You might debate that you don’t need any additional coverage like critical illness insurance as you are covered in a comprehensive health plan and also under group medical policy offered by your employer. Well, yes, but any critical illness calls for specialized treatment & care and as your comprehensive health insurance plan has limitations on hospitalization, doctors' fees, etc. it will not cover the entire medical expense towards treatment.
In simpler terms, there is a limit on certain expenses like prosthetic, intensive care or even medicines and your spending on such ailments is always more than what your health insurer will pay. In such cases, you'll have no option but you'll end up paying from your own pocket.
Examples of Critical Illnesses:
Note: You can claim only once on your critical illness insurance policy and then it stands terminated.
Undiagnosed and untreated serious diseases have the potential to worsen and develop into critical illnesses. However, that isn't necessarily the source of it. If the appropriate care is sought in the proper time, a severe disease may be cured. They may, nonetheless, also pose a hazard to life. Heart attacks, various cancers, renal failure, etc., are examples of life-threatening illnesses that can be treated with the appropriate care. You may protect your family's health and get the proper care by getting critical illness insurance coverage. The lumpsum payment offered by some critical illness plans is a little-known benefit that makes it simple to pay for both pre-and post-treatment costs in addition to seeking treatment.
This kind of insurance plan pays out a lump sum upon diagnosis of life-threatening illnesses throughout the policy's term. You can use the money for medical treatment, debt repayment, or family costs. The insurance pays out upon the diagnosis of the sickness, realising that your incapacity to work due to the illness caused the loss of revenue.
The goal is to lessen your financial load during a severe health emergency so you may concentrate on recovering without having to worry about money too much. Therefore, having Critical Illness Insurance is like having a financial superhero at your side during a major illness, allowing you to focus on getting better rather than stressing about money. It is an additional safeguard for when you need it most, not a substitute for standard health insurance.
| What is Covered? | Entry Age | Sum Insured |
|---|---|---|
| Care Super Mediclaim Critical Illness Plan | ||
| Aditya Birla Activ Secure - Critical Illness Plan | ||
| National Critical Illness Plan | ||
| SBI Critical Illness Plan | ||
| Bajaj Women Specific Critical Illness Plan | ||
| Care Assure Critical Illness Plan | ||
| Cholamandalam-ms Critical Healthline Plan | ||
| Bharti AXA Smart Health Critical illness Plan | ||
| TATA AIG Critical Illness Plan | ||
| HDFC ERGO Critical Illness Platinum Plan | ||
| Bajaj Allianz's Critical Illness Insurance Plan |
Coverage for Critical Illnesses: Critical illness insurance policies, including cancer, tumours, heart problems, and renal ailments cover thirty-six main critical illnesses. It's essential to evaluate your policy to find out which illnesses are covered and how many are included, as each insurer has a different list of severe conditions.
Simple Procedure for Making Claims: Once the diagnosis is determined, processing the claim will be simple. Make your choice after evaluating the insurance provider's claim-settlement ratio to make sure you get the best critical illness health insurance.
Option for Lumpsum Payment: There are critical illness plans that provide full coverage in the case of a life-threatening sickness or expensive treatment, allowing you to select a high sum covered. The insurer issues a one-time lump sum payment when a claim is made.
A Stress-Free Experience: With Coverfox, you can get all of your coverage needs covered in a matter of minutes. Very little to no paperwork is involved. Additionally, whether you're purchasing critical illness coverage or just renewing an existing one, you can expect quick and easy processing in the digital age.
Cashless Payment System: Getting care quickly is one of the most significant advantages of critical illness coverage for the patient. Stated differently, the insured is not required to pay cash for care received at any hospital in the network. You can avoid having to pay for emergency medical care out of pocket if you receive treatment at a network hospital.
Awaiting Time: The policy typically includes a 48-to 90-day waiting period. The length of this waiting time varies depending on the insurance. It is recommended to check and compare different policy details.
