Critical Illness Cover. Page 8 Kotak Mahindra General Insurance Company Ltd., Kotak Health Premier UIN: KOTHLIP18089V011718 Policy Wording If the Insured Person is first diagnosed to be suffering from any of the following Critical Illnesses during the Policy Period, We will pay sum insured upto the limit specified in the Policy Schedule for this Cover, subject to the following:
Critical Illness Cover. This cover is subject to the following condition:
Critical Illness Cover. If an Insured Person is diagnosed to be suffering from a Critical Illness (as defined below) while the Policy is in force then We will pay the Sum Insured subject to the following conditions - ▪ The Critical Illness, which the Insured Person is suffering from, occurs or manifests itself during the Policy Period as a first incidence; and ▪ The Insured Person survives for at least 30 days from the date of diagnosis of the Critical Illness. For the purpose of this Policy, Critical Illness shall mean any Illness, medical event or Surgical Procedure as specifically defined below whose signs or symptoms first commence at least 90 days after the Inception of Policy Period.
Critical Illness Cover. If the Insured Person is first diagnosed to be suffering from any of the following Critical Illnesses during the Policy Period, We will pay sum insured upto the limit specified in the Policy Schedule for this Cover, subject to the following:
Critical Illness Cover. In the event that you suffer a critical illness then the sum assured under the contract will become payable. Once this sum assured has been paid the life cover will/will not remain in force. Definitions of a critical illness vary between different insurers and you can find a list of which illnesses are covered within the Key Features Document. A Critical Illness plan is designed to pay out a lump sum if you are diagnosed as suffering from any of the specified critical illnesses but survive for a period of time after diagnosis (normally 28 days). The lump sum could be used to pay for things like nursing care, home help, adapting your house to accommodate a disability, paying off your mortgage or for a holiday to recover from treatment. Critical illnesses usually include cancer, coronary artery bypass, heart attack, kidney failure, multiple sclerosis, major organ transplant and stroke. These are known as core conditions and account for the majority of claims. The comprehensiveness of conditions covered by different critical illness policies varies enormously and details of which conditions are/are not covered by the policy we are recommending will be fully explained in any supporting literature which you should check to ensure it meets your purposes. It is usual to include cover for permanent total disability within the contract. The definition of Permanent Total Disability does vary and some insurers define it as the life assured being unable to follow his/her normal occupation as a result of sickness or accident whilst others will define it as the life assured being unable to independently perform a specified number of Activities of Daily Living (such as dressing or feeding) as a result of sickness or accident. Writing this policy under trust The policy may be set up under a Business trust. This type of trust is especially designed for use in conjunction with partnership protection arrangements and incorporates some important areas of flexibility. The beneficiaries will be anyone who is a partner in the firm, in the proportions in which they own shares. This allows for departing partners to be removed from the trust automatically and new partners to be added, it also provides for changes in partnership shares. In the event that you cease to be associated with the firm, the life policy would revert back to you. Using a trust provides a number of benefits, specifically: You can identify who the beneficiaries should be (and with some trusts you have the abi...
