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Critical illness insurance
Critical illness insurance covers critical and long-term illnesses that require an expensive medical treatment. Most health insurance plans provide critical illness rider cover on payment of additional premium which helps in insured payment for excessive hospitalization and treatment expenses.
What is a Critical Illness Policy?
A critical illness insurance policy protects the insured from serious diseases such as cancer, heart attack, renal failure, etc. The Critical Illness Policy provides a lump sum coverage amount that can cover excessive medical expenses for critical illnesses covered under an insurance policy. .
Here Read more in details – What is critical illness insurance?
Features of the Critical Illness Insurance Plan
Here are the features of important sickness insurance plans:
- Critical Illness Coverage – Coverage is provided for 36 major critical diseases like tumors, cancer, kidney failure, heart diseases etc.
- Lump sum payment- The insurer provides a lump sum payment for the treatment of covered diseases.
- Easy Claims Processing – Claims can be easily processed based on the diagnosis report (s).
- Waiting Period – Typically, coverage is provided after the end of the waiting period.
- Loss of income – A part of the lump sum can be used as an income replacement.
Benefits of critical illness insurance
In order to be financially secure in case of a medical emergency, it is necessary to purchase health insurance. For those who face the risk of serious illnesses, there is a greater need for a suitable health cover, which will meet the specific costs arising from their medical treatment. A critical illness insurance plan fulfills this requirement by providing adequate coverage for various medical expenses, thus ensuring financial security. Such health plans enable you to provide quality medical care in the best hospital without facing any hassle.
Read more… Best Critical Illness Insurance Plans
Some important benefits of the critical illness policy include:
- Cover for expensive medical procedures
- Cover for medical expenses after hospitalization
- Cashless claim facility in network hospitals
- Tax savings under section 80D
Read more… Best Critical Illness Insurance Plans
Who should buy a critical illness policy?
A serious illness can happen to anyone. A critical illness insurance policy should be an insurance policy for anyone in this day and age, when a consistently busy lifestyle has increased the risk of diseases such as cancer, stroke and heart attacks.
When faced with such serious medical conditions, the financial health of a family also begins to suffer due to a sudden increase in medical expenditure. Therefore, this health policy serves as an important financial backup in such scenarios. Given the uncertainties, it is advisable to get the best critical illness insurance policy for everyone to be financially secure. This is particularly beneficial:
Individuals with a family – If there is a serious illness in the family, it increases the risk for you. Thus, a critical illness cover becomes an essential protection cover.
People who have financial responsibilities – The sole breadwinners of a family should think about the financial security of their family and get a critical illness early.
Women – Increased cases of cancer in women are a dangerous sign. Thus, it is advisable to invest in a critical illness policy if you suffer from this kind of risk.
Individuals above a specific age group – once you have crossed a certain age, usually 40, there is an increased risk of some significant illnesses. Therefore, being prepared with a health cover will set the stage for a safe future.
Read more… Best Critical Illness Insurance Plans
Critical illness cover in this Policy
- Cancer (up to a specified stage)
- Heart attack
- Kidney failure
- Coma
- Stroke
- Organ transplant
- Bone marrow transplant
- Loss of speech
- Deafness
- Paralysis
- Major burns
- Brain surgery
- Blindness
- Apallic syndrome
- Goodpasture’s syndrome
- Open heart replacement or repair of heart valve
- Benign brain tumor
- Open chest CABG
- Alzheimer’s disease
- Primary Parkinson’s disease
What is not included in critical illness insurance?
There are some situations where critical illness insurance does not provide any assistance. Let’s know about them.
- Any dental care or cosmetic surgery.
- No illness or medical condition is specified in the policy documents.
- Expenses related to hormone replacement treatment.
- Infertility treatment or treatment to aid reproduction.
- sexually transmitted diseases.
- Severe disease developed by the use of narcotics such as tobacco, smoking, drug abuse, or alcohol, etc.
- Diseases due to terrorism, civil war, naval or military reasons.
- Any serious illness is diagnosed within the waiting period.
- Any serious disease arising due to internal or external congenital disorder.
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The best critical illness insurance plans
Here is a list of the best critical illness insurance plans for you to find and choose the best policy for you –
| Plan | Salient features |
| HDFC ERGO Optima Vital | 37 critical illnesses are coveredSum insured allowed up to Rs.50 lakhs/li>E-opinion is available on the diagnosis of critical illnessValue-added services of healthline and health risk assessment |
| Care Assure | 20 illnesses coveredSum insured up to Rs.1 croreNo survival periodInbuilt coverage for the personal accident tooFree health check-ups and medical second opinion |
| Star Criticare Plus Insurance Policy | Coverage against 9 major illnessesNo survival periodNon-allopathic treatments are also coveredCoverage for hospitalisation expenses even after paying the claim |
| Manipal Cigna Lifestyle Protection – Critical Care Insurance Plan | Coverage of up to 30 illnesses under the enhanced plan variantSum insured up to Rs.3 croresA claim can be received in one lump sum or in staggered paymentsOnline wellness programs developed for policyholdersFree medical second opinion in a critical illness |
| Bajaj Allianz Critical Illness Plan | 10 major illnesses are coveredSum insured up to Rs.50 lakhsClaim settlement through the specially developed app |
| HDFC Ergo Critical Illness Policy | Comes in two variants covering up to 16 illnessesSum insured up to Rs.10 lakhs |
| Reliance Critical Illness Policy | Coverage of 10 major illnessesSum insured up to Rs.10 lakhsEasy claim settlement |
| Future Criticare Plan | Coverage of 12 illnessesSum insured up to Rs.50 lakhsFloater coverage is available |
What to buy
Critical illness covers are fixedfinite plans. Whether or not one gets the entire sum insured despite being hospitalized and what are the treatment expenses. However, the details vary from plan to plan. For example, most plans have a survival period, which states that the insured must live for at least 30 days after a serious illness is detected to file a claim. But some schemes, such as ICICI Lombard’s Critical Care, do not have this clause.
