IFFCO Tokio Critical Illness Benefit Policy
A standard health insurance policy usually does not cover critical illnesses, and for that reason, if you have a medical history in the family of critical illnesses such as kidney or heart-related issues, you need to have special protection for that. In that case, the health insurance companies have come up with dedicated critical illness policies. IFFCO Tokio General Insurance Company is not an exception, it has come up with a dedicated policy, the Critical Illness Benefit Policy, for those who want to protect themselves or their families against different types of critical illnesses. This plan offers coverage against 25 critical illnesses and surgeries where all the family members can be covered in a single policy, including parents and parents-in-law. To know more about this policy, have a look at the following mentions.
|Minimum entry age||Child – 3 years, Adult – 18 years|
|Maximum entry age||Child – 23 years, Adult – 65 years|
|Exit Age for child|
|Who can get cover||Self, spouse, daughter, son, brother, sister, parents, and parents-in-law.|
|Maximum Renewable Age for adult||Lifelong|
|Sum insured options||Rs. 1 lakh, Rs. 2 lakhs, Rs. 3 lakhs, Rs. 4 lakhs, Rs. 5 lakhs, Rs. 7.5 lakhs, Rs. 10 lakhs, Rs. 15 lakhs, Rs. 20 lakhs, Rs. 25 lakhs, Rs. 30 lakhs, 50 lakhs, Rs. 75 lakhs, and Rs. 1 crore|
|Policy period||1, 2, and 3 years|
|Grace period||30 days|
|Free look period||15 days|
IFFCO Tokio Critical Illness Benefit Policy Details
This policy has come up with a bunch of benefits to safeguard you and your family against the specified critical illnesses and to offer you financial relief. The following table gives you the details of those. Have a look.
|Conditions for coverage|
The coverage will start only if the insured person fulfils the following conditions:
|Covered surgical procedures|
|Covered medical events|
Key highlights of IFFCO Tokio Critical Illness Benefit Policy
Apart from the above benefits and facilities, the policy has come up with several advantages that gave made the policy unique and popular among consumers. The mentions are as follows.
Pre-policy medical check-up:
No medical check-up is required up to the age of 50 years, which is subject to the proposal form having no adverse medical declaration. Wherever required, the Insured person(s) has to undergo a pre-policy check-up. If such a proposal is accepted and policy has been issued, the company would reimburse 50% cost of the diagnostic test charges.
Cancellation of the policy:
In case of cancellation of the policy, the refund will be calculated on a pro-rata basis as per the following formula:
R= [(365*k) -n/(365*k)]*p
R = Refund on the policy
k = 1/2/3 years (policy duration)
n = total number of days of policy in force
P = Premium paid by the insured
Tax Exemption Benefits:
The premium paid under this policy is available for tax exemption benefits under Section 80D of the Income Tax Act.
Specific Conditions of IFFCO Tokio Critical Illness Benefit Policy
This policy includes certain specific conditions that you need to remember to avoid any misinterpretations. The mentions are as below.
- The policy will provide one-time benefits for critical illnesses in a single policy period.
- The policy is available on an individual basis.
- For policies where all the members of the family are covered in a single policy, separate Sum Insured will be applicable for each member.
- In case of an admissible claim for any insured person, the policy will terminate for him/her for the remaining policy period. The policy will remain active for other members covered in the policy.
- Any critical illness/medical event/surgical procedure attributable to an Act of Terrorism stands covered.
Exclusions of IFFCO Tokio Critical Illness Benefit Policy
Understanding a policy is not completed if you do not go through its exclusions of it thoroughly. Therefore, to offer you a comprehensive idea of the policy, and to avoid future complications, here are the general and major exclusions of the IFFCO Tokio Critical Illness Benefit Policy.
- Any existing loss, injury, or accident which occurred before the commencement of the policy will not be covered.
- Injury, disease or damage due to a wilful act, including attempting suicide or intentional self-injury is excluded from the policy.
- Any kind of breach of law, ordinance, or non-compliance of any statuary provision with or without criminal or malicious intent will not be entertained.
- If any illness or accident occurs due to intoxication or addiction or overdose of drugs (except as medically prescribed) or narcotics/alcohol by the insured, the company will not take any liability for that.
- Any claim if the insured person is taking part in a naval, military, air force, or law enforcement operation will be excluded.
- If any injury occurs due to taking part in any kind of adventurous sports or hazardous activities, such as paragliding, mountaineering, scuba diving, etc., that will also fall under the category of exclusions.
- Damage because of war, invasion, the act of a foreign enemy, hostilities (whether war be declared or not), civil war, military or usurped power, confiscation, nationalization, civil commotion, etc. will not be covered.
- Any loss or injury caused by or contributed to, by, or arising from ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel, will not be covered.
- Any consequential or indirect loss or expenses arising out of or related to any insured event will not be taken care of.
- Any critical illness arising out of birth control procedures and/or hormone replacement therapy will be excluded from the policy.
- If the insured person receives any unrecognized treatments, or if the treating doctor is not certified, the policy will not take any care of the medical expenses.
IFFCO Tokio Critical Illness Benefit Policy Premium
Once you get to know about the inclusions and exclusions of the policy, the next important thing is to know how much premium amount you have to pay to purchase this policy. Therefore, for your better understanding, here is an example.
Mr. Mishra, a 36-year-old businessman bought IFFCO Tokio Critical Illness Benefit Policy for himself. Let us find out how much premium amount he has to pay to avail of the benefits of this policy for the given details.
|Policy tenure||2 years|
|Policy inception date||28th September 2022|
|Policy expiration date||27th September 2024|
|Sum insured||Rs. 4 lakhs|
|Premium amount||Rs. 813, excluding GST|
Now, the same Mr. Mishra wants to include his daughter under the policy. The following table calculates the premium amount that he has to pay now for the given credentials.
|Age||Self – 36 years, Daughter – 4 years|
|Policy tenure||3 years|
|Cover for||Self and daughter|
|Policy inception date||28th September 2022|
|Policy expiration date||27th September 2025|
|Sum insured options|
Self – Rs. 10 lakhs, Daughter – Rs. 15 lakhs
|Premium amount||Rs. 16,524, excluding GST|
Frequently Asked Questions
Midterm revision of the sum insured will not be available in the policy.
All the claims will be directly serviced by IFFCO Tokio without any third-party administrator.
Yes. If you are not satisfied with the terms and conditions of the policy, you can cancel the policy by sending 15 days written notice to IFFCO Tokio. The company will then allow a refund as per the terms and conditions of the company and the policy.
If the policy is canceled, the company will then allow a refund after retaining the premium based on the short period table as defined below.
Cancellation date up to (x months) from the Policy start date
Post free look up period and up to 1 month
Up to 3 months
Up to 6 months
Up to 12 months
Up to 15 months
Up to 18 months
Up to 24 months
Up to 30 months
Beyond 30 months
The initial waiting period for pre-existing diseases is 48 months.