Mon, Dec 5, 2016 | updated 05:55 AM IST

Exide Life Insurance announces launch of Exide Life Sanjeevani

Updated: Oct 07, 2016 19:43 IST

Bangalore (Karnataka) [India], Oct.7 (ANI-Businesswire India): Exide Life Insurance, an established and profitable Life Insurance Company, today announced the launch of Exide Life Sanjeevani. Exide Life Sanjeevani is first fixed benefit health insurance solution by a life insurance company offering comprehensive coverage against all prevalent Heart and Cancer related conditions.

Heart and Cancer related conditions are very common. While advancement of health care has increased the chances of survival from these critical illnesses, the extremely high cost of treatment can be a huge cost. That's where Exide Life Sanjeevani steps in to help you be prepared financially.

The plan is distinct from standard critical illness policies as it provides a fixed lump sum benefit on diagnosis of early and major stages of heart and cancer related conditions, waives future premiums and also allows you to claim in addition to any existing health insurance.

Exide Life Sanjeevani offers 2 plan options

Option A: Cover for Heart Related Conditions where a lump sum amount is paid to you on diagnosis of a covered heart related condition.

Option B: Cover for Heart and Cancer Related Conditions where you can cover yourself against Cancer related conditions in addition to Heart by paying a nominal additional premium. A lump sum amount is paid to you on diagnosis of covered Heart or Cancer related condition.

Commenting on the launch, Kshitij Jain, MD and CEO, Exide Life Insurance said, "As per reports, out of the estimated population of more than 127 crores, about 4.5 crores people suffer from coronary artery disease in India. Current estimates suggest India will soon have the highest number of cases of cardiovascular disease in the world. Heart diseases, once considered as the disease of late middle age and old age, has affected the young Indian population 10 years ahead of their Western counterparts. On the other hand 2.5 million people in India are living with Cancer and over 7 lakh cancer patients are added every year.

71% of all cancer related deaths happen in the age group of 30-69 years. While advancement in medical infrastructure has helped improving survival rate from heart and cancer, the major hurdle faced is the inadequacy of funds to manage the expenses. Out of pocket expenses arising out of these conditions have eroded many families' lifetime savings. Over the last 15 years, Exide Life Insurance has been helping Indians prepare financially for a long and happy life. Exide Life Sanjeevani, our new health insurance offering for Heart and Cancer related conditions will help our customers be better prepared financially for any such eventuality. The plan also offers double claim benefit, premium funding benefit and tax benefit along with being a fixed benefit and comprehensive plan."

How does the plan work?

We have classified all covered Heart and Cancer related conditions under 3 categories - Mild, Moderate and Severe. These categories are based on severity of the diagnosed illness and define the extent of payout made to you as a percentage of your chosen sum assured.

Mild: 25% of the chosen sum assured is paid to you on diagnosis of a mild condition.

Moderate : 50% of sum assured is paid to you on diagnosis of a moderate condition. As conditions under moderate category because of the severity and longer recovery time can have an impact on your savings as well as future savings, Exide Life Insurance will pay premium for next 5 years on your behalf.

Severe: 100% of sum assured is paid to you on diagnosis of a severe condition.

The benefit amount is paid on diagnosis of a covered condition even if you have filed a claim under any existing health insurance policy that you may have.

For more details on coverage, terms and conditions of this plan please refer to the attached product leaflet.

You can also refer to the product brochure on http://www.exidelife.in/products/health-insurance-plan. (ANI-Businesswire India)