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Term Insurance for Organ Transplants

Organs plays an important role in the daily body’s functioning. Can you imagine yourself without your crucial organ body, it’s threatening! This is how the body gets impacted by organ failure, when any important organ starts behaving abnormally, the whole system of the body suffers and affects your day-to-day lifestyle significantly. 

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Organ transplantation is successfully being done all over the world. In this procedure, a major organ is harvested from the dead or living donor’s body and then place inside the body of the recipient. This can be done after performing several examinations to check whether the recipient and the donor are compatible with this process.

Transplantation can be done for various organs like the liver, lungs, heart, kidney, pancreas bone marrow, and others. The process of organ transplantation involves a large number of medical expenses which range from around 10-20 lacs. So, to meet these sudden expenses, you have to drain your savings and borrow mortgage assets or funds. Just to be prepared for such unforeseen events, it is always advisable to buy term insurance for organ transplantation.

Does Term Insurance Plan Cover Organ Transplantation?

Yes, the term insurance plan offered by different insurance companies covers organ transplantation under critical illness insurance.

What is Critical Illness Cover?

Critical illness cover is an additional benefit provided on term plans in India. It is commonly called a Critical Illness benefit and is one of the most important riders available in the term plan. These coverages are designed specifically for protection, keeping disease and life-threatening illnesses into consideration. These illnesses involve long-time treatments, hospital visits multiple times, prescription expenses, consultation fees, etc.

With Critical illness insurance benefits added to your term insurance plan, you are eligible to get a % of the life cover when first diagnosed with a critical medical condition or has a medical history. The sum received can be used by the patient for the expenses of his/her treatment.

Benefits of Critical Illness Riders which includes organ transplantation

There are a number of benefits of attaching a critical illness rider with term insurance in case of organ transplantation. A few of them are mentioned below:

  • It pays a lump sum coverage amount

  • You can get a larger coverage at low premium rates. You can use a term insurance calculator to determine the amount of premium based on your life cover and add-on benefits.

  • Get term insurance tax benefits u/s 80D of the Income Tax Act, 1961.

Factors to Consider in the case of Term insurance for Organ Transplantation

The term insurance plan varies from one insurance company to another. There are different types of organ transplantation processes involved such as heart, kidney, liver, intestine, pancreas, etc. The type of organ transplantation done is one of the important factors considered when it comes to buying term insurance. The severity of this situation varies based on the different types of transplants.

The medical condition that results in the failure of the organ is another important parameter considered by insurance companies before offering term coverage.

For example, if kidney disease is caused by excessive drinking practices. It is quite impossible to get term coverage. Most life insurance companies don’t wish to take risks while offering coverage for their customers. In some situations, a particular illness results in organ failure. Like, Hepatitis C is one of the main reasons of liver failure.

What Insurance Companies Offer Term Insurance for Organ Transplantation?

Here is a list of term insurance companies that provides critical illness insurance coverage along with the base plan. All these companies cover organ transplantation of specified severity.

Max Life Insurance Company 64 Critical Illnesses Covered
HDFC Life Insurance Company 19 Critical Illnesses Covered
Tata AIA Life Insurance Company 40+ Critical Illnesses Covered
ICICI Prudential Life Insurance 34 Critical Illnesses Covered
PNB MetLife Insurance 35 Critical Illnesses Covered
Kotak Life Insurance 37 Critical Illnesses Covered
Edelweiss Life Insurance 12 Critical Illnesses Covered
India First Life Insurance 13 Critical Illnesses Covered
Aditya Birla Life Insurance 20 Critical Illnesses Covered

++subjected to insurer’s terms and conditions

How Do You Receive the Critical Illness Rider Benefit in the case of Organ Transplantation?

With most term insurance plans, you have the flexibility to select how you want to receive the rider or death benefit. Usually, three options are provided to receive the rider benefit:

  • Choose to receive the payout (rider sum assured) as a one-time lump sum payment

  • Choose to receive the benefit payout as a regular source of income

  • Choose to receive the benefit payout as a combination of both lump sum payments and regular income.

Wrapping It Up!

The additional financial security offered to you and your loved ones in the form of critical illness coverage is priceless. In this fast-moving world, there’s no way to estimate what can happen to whom and when. The only thing one can have control over is being prepared for everything that can go wrong. Buying a critical illness rider benefit with your term insurance plan is the first step towards a relaxed and stress-free life.

Organ Transplantation is an important surgery and is considered crucial in the world of term insurance. There are no particular plans available in the insurance industry for individuals who have undergone the treatments of organ transplantation. In addition to this, various factors are considered before an insurance company might even think about offering coverage for organ transplantation surgeries. This is one of the reasons why most financial advisors ask policy buyers to enter a term life cover at early stages when they are healthy and young.


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