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Critical Illness Insurance is an insurance policy that provides a lump sum amount to the insured to deal with the expensive treatment cost of any listed critical disease. Some diseases are not covered by basic health insurance plans that why insurance companies come out with critical illness insurance policy that offers coverage against a wide list of critical diseases such as heart attack, cancer, blindness, terminal illness, and deafness among others. Such diseases are not liable to get coverage under a basic health insurance plan that's why you must add a critical illness insurance policy in your investment portfolio.
By buying a critical illness plan, you don't have to rely on anyone for the treatment of your disease and associated cost. The critical insurance plan is the right choice as it provides coverage when you are diagnosed by any critical diseases and don't have enough funds to clear medical bills and related expenses. The money which you get from critical illness insurance will help you in clearing medical bills and provide big relief.
Critical illness insurance carries a wide list of features and benefits that may vary from insurer to insurer. However, we have mentioned some basic features that you will surely receive with your critical illness 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 the Income Tax act.
Portability of the Plan
While the policyholder is renewing the policy, there is an option to migrate the existing health insurance plan.
Flexibility in the Sum Insured
The policyholder can choose the sum insured as per the need and requirement and the seriousness of the disease.
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.
The policyholder can avail of a 5% discount on renewal premium each year. One can also get a reimbursement of 50% or more than that.
Pre-existing Disease Cover
The pre-existing disease is excluded from the Critical Illness Insurance Policy, they are only included only after the completion of four continuous renewals.
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. There are two types of Critical Illness Insurance Policies available in the market that includes
The Individual Critical Illness Insurance Plan is the policy for an individual. All the plan benefits will be offered only to an individual. The features and benefits of the plan will be limited to a single person. If there is only one person that you want to insure then this is the right plan to go for as it seems affordable.
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.
Confused about which company to choose which can provide valuable coverage buy at an affordable rate of premium? Worry not, we have listed some pioneer insurance providers that can promise financial assistance.
This plan offers coverage to an individual, post first diagnosis of critical illness. Mentioned below are the features, benefits, and coverage of this critical illness cover
Bharti AXA SmartHealth Critical Illness Insurance Policy offers two variants. They are as follows
Features and Benefits
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 will be provided.
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 (for SI Rs. 2 lakh).
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 coverage offered under the 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 that offers a host of benefits. Let's have a look at them
Benefit Option 1: Sum insured payable as a lump sum Benefit Option 2: Sum insured payable as a lump sum plus an additional 10% of the sum insured payable each year for the 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 lakhs||Rs 2 crore|
|Policy Tenure||1 year||3 year|
|Grace Period||30 days||-|
|Free Look 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.
If you are skeptical about the buying process of critical illness cover, then do check the below mentioned procedure which is easy to understand and follow.
Buying a critical illness insurance plan is the best way to deal with heavy doctor fees and related expenses. It helps you in covering expensive treatments of critical diseases 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. To Buy the best critical illness insurance plan, there are a few things that you must keep in your mind at the time of purchase, such as:-
Before buying insurance it is significant to do a study on 'Which insurer is providing flexible coverage with ultimate benefits?' By comparing various insurance plans you can save your money and time. At PolicyX.com, you can compare premium prices, claim ratio, the sum insured provided by different companies.
Sum Insured: The first thing that you must check is the amount that you might require as the cover. It may vary from disease to disease, so you must check and fixed an estimated amount that you willing to have in the hour of need. It is totally up to you to choose the desired sum assured amount and the premium will be decided accordingly.
Compare: When it comes to choosing the best critical illness insurance plan, it is advisable to compare all available plans online based on features, benefits, cover and much more. With the same, you might end up with the right critical illness insurance plan in your hand that will be beneficial in the hour of need.
No. of Illnesses Covered: After choosing the type of the plan, it is important to check the no. diseases that are liable to get the cover. Always go with the plan that is offering coverage against more diseases and do not offer limited coverage. You must check different plans to get the required one.
Premium: It is not the foremost thing that you will check but it is always advisable to have a look at it. As there are many insurance players are available in the market, so choosing there are maximum chances of getting an affordable plan with wider cover. All you have to compare them thoroughly.
Claim Ratio: It is one of the most important things that you must check before finalizing my plan. As you invest your hard-earned money to get the desired benefits in return so a step towards surety of the claim is required. BY checking the claim ratio, you will get the idea of the best insurance company to go with.
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
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.
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.
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.
No, you cannot change the sum assured during the policy tenure.
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.
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Last updated on 14-11-2019