With increasing cardiac arrests in India, buying life insurance for cardiology patients is an essential safety measure. It ensures financial security, mental peace, & hassle-free handling of medical emergencies without any financial stress. These plans are tailor-made according to the medical necessities of individuals dealing with heart ailments.
These plans include critical illness coverage, cashless hospitalisations, pre & post-hospitalisation expenses, regular heart check-ups, surgeries, treatments etc. This plan should definitely be considered by those individuals who have a family history of heart diseases or someone who is suffering from a heart-related disease.
This article covers topics like whether life insurance can be bought post-heart attack or not, key factors to be considered while buying a plan, and what’s included & what is not, as it is considered important to understand to deal with tough times.
Can a Life Insurance be bought after a Heart Attack?
The answer to this question is yes, a Life Insurance can be bought by an individual after a heart attack, keeping the mentioned factors in mind:
- Waiting Period
Many insurance companies need a waiting period mainly ranging between 6 to 12 months post-heart attack.
- Higher Premiums
The insurance companies charge a higher amount of premium post-heart attack in comparison to those with no heart condition history.
- Type of Policy
Though some insurance policy types, such as whole life or traditional life insurance, might be available, you can still opt for guaranteed life insurance meant only for high-risk individuals.
Key Considerations of Life Insurance for Heart Patients
Provided are the key factors to be taken into consideration while buying a heart insurance plan:
- Target Audience
Here, the target audience is individuals who suffer from heart-related diseases or those who have a high risk of getting heart-related ailments due to family history.
- Policy Duration
It ranges between 10 & 30 years, allowing a policyholder to choose the tenure as per his requirements.
- Coverage Amount
The choice of coverage amount depends upon the insured’s requirements, current debts, & financial requirements for his family members.
- Premium Payment Options
It offers flexibility in payment of premiums, i.e., monthly, quarterly, semi-annually or annually.
- Critical Illness Cover
It offers critical illness coverage against heart-related ailments.
- Waiting Period
The waiting period under this plan is usually three months to three years, which varies from one insurance company to another, depending upon their health parameters.
- Tax Benefits
The maturity benefits are exempt from tax u/s 10(10D).
Inclusions & Exclusions
Provided are the inclusions & exclusions of a Health Insurance Planfor the family:
- Inclusions
- Pericardectomy
- In-hospitalisation expenses
- Surgery to place Ventricular Assist Devices
- Pre &post-hospitalization expenses
- OPD Treatment
- Minimally Invasive Surgery of Aorta
- First Heart Attack – of Specified Severity
- Open Chest Coronary Artery Bypass Graft
- Surgery for Cardiac Arrhythmia
- Implantable Cardioverter Defibrillator (ICD)
- Myocardial infarction cover
- Refractory heart failure
- Annual health check-ups
- Balloon Valvotomy
- Angioplasty
- Primary Pulmonary Arterial Hypertension
- Open Heart Replacement or Repair of Heart Valves
- Insertion of Pacemaker
- Heart Transplant
- Exclusions
- Self-inflicted injury
- Suicidal attempts
- Internal congenital diseases
- Pregnancy &childbirth-related treatments, miscarriage, abortion, & other complications
- Hospitalisation due to any illness due to drug or alcohol intake
- War, strikes, riots, or nuclear weapons-induced hospitalisation
- Infertility orIVF-relatedtreatments
Eligibility Criteria
Provided are the eligibility parameters that are to be met to buy an insurance plan for heart patients:
- The minimum age to qualify for buying a life insurance plan for a heart patient is 18 years.
- The maximum age for buying a life insurance plan for a heart patient is 65 years.
- Both Indian & Non-Resident Indians can buy a life insurance plan for heart patients.
- Details such as the date of the first heart attack, treatments undertaken, severity or complexity of the heart ailment, lifestyle-related diseases such as obesity, hypertension, diabetes, family history of heart-related diseases, medications taken, etc. should be mentioned.
Difference between Regular & Heart Health Insurance
Provided are the differences between regular & heart health insurance:
| Basis of Difference | Regular Health Plan | Heart Health Plan |
| Coverage | It offers a wide coverage of diseases. | It covers heart-related procedures & conditions. |
| Inclusions | It offers general medical illness coverage. | It includes bypass surgeries, heart ailments, heart attacks, angioplasties, etc. |
| Expenses Covered | Medical expenses at the time of treatment &hospitalisation | Lump sum benefits when a critical heart ailment is diagnosed, which can further be used to meet medical costs. |
| Waiting period | Longer waiting period | Shorter Waiting period |
Documents Required
Provided is the list of documents required to be submitted to buy a heart insurance plan:
- Age-related proof such as birth certificate, passport, etc.
- Identity Proof such as passport, aadhar card, driver’s license, etc.
- Address Proof such as driver’s license, passport, aadhar card, utility bill, etc.
- A recent passport-sized photograph
- Medical check-up reports
How to Apply for Life Insurance for Heart Patients
Following are the steps to be followed to apply for life insurance for heart patients:
- Research thoroughly
Conduct proper research for different available policies & select ones that can be customised for heart patients.
- Disclose Medical History
Disclose your medical history & background accurately to avoid rejections.
- Compare Policies
Compare the different policies available based on the coverage, premium amount, Benefits of Life Insurance, etc.
- Consult an Insurance Advisor
To find the appropriate plan that meets your requirements, you can also consult an insurance advisor.
- Review Policy Terms
Review the terms & conditions of the policy carefully to know the inclusions & exclusions.
- Submit Application
Provide the documents along with the medical records to complete the application process.
- Undergo Medical Examination
Get your medical examinations done.
- Choose the Right Plan
Choose an appropriate plan that offers extensive coverage & best suits your pocket.
Conclusion
Life insurance for heart patients offers financial protection to the insured’s nominees in his absence. Before buying a life insurance plan, one should consider some factors like a waiting period, premium factors, transparency, & terms & conditions.
