Critical Illness Insurance Plans
Gain extra coverage for medical emergencies like stroke, heart attack or cancer.
Critical illnesses like cancer, stroke, kidney failure, and cardiovascular diseases are a threat to life which need comprehensive and long-term treatment to cure. The extensive treatment and medical care, being very costly, demand strong financial support. Therefore, all the insurance companies have come up with a Critical Illness Insurance policy to support you at your most vital times.
What is Critical Illness Insurance Policy?
Critical Illness Insurance Policy provides financial assistance to the insured to help them fight against life-threatening ailments like cancer, heart disease, kidney and lungs failure, etc. by paying out a lump sum amount up to the sum insured.
Features and Benefits
A fit and healthy body may develop critical ailments without showing any early symptoms and neglecting timely health check-up might stoke up the risk. However, if a person is diagnosed with a critical disease, their mental and financial situation could be aided to some extent by the critical illness insurance policy. Here are some features and benefits that maximum insurance providers offer –
Critical illness coverage includes up to 30 critical diseases under a single plan, though depends on the variant you choose.
A lump-sum amount as insured at the time of purchase is paid for all the comprehensive treatments.
Hassle-free claim process based on the medical certificate and test reports and easy renewals.
Flexible payment options for the premium allow you to opt for either regular pay or limited pay. Regular pay means you can pay the premium throughout the policy tenure whereas limited pay refers to a specific number of years only.
Tax exemption benefits under section 80D of the Income Tax Act.
The waiting period may differ depending on the seriousness of the ailments.
Factors to keep in mind while opting for a Critical Illness Policy
Though several factors together determine the effectiveness of an insurance policy, the most important factors that determine the worth and usefulness of a critical illness insurance policy above all are the number of illnesses covered. Besides this, other fundamental factors you should consider before buying the policy are as follows.
Compare the Sum Assured
Determine the coverage you need and compare the policies until you get the most satisfactory one.
Critical illness insurance rider
An add-on to the base cover such as health insurance or life insurance which covers critical illness on payment of an additional premium.
Sub-limits
It refers to the limitations given by the insurer on the total sum assured where amounts are fixed for the cover of test and surgery. The insured will have to bear the remaining expense of the total sum insured from his own pocket.
Inclusions
Find out what diseases are included in the critical illness insurance plan and compare them with other providers to know the premium and coverage rate with a maximum disease covered.
Exclusions
Cosmetic surgery or treatment of obesity, an illness caused due to war or terrorism, critical illness due to smoking or drinking, pregnancy or childbirth-related issues, sexually transmitted disease, self-injuries, and death within 30 days of critical illness diagnosis or surgery.
Maximum Renewal Age
Be it a specific age or a lifelong coverage, always stay informed about the maximum renewal age before deciding on a particular policy. The higher the renewal age, the better.
