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Having a health insurance policy is very common in the present day. But there are few severe life-threatening diseases (cancer, heart attack, kidney failure, etc.) that do not get coverage under a basic health insurance policy. So, health insurance companies launched the Critical Illness Insurance Policy. It provides coverage for specific life-threatening diseases along with a lump sum amount for a higher sum insured option. The insured just needs to focus on his/her recovery. These critical illness health insurance policies help to fight financially with the situations when the insured is struggling between life and death.
There are two types of Critical Illness Policy and the same has been explained further:
Here all the plan benefits will be only offered to an individual. The features and benefits of the plan will be limited to a single person.
This plan caters to the healthcare needs of an entire family. All members are covered in the plan and can apply for a claim as per the TnC's of the policy.
Below is the list of best critical illness insurance policies of 2019-2020 in the Indian market. The appreciable benefits, features, sum insured options and the coverage makes these plans stand out in a crowd:
Top Critical Illness Plans: Tabular Representation
The table mentioned below will make the plan comparison a super easy task for the policy buyers. The table contains data and facts as per 2019-2020.
|Critical Illness Plan Name||Insurance Company Name||Entry Age||Sum Insured Options||Policy Term||Waiting Period|
|Optima Vital Plan||HDFC Ergo Health Insurance (formerly known as Apollo Munich)||18 Years||65 Years||Rs. 1 Lakhs||Rs. 50 lakhs||1 Year||2 Years||Pre-Existing Disease: 4 Years (for cataract, joint replacement, hernia, surgery of hydrocele, etc.)|
|CritiCare Plan||Max Bupa Health Insurance||18 Years||65 Years||Rs. 3 Lakhs||Rs. 2 Crores||1 Year||3 Years||Pre-Existing Disease: 4 Years|
|Critical Illness Plan||HDFC ERGO Insurance Company||5 Years||65 Years||Silver Plan - Rs.5 Lakhs, Rs.7.5 Lakhs, and Rs.10 Lakhs |
Platinum Plan - Rs.2.5 Lakhs, Rs.5 Lakhs, Rs.7. 5 Lakhs, Rs.10 Lakhs
|1 Year||2 Years||90 Days|
|CritiCare+ Plan||Edelweiss Insurance Company||18 Years||65 Years||Rs. 5 Lakhs||Rs. 1 Crore||5 Years||30 Years||Initial Waiting Period - 90 Days |
Survival Period - 28 Days
Waiting Period Between Claims - 365 Days
|Life Cancer Care Plan||HDFC Insurance Company||5 Years||65 Years||Rs. 10 Lakhs||Rs. 50 Lakhs||3 Years||(85 - Entry age) Years||Waiting Period - 180 Days |
Survival Period - 7 Days
|Lifestyle Protection Critical Care Plan||ManipalCigna Insurance Company||18 Years||65 Years||Rs. 1 Lakh||Rs. 1 Crore for Age <36 & Rs. 3 Crores for age>35||1 Year||3 Years||Initial Waiting Period - 90 Days |
Survival Period - 30 Days
|Critical illness Plan||Reliance Health Insurance Company||18 Years||65 Years||Rs.5 Lakhs, Rs.7 Lakhs, Rs.10 Lakhs||1 Year||3 Years|
|iCancer Plan||Aegon Life Insurance company||Entry age||18 Years||Rs. 10 Lakhs||Rs. 50 Lakhs||5 Years||70 Years minus entry age||Initial waiting Period: 180 days|
|Critical Illness Insurance Plan||Religare Health Insurance company||5 Years||50 Years||Rs.10 Lakhs||Rs.200 Lakhs||1 Year||3 Years||Initial Waiting Period - 90 days |
Pre-Existing Disease - 4 Years
A Brief Description Of The Above-Mentioned Plans
HDFC Ergo Health Insurance Company (formerly known as Apollo Munich) offers Optima Vital Plan. It is a critical illness insurance policy that pays the policyholder a lump-sum amount for the diagnosed critical illness. The amount is paid only after the confirmation of the critical illness or the date of undergoing specified surgery in respect of critical illness. The plan provides a wide range of coverage and benefits like second opinion option, portability facility, tax benefit, and sum insured enhancement, etc.
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:-
CritiCare Plan launched by Max Bupa Insurance Company is one of the best critical disease insurance plans available in the insurance sector. Under the plan benefits, the insured gets sum insured as a lump sum amount. The plan offers lifelong renewability and tax benefit.
