Critical illness plans are plans that pay a lump sum of money when you are diagnosed with a critical illness. The lump sum of money will then help you during your recovery and absence of work. As regular critical illness plans are meant for both men and women, the benefits can be quite general and does not take into account sex-specific needs. As such, AXA designed a plan called AXA CritiCare for Her and AXA CritiCare for Him for women and men respectively. In this article, fundMyLife reviews AXA CritiCare for Her/Him and looks at its features. Note: this article is accurate as of September 2018.
What is it?
AXA CritiCare for Her/Him is a sex-specific critical illness plan that contains four core benefits, covering various stages of illness from diagnosis to treatment/surgery to recovery. The CritiCare series cater to the client’s specific needs, as both sexes have their respective diseases that occur with different probabilities. You can choose to cover yourself for 10 years, 20 years, or to age 65.
Sex-specific disease and surgery coverage
As mentioned, AXA CritiCare for Her and AXA CritiCare for Him have vastly different core benefits. The former focuses on cancers that often strike women, such as breast cancer, cervical cancer, ovarian cancer, etc. It also covers reconstructive surgeries for tissue affected by cancer treatment.
On the other hand, the latter focuses on lifestyle diseases that men commonly experience such as heart disease. It covers surgeries that correct heart conditions, like heart valve surgery, heart transplant, coronary bypass surgery, angioplasty, etc.
Bear in mind that not all conditions pay out 100% of the sum assured – some conditions and surgeries pay out only 25% and 50% of sum assured.
The coverage resets to 100% after 12 months if there are claims that are less than 100% sum assured in total. For example, a male with $100,000 sum assured gets $50,000 (50%) when he is diagnosed with a testicular carcinoma in situ. 12 months later, his coverage goes back to 100%, which is $100,000. However, he is diagnosed with muscular dystrophy, and he gets another $100,000.
The reset happens only once, and after that the Male/Female Illness component for the plan terminates. The plan will still be in force if the other components have no paid out yet. The total sum assured payout with the reset feature for the Male/Female Illness component will be capped at a maximum of 150% of sum assured.
Free health check-ups
You get to have free health screening from the 25th month of your policy onwards. It’s important to conduct health screenings often because survival increases when you can illnesses early. The reimbursement varies between $100 to $400
In the case of a critical illness, you do not need to pay premiums for 36 months. You can claim this waiver twice for additional support.
Free coverage for child
The plan also provides $5,000 free coverage for a child, claimable once.
AXA CritiCare for Her/Him is a focused plan that complements main critical illness plans. This is because regular critical illnesses do not usually cover the conditions and surgeries that this plan covers. The premiums are relatively cheaper than a full-fledged critical illness plan. However, it is risky to take this on without a proper critical illness plan if your aim is to protect yourself against critical illnesses in the long run. It is also easy to apply for, requiring only four or six questions for application, depending on whether you are a him or her respectively.
The reset feature, when combined with the other categories of benefits means you can get a potential 3.5x your sum assured, plus a little more if you take up the support benefit.
In general, the coverage for sex-specific conditions and surgeries is well thought-out. The plan coverage is only until 65 years old, which is a bummer since there are critical illnesses that occur well beyond that age. There is a $10,000 death benefit, but you’re better off getting a proper life insurance plan.
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