are not payable. Specific waiting period applicable under HCB rider is 365 days. It means that if the life assured is hospitalized within 365 days of risk commencement or reinstatement due to any of the specified illnesses, claim under HCB rider will not be payable.

Q11. What is the waiting period under Accelerated Critical Illness (CI) rider?

Accelerated CI rider has a waiting period of six months from the date of commencement of risk or reinstatement i.e. Critical Illness claim will not be paid if the insured is diagnosed with critical illness during the period. The CI benefit will cease and no premium will be required to be paid for the CI benefit rider.

Q12. What happens if the Life Assured after getting Critical Illness claim suffers from another defined Critical Illness?

Accelerated Critical Illness benefit shall be payable only once during the term of the policy. On the payment of CI benefit as such the rider benefit will cease and the premium for the rider will also stop.

Q13. What happens if the premium is not paid on due date?

If the premium is not paid within the days of grace, the policy will lapse and all the benefits under the policy will cease.

It is in the interest of policyholder to pay the premiums in time on or before the due date. A grace period of one month but not less than 30 days is allowed for payment of yearly or half yearly premiums whereas a grace period of 15 days is allowed for payment of monthly premium.

However the policyholder can revive the policy within one year of due date of first unpaid premium but within the policy term by payment of unpaid premiums along with interest and subject to providing satisfactory evidence of being in good health. In case of revival, all the restrictive clauses like suicide clause, waiting periods etc. will apply from the date of revival.

Q14. What happens if the policyholder gets injured in an accident and dies after few months of treatment? Will the inbuilt accident benefit will be paid along with the sum assured of base policy?

Inbuilt accidental death benefit of USD 100,000 will be paid if the death happens solely because of an accident within 90 days of its occurrence but within the policy term. This will be in addition to the payment of Sum Assured under the base policy.

Q15. Are there any exclusions under the policy and riders?

Yes. The benefits under the base policy and the riders are subject to certain exclusions. You may refer to detailed terms and conditions.

For detailed terms and conditions applicable to the base policy and riders, please contact our branch office / chief agent.