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Critical Illness Insurance

Health Insurance is a necessity in today’s world. Nothing is certain in life, we have no control over any accident or health problem in life. Insurance policies are must have in uncertain circumstances of the fast life. Common men earn each and 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 the wide range of different policy covers provided under the same. But, even if one owes a health insurance policy, any critical illness shake 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.

Importance Of Critical Illness Insurance

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 good 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 diseased person is cured after efforts and best treatment, with the end of emotional trauma, the financial burden on the shoulder of family and the person which was spent 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 rewind able effect on the life of an individual and it requires a great amount of money to treat the same. Nowadays, it is very easy to diagnose the disease at the 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 –

1. Heart attack

2. Cancer

3. Major Organ transplant

4. Blindness

5. Stroke

6. Terminal illness

7. Bacterial Meningitis

8. Motor Neuron Diseases

9. Deafness

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 any insurance policy.

Key features and Coverage : 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 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 policy holder does not make the claim of the insurance policy, then the sum insured can be enhanced during the renewal of policy plan

Portability of the insured plan

While the policy holder is renewing the policy, there is an option to migrate the existing health insurance plan.

Add – on features

The policy holder 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 policy holder 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 o the insurance policy.

Exclusions: Critical Illness Insurance Policy

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 –

  • Death of the policyholder within 30 days from the day when the critical illness is diagnosed will not be covered under Critical Illness Insurance Policy.

  • The illness that is caused because of any smoking, tobacco, excess alcohol or any other harmful drug intake will not be covered under Critical Illness Insurance Policy in any circumstances

  • Cover for critical conditions such as childbirth as in caesarean case or any other pregnancy related complication will not be covered under Critical Illness Insurance Policy

  • Any critical situation that is caused due to failure of customers to seek medical or follow the medical advice such as not going for regular medical checkups that result in several illnesses will not be covered under Critical Illness Insurance Policy.

  • Harm caused by the policy holder to himself intentionally such as attempt to suicide will not be covered under Critical Illness Insurance Policy unless the policy holder suffer from any mental disorder.

  • Any type of injury or health disease from which the policy holder is diagnosed or had signs or received any medical symptom for the same and all other pre – existing disease are excluded permanently from the coverage of Critical Illness Insurance Policy.

  • Any Sexually transmitted Disease such as AIDS OR HIV is not covered under Critical Illness Insurance Policy.

  • Any dental treatment is excluded from most of the Critical Illness Insurance Policy

  • Surgery expense of hernia, laser surgery and any gastric treatment expense is not covered under any Critical Illness Insurance Policy plan.

  • Birth control procedures or hormone replacement therapy expenses are also excluded from the Critical Illness Insurance Policy

How To Choose The Best Critical Illness Insurance?

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 normal 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, a critical illness insurance can provide you protection against critical disease. Buying 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 difficult 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 a 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 critical illness like heart attack survivors with a 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 normal lifestyle. Critical Illness Insurance Policy will help the policy holder to survive respectfully and getting guidance against the unforeseen medical situation. PolicyX will help the policy holder 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 human body gets the week with the 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 policy holder 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 the huge expense.

Critical Illness Insurance Plan

There are different type of Critical Illness Insurance Policy covers that one can choose from, you can opt for –

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
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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 complete family. All members are covered in the plan and can claim using the single sum insured.
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Critical Illness Insurance Policy provides only a one – time fixed benefit and policy holder 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 policy holder is diagnosed with the critical illness in the tenure if the Critical Illness Insurance Policy then the policy holder will get the full amount insured. But, 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 very beneficial for the policyholder as it not only covers the hospital expenses and the treatment for the same, but it also provides an extended version of help as it helps the customers to pay the over due debts and it also helps the policyholder to recover some of the lost income of the family due to illness.

Documents Required For Critical Insurance Plan

1. Age proof

2. Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.

3. Identity proof

4. Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one's citizenship

5. Address proof

6. Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.

7. Passport size photos

8. It is to have a record of the policyholder

Buying Process

1. Hassle free place that assists you in buying the desired plan

2. It will save your time and money as well

3. Simple process, just enter some basic requirements and details to find the best insurance plan

4. Compare plans provided by top insurance companies through PolicyX.com.

5. Choose a plan that suits your requirements

6. Fill the proposal form that requires some basic information

7. Upload your documents online. Make the payment through selected mode

8. Congratulations! You are insured

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