#Virukipolicy | T&C*
Health Insurance is a necessity in today's world. Nothing is certain in life; we have no control over accidents or health problems in life. Insurance policies are must have in uncertain circumstances of the fast life. Common men earn every penny after toiling themselves in the scorching heat and adverse weather. One medical report with positive news about some critical disease may result in the flow of money like water in just one go.
Medication, hospitalization, test bills, and treatment cost cause hole in the pocket of the customer and its results in boundless stress that results in further serious of various diseases and emotional, social and economic breakdown of the customers This is the time when we realize that health insurance is a necessity for you and your dear and near ones.
Health insurance provides a cover for free medical check-ups, cashless medical treatments, and there is a wide range of different policy covers provided under the same. But, even if one owes a health insurance policy, any critical illness shakes the person and family from the roots because there are so many complications in critical diseases that are not covered under the normal health insurance policy and for them, special Critical Illness Insurance Policy is needed.
Health Insurance also provides cover for critical illness, but the sum insured in the same is very limited and that is why a separate sum insured amount is needed to meet the need of heavy medical treatment expenses. Some critical diseases are hereditary transferred from one generation to another, and while some are born out of our unhealthy daily life routines, the critical illness like Cancer or any other disease diagnosed is enough to devastate the life of a common man for always.
By buying a critical illness plan, you don't need to rely on any other person for your illness and expenses of its treatment. The critical insurance plan is a right choice as it provides coverage when you are seriously ill and don't have savings to clear the medical bills and related expenses. The money which you get from critical illness insurance will help you in clearing medical bills, home modification, and many other things.
This is very important too, but Critical Illness Insurance Policy as any life-threatening illness can shatter all dreams of a normal man, and it can spoil all future planning of customeRs After saving money bit by bit with all hard work and planning, spending all of it on the medical bills and in hospitals cannot be justified. No matter if the person suffering from the disease is cured after efforts and best treatment, with the end of emotional trauma, the financial burden on the shoulder of family and the person who was handling the expenses during the treatment will never let them sleep in peace and it results in a chain of the financial crisis.
Critical Illness is a severe health condition that has a rewindable effect on the life of an individual, and it requires a vast amount of money to treat the same. Nowadays, it is very easy to diagnose the disease at an early age only. Critical illness can be cured that easily as they need to be treated with costly technology, and there is the investment of lump sum of capital for the same.
Some of the most common critical illnesses covered under the Critical Illness Insurance Policy are as follows
One should buy a Critical Illness Insurance Policy if he or she do not have any saving and security for any major health disease or if your company does not provide you any employee benefits package than they should buy a Critical Illness Insurance Policy for sure. Different insurance companies provide different covers so one should read the policy terms carefully before settling down for an insurance policy.
Benefit of Tax
The premium amount paid for the Critical Illness Insurance Policy is covered under the tax benefit as per the section 80D of Income Tax act.
Guaranteed Life Long Policy Renewals
No maximum cover ceasing age is mentioned in most of the Critical Illness Insurance Policy so; one is eligible for the policy from 8 years to 70 years.
Flexibility in the Sum Insured
The policyholder can choose the sum insured as per the need and requirement and seriousness of the disease. If the policyholder does not claim the insurance policy, then the sum insured can be enhanced during the renewal of the policy plan.
Portability of the Insured Plan
While the policyholder is renewing the policy, there is an option to migrate the existing health insurance plan.
The policyholder can avail a 5% renewal premium each year. One can also get a reimbursement of 50% or more than that of the medical examination expenses if the policyholder proposes the idea to the insurance company and they accept it.
Pre-existing Disease Cover
Pre-existing disease are excluded from the Critical Illness Insurance Policy, they are only included only after the completion of four continuous renewals from the initial starting date of the insurance policy.
There are various types of Critical Illness Insurance Policies; one can choose from many options, such as
Individual Critical Illness Insurance Plan
The Individual Critical Illness Insurance Plan is the policy for an individual. All the plan benefits will be offered only to an individual, and if you want to insure your family, you can buy an individual plan for each member of the family after paying the separate premium amount
Family Critical Illness Insurance Policy
Family Critical Illness Insurance Policy covers the complete family in a single premium amount paid. One big sum is insured for the family cover; the amount is adequate for the entire family. All members are covered in the plan and can claim using the single sum insured.