The plan provides coverage only for a list of critical illnesses mentioned below:
The Critical Illness Plan offered by the HDFC ERGO insurance company safeguards the finances of the insured in all possible ways in case of critical illness. It ensures quality medical treatment to the policyholders. All the policy buyers who are less than 45 years of age do not require to undergo pre-insurance medical screening. The plan can be renewed for a lifetime and provides tax benefits under section 80D of Income Tax Act, 1961.
The plan provides coverage only for critical illnesses mentioned below:
CritiCare+ is a critical illness insurance plan being offered by Edelweiss Tokio Life Insurance company. The plan covers 17 different critical illnesses. The insured is provided with a lump sum benefit so that he can bear the medical expenses incurred in the treatment of the critical illness. Other than this, the insured gets multiple claim option, tax benefit, and waiver of premium.
The plan provides coverage for a few selective critical illnesses mentioned below.
HDFC Life Insurance Company is offering a Cancer Care policy. Life Cancer Care Insurance policy provides cover for both the early stage and major stage of cancer. It also provides the insured with coverage of Rs. 20 Lakhs at a premium of less than Rs.4/day. The insured can utilize the income benefits for the next 5 years under the platinum plan. Under this plan, any of the benefits and payouts are independent of any other health insurance plans. There are three variants of the plan among which only the silver and platinum plan cover critical illness.
The coverage details of the plan are:
This Lifestyle Protection Critical Care policy offered by the ManipalCigna Health insurance company provides its insured with coverage against several critical illnesses mentioned in the policy. The insured gets full coverage and a lump-sum payout under the plan in case s/he is diagnosed with any kind of critical illness.
Other than the lump-sum payout, the insured can also get a staggered payout. In the case of staggered payout - 25% of the sum insured will be paid immediately on claim event and 75% + additional 10% of the sum insured will be paid in 60 equal monthly installments starting from the next month.
Here is a list of critical illnesses covered under the plan:
Reliance General Insurance company offers a critical illness policy that protects the insured's savings in hard times. A critical illness treatment bills can dent a hole in the savings and so this plan has come to policyholder's rescue.
Illnesses covered under this plan are:
Category I - Life-Threatening
Category II - Lifestyle Disabling
iCancer Insurance Plan is a non-linked & non-participating insurance plan being offered by Aegon Life insurance company. It provides comprehensive coverage with respect to all kinds of cancer illnesses.
When it comes to coverage, the plan has been particularly designed for cancer illness. It covers all types & stages of cancer.
Religare health insurance company offers affordable medical care for 32 major critical illnesses. The coverage provides financial support in the time of medical emergencies. It is one of the critical insurance policies one should opt these days. The insurance company chooses to pay a claim in lump-sum amount or payments in predefined structures for different medical procedures.
The plan provides coverage only for these critical illnesses:
Here is a list of exclusions that are common to all the critical illness plans discussed previously.
Here is a list of facts that you should look for in the plans if you have made up your mind to buy a critical illness plan:
Finalize Sum Insured
The sum insured should be decided by the buyer after analyzing all the requirements. But in case of critical illness, it is a bit challenging. The occurrence of any of the critical illnesses in the family history makes one more prone to these life-threatening diseases. So, think and then finalize.
Finalize a list of your demands & compare the plans with respect to benefits, features, hospitalization facilities, etc. Whichever strikes you the most should be your preference.
Check The List
Some of the critical illness plans have a list of coverage and they provide coverage only for those specific critical illnesses. Here the target should be to choose a plan covering more critical illnesses as one never knows about the uncertainties of life.
It is necessary to check whether the premiums fit into one's pocket. The policy will be only running till the time you are paying the premiums. So, go for a plan that you can afford.
The claim settlement ratio of the insurance company is the number of claims settled against the number of claims filed. So, it gives you an idea that to what extent the insurance company has been successful in satisfying the customers with its hassle-free claim settlement process. For the claim settlement ratio, you can visit the most trusted and authentic source of information- the IRDAI website.
A claim can be made in two ways- a cashless claim or reimbursement claim. The cashless claim facility can be availed only at the network hospitals of the third party administrator (TPA).
This is the way to make a claim in case of an emergency. Now, suppose the policyholder plans admission to the hospital to get treatment. In this situation, all that is required to be done is to inform the TPA a few days before, about the treatment/ surgery you are going to go through. The rest of the steps would remain the same for the application and function of the claim.
If you decide to get your treatment done in a normal hospital, you can apply for reimbursement of the claim via the following process:-
Note: Keep all the bills & original medical documents with you. You never know what the insurer may ask for.
A list of documents have been presented which can be required at the time of buying a critical illness policy:
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 17-01-2020