The number of critical illnesses covered also varies. For example, ICICI Prudential’s crisis cover protects against 35 illnesses, Bharti AXA’s Smart Health covers 20, while Aviva’s Health Secure pays for 12 illnesses.
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Some FAQs
How to choose the best critical illness insurance policy?
There is nothing called ‘Best Critical Illness Insurance Policy’. A person needs to go through all the policies available in the market and decide the best for himself. To help with this, you can take a look at the following factors-
Premium amount
Depending on the plan you choose, you will be required to pay a premium amount to the insurer after a specified interval. The duration and benefits of the policy are directly related to the premium payment. Therefore, be sure to choose a policy that you can pay the premium for.
Waiting period
It refers to a specific period after which policy benefits are payable. Meaning, if your insurance plan has a waiting period of 4 months, then you can file your claim only after 4 months. The time frame may vary depending on the insurance company chosen. Therefore, it is advisable to go for a scheme that provides a shorter waiting period.
Cover diseases
Not all insurance companies provide coverage against the same type of critical illnesses in their plans. For example, Manipalasigna Health Insurance Company provides coverage for permanent paralysis of the limbs. While Reliance General Health Insurance does not. So, choose a plan that covers specific critical illness that you expect you will be diagnosed with /. Ideally, you should go with a plan that covers the maximum number of illnesses.
How important is critical illness insurance for your family?
While we want a satisfied life without hindrance, challenges come unexpectedly. Diagnosing an important disease is an example of the harsh side of life, with financial difficulties arising from repeated hospital visits and treatment. A regular health policy can prove beneficial on any given day, but covering critical illness is a sensible approach to the management of critical illnesses.
- A special insurance cover to meet heavy medical bills, health insurance for critical illness will protect your family financially during such testing time. It proves beneficial in many ways:
- A protection cover that best suits you, this critical illness policy covers 32 critical illnesses.
- A higher sum insured gives you complete protection as this indemnity based critical illness plan covers various medical expenses you have incurred in a year.
- You receive comprehensive financial security for advanced medical procedures required for hospitalization and treatment, including chemotherapy and radiotherapy.
How does critical illness insurance work?
Critical Illness Insurance provides coverage for the treatment of a wide variety of critical illnesses, as listed in the policy document. The insured is required to pay a predetermined amount called the premium for the insurer to receive coverage.
The insured can opt for medical treatment in any network hospital and can avail cashless facility. In this facility, the insurer will settle medical bills directly for surgical procedures, with the healthcare center subject to policy terms and conditions. Using a health card, the insured can easily reach a networked hospital and can opt for treatment without any discomfort. This saves very important time, especially during medical emergencies.
This is extremely beneficial for the policy holders as they do not have to bear the burden of payment out of their own pocket. Policyholders should check the list of network hospitals while purchasing the policy.
On the other hand, if policyholders choose a non-network hospital and plan to pay the bills themselves, they can later receive reimbursement from the insurer.
Critical Illness Insurance provides financial security, which is important at a time when healthcare costs are rising in the country.
Is there a tax benefit in a critical illness policy?
Like other health insurance policies, a critical illness insurance policy also provides tax benefits to the policyholders on the premiums paid. The policyholder is eligible for tax deduction on the premium paid for the policy applicable under section 80D of the Income Tax Act, 1961. These tax benefits are subject to changes in tax laws in India.
How to file a claim for a critical illness policy?
If a claim needs to be filed, contact your insurance company and file your claim. Typically, the following documents are required to file a claim:
- Duly filled claim form
- ID card photocopy
- Medical certificate obtained from a physician confirms the dia gnose of critical illness.
- Detailed discharge summary
After receiving the above documents, the claims team will verify the details. Depending on the verification, your claim will be approved or rejected. Whatever the case, it will be communicated to you.
How much critical illness cover do I need?
Your age, lifestyle pattern, city of residence, and annual income are important parameters that help determine the appropriate coverage you need.
What are the documents required for critical illness insurance?
Generally, age proof, address proof and identity proof are required. Additionally, the insurance buyer may require specific documents in the event of undergoing medical tests.
Can I have a serious illness after cancer?
Most insurers provide insurance to the insurance holder before making a diagnosis. Different from one insurer to another, there are some plans that provide coverage even after diagnosis.
How much cover do I need?
Your age, lifestyle pattern, city of residence, and annual income are important parameters that help determine the appropriate coverage you need.
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