Critical Illness Insurance Policy provides only a one-time fixed benefit and policyholder should claim the policy when the situation is out of the hands, and the treatment cost of the critical illness is very high. If the policyholder is diagnosed with the critical illness in the tenure if the Critical Illness Insurance Policy then the policyholder will get the full amount insured. But, the policyholder should check the terms and conditions of the policy that after that will the other further benefit of the insurance policy will be ceased till the time Critical Illness Insurance Policy is renewed.
Critical Illness Insurance Policy is beneficial for the policyholder as it not only covers the hospital expenses and the treatment but also helps the customers to pay the overdue debts and the policyholder to recover some of the lost income of the family due to illness.
This plan offers coverage to an individual post first diagnosis of critical illness. Mentioned below are the features, benefits, and coverages of this critical illness cover
Bharti AXA SmartHealth Critical Illness Insurance Policy offers two variants. They are as follows
Features and Benefits
Dreaded disease recuperation cover- In case you are diagnosed with any critical illness that is listed under this policy (list mentioned below), daily cash of Rs 500 per day up to a maximum of 45 days would be provided.
Hospital daily cash allowance- This insurance plan offers hospital daily cash allowance benefit that enables you with an allowance of Rs 750 per day for a maximum of 30 days, in case the hospitalization exceeds 3 days.
The Policy covers 20 Critical Illness mentioned below
|Coverage (Rs)||Rs 2 Lakh||Rs 5 Lakh|
|Policy Period||1 year||1 year|
|Entry Age||3 months||55 years|
|Renewable till Age||-||65 years|
The critical illness insurance cover offered under Religare Care Insurance Policy along with an array of benefits is mentioned below. Let's have a look at them
Features & Benefits
|Sum Assured (Rs )||2,00,000||6,00,00,000|
|Policy Term||1 year||3 year|
|Entry Age||91 days||No age bar|
|Renewal Age||-||Lifelong Renewability|
|Co-payment (SI Rs 5 Lakh & above)||20% of the claim amount if you are 61 years old or more at the time of buying the policy.||20% of the claim amount if you are 61 years old or more at the time of buying the policy.|
|Waiting Period||30 days for any illness except injury||30 days for any illness except injury|
|Waiting period for pre-existing illnesses||4 years of continuous coverage||4 years of continuous coverage|
|Grace period||30 days from the date of expiry to renew the policy||30 days from the date of expiry to renew the policy|
Religare Care Plan does not offer any treatments due to the below-mentioned conditions
30 days cooling off period for all claims except the ones arising out of accidental injuries.
Apollo Health Insurance offers you a critical illness cover names Apollo Optima Vital Health Insurance with higher coverage and at a lower premium. Let's have a look at the features and the scope of cover that this plan offers
Features & Benefits
The plan offers coverage for 37 Critical Illnesses. The amount in a lump sum is paid if the insured gets diagnosed with the illness of defined severity or during the time of undergoing surgery for the covered Illness. Mentioned below is the list of illnesses that are covered as follows
|Coverage Amount (Rs)||1 lakhs||50 lakhs|
|Policy Term||1 year||2 year|
|Entry Age of Principal Insured (in years)||18||65|
|Entry Age of Dependent Child (in years)||18||25|
|Maturity Age (in years)||Lifelong||Lifelong|
Max Bupa CRITICARE is a Critical Illness insurance cover offers a host of benefits. Let's have a look at them
Benefit Option 1: Sum insured payable as lump sum Benefit Option 2: Sum insured payable as lump sum plus an additional 10% of the sum insured payable each year for subsequent 5 years.
Features and Benefits
The below-mentioned illnesses are covered by Max Bupa Critical Illness
|Age (as on last birthday)||Adult:18 years||Adult:65 years|
|Sum Assured||Rs 3 lakh||Rs 2 crore|
|Policy Tenure||1 year||3 year|
|Grace Period||30 days||-|
|Freelook Period||15 days||-|
|Riders||AccidentCare & HospiCash||-|
Silver and Platinum
Features and Benefits
The List of Ailment Covered Under Critical Illness Plan Are
A waiting period of 90 days will apply to all claims unless the Insured Person has been insured under this policy continuously and without any break in the previous Policy Year.
