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HDFC To Offer Life Cover And Critical Illness Rebalance Option Under Term Insurance Policy

The policy's initial basic sum assured is divided between life cover and critical illness cover, in a ratio of 80:20. In addition, the company guaranteed that the entire basic sum will remain constant for the course of the policy.

One of the major private sector life insurers, HDFC has introduced Life and Critical Illness (CI) Rebalance option as part of its term insurance policy- HDFC Life Click 2 Protect Life.

According to the statement from insurer, "The life and CI rebalance option provides protection against critical illness and death by auto-balancing Life and CI cover with increasing age. In this option, the life cover decreases while the critical illness cover increases proportionally on each policy anniversary." In addition, upon diagnosis of any of the listed 36 CI conditions, the increased CI sum assured is paid, as well as all future premiums are waived and the life cover is continued.

The policy's initial basic sum assured is divided between life cover and critical illness cover, in a ratio of 80:20. In addition, the company guaranteed that the entire basic sum will remain constant for the course of the policy.

Srinivasan Parthasarathy, HDFC Life's Chief Actuary, remarked,  “Rapidly changing lifestyles have brought about an increase in critical illnesses like cancer, cardiac ailments, etc. The cost of treatment for such illnesses is usually very high and could even lead to a financial setback for the entire family. Thus it becomes imperative to have a policy that can cover the cost of treatment without having to dip into one’s savings."


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