It is an insurance policy which provides protection when a major illness occurs, and the person is unable to earn income or work. This type of insurance policy covers those illnesses which a regular health insurance plan can't cover because of the high doctor's fee and other related expenses. This is the best way to cover acute diseases. This plan pays a lump sum for the analysis of serious ailments that are listed in the policy document. An indemnity health insurance plan would cover normal health diseases and related expenses, but what in the case of critical diseases, critical illness insurance can provide you protection against critical disease.
Buying a critical illness insurance plan is the best way to deal with heavy doctor fees and its related expenses. It helps you in covering expensive treatments and recuperation aids, loss of income due to inability to earn and paying off debts. It would act as a supplement to your health insurance lists. It covers many critical diseases such as heart transplant, angioplasty, coronary bypass surgery, and much more.
At PolicyX.com, we provide free quotes and comparison services that will assist you in choosing the best critical illness insurance plan. Our comparison service helps people in saving time and money. Buying a critical illness insurance plan is helpful as it provides coverage to the serious ailment, which is challenging to handle. At PolicyX.com, we have tie-ups with more than 20 companies which provide different and helpful critical illness insurance plan. This will help you in choosing the best plan out of many companies.
While you are thinking to buy a Critical Illness Insurance Policy you should make it specific that whether you have any medical record or medical illness or not. This will provide the insurance company transparency regarding your situation and requirements for the Critical Illness Insurance Policy. Some insurance companies have the protocol of medical check-up of the client before providing any insurance.
Critical Illness Insurance Policy is an act of wisdom as approximately 95% of people who suffer from a critical illness like heart attack survivors with proper treatment and medication but, it gets a long time to recover back the financial stability like before, and people cannot think to switch back to his or her healthy lifestyle. Critical Illness Insurance Policy will help the policyholder to survive respectfully and getting guidance against the unforeseen medical situation. PolicyX will help the policyholder to compare the best policy out of the rest as per the requirement of the policyholder with proper guidance and assistance.
The immunity system of the human body gets the week with age, and that is why in the old age, one has to pay more amount of premium. So, one should be an early riser then later a should choose a plan that suits the policyholder most as per the requirement. PolicyX provides an easy claim settlement for the Critical Illness Insurance Policy.
So, one should compare and choose the best Critical Illness Insurance Policy from the PolicyX so that he or she can save their life and their loved one's life in the hour of need without any burden on the financial status of the family and without harming the normal life of the family. With the Critical Illness Insurance Policy, one can live respectfully and happily even after huge expenses.
Most of the policy covers the major critical illness but still, there are a few exclusions from the same, some of the exclusions are as follows
1. Can I make multiple claims for the same illness or any other critical illnesses that are listed?
During the policy period, you are allowed to make only one claim on any of the listed critical illnesses mentioned in your policy document.
As soon as you make a claim, the lump sum amount shall be paid out for the particular critical illness. The policy would be automatically terminated and subsequent renewals would be allowed in the policy of the particular insured person. If at all the policy has been issued to more than one individual then the policy shall still remain active for the other policy members.
Certain insurance policies continue other benefits except for the one which you already made the claim.
If you are making a critical illness claim then the hospitalization expenses incurred will be paid under Health Insurance. The Lump sum benefit will be paid after the survival period under Critical Illness cover.
It is always better to speak to your insurance company about this clause as some insurers may allow you to make more than one claim.
2. I want to understand how is the premium determined for critical care plans?
Premiums for critical care insurance are determined on the sum insured stated in the policy document, the complete policy tenure, gender, and health status of the insured person.
The premiums vary from one individual to another depending on all these factors mentioned above.
3. Is it better to take critical illness cover or health insurance?
A critical illness cover offers you a lump sum amount in case of diagnosis of the critical illness that is mentioned in the policy document. However, health insurance reimburses the medical expenses borne by you. Hence, it is better that you buy a separate critical illness cover.
4. Can I change the sum assured during policy tenure?
No, you cannot change the sum assured during the policy tenure.
5. Do I get any tax benefits under this policy?
Yes, the premiums that you pay for your critical illness insurance cover qualifies for an income tax deduction under Section 80D of the Income Tax Act, 1961.