Protection for You: Offers your loved one's lifetime coverage.
Guarantees Payment: of the critical illness benefit in the event that one of the 36 main critical illnesses is identified.
Tax Benefit: Under sections 80C and 80D of the Income Tax Act of 1961, there is a tax exemption of up to Rs 15000 (or Rs 20,000 in the case of a senior citizen).
Accidental Death Benefit: The nominee receives payment in the event of an unexpected death from an accident.
100% Benefit Payout: In the event that a terminal disease is identified, you will get 100% of the insured amount.
The key benefits are:
Double Benefit: Under Section 80D of the IT Act of 1961, a critical illness insurance policy provides tax advantages of up to one lakh.
Tax deduction on premium: Receive a tax deduction on premium payments of up to $25,000 each fiscal year.
Deduction for yearly health examinations: There are tax advantages available for the costs associated with annual health examinations. Here, the tax exemption threshold is $5,000.
Following are some of the best critical illness insurance policies available in the market:
In the Indian market, it is among the best critical sickness insurance plans. They differentiate themselves from the competition by providing a variety of advantages and services to their customers. This includes filing a claim cashlessly and receiving approval in as little as 20 minutes. Additionally, its app makes it simple to find a local network hospitals.
Features:
The Care Health Insurance insurance plan covers several deadly conditions and offers cashless treatment. Everything is covered under the coverage, including AYUSH therapies, OPD costs, and radiation and chemotherapy. It is, therefore, one of India's most significant critical sickness plans.
Features:
Due to its extensive network of partner hospitals throughout India, this health insurance firm has had great success and is favoured by consumers. Navi Bupa guarantees a 30-minute claim settlement process and does not engage any other parties in the process.
Features:
The goal of this insurance firm, which is a joint venture between Bajaj and Allianz, is to offer regular people access to reasonably priced insurance plans. At any of the insurer's more than 4,300 network hospitals, policyholders can make use of the lifetime renewability feature and receive cashless medical care.
Features:
One of the most significant critical illness insurance plans available in India, it offers a number of advantages, including free-look time and maximum age coverage. Over 10.68 crore clients have been served by SBI General Insurance, and ₹22,000 crore worth of claims have been resolved.
Features:
This policy's ability to make claims for pre-existing severe diseases following four years of premium payments is one of its distinctive characteristics. They provide round-the-clock support for insurance claims and inquiries, and they have over 4,300 partner hospitals nationwide.
Features:
The following illnesses are covered for treatment by a critical illness insurance policy:
The items that are not covered by the critical illness coverage are known as exclusions. The following are some of a vital illness plan's exclusions:
A conflict, invasion, act of public defence, or the deployment of chemical and biological weapons can all result in critical disease.
act of harming oneself
a sickness brought on by involvement in military operations, such as those involving the Air Force, navy, or parachuting, or adventure sports like rock or mountain climbing, scuba diving, or parachuting.
health problems brought on by drug or alcohol use
Severe sickness brought on by pregnancy, miscarriage, or birth defect
HIV/AIDS and other illnesses are not covered by insurance
Coverage is not offered for obesity treatment or cosmetic surgery.
Critical illness insurance is essential since it offers a fundamental financial safety net in the event of a significant sickness. If there is a history of severe illnesses in your family, this coverage is crucial. Other reasons it is necessary are as follows:
Times are tough and any medical emergency can cause detrimental effects on your finances. Hence, it is recommended to be prepared. To your assistance, Coverfox is continuously working towards bringing the best insurance policies that are crucial for you and your family. With Coverfox, you can get free quotes from insurers, compare the best health insurance policies online, buy and maintain your policies in a fast and hassle-free manner.
Coverfox’s customer care support is active 24x7 to assist you and help you make the best policy decisions which benefit you and your family in the long-run. Whenever you need us, you will find us here. Because we care.
Critical illness cover has been a necessity for the longest time. But, with the worldwide havoc caused by COVID 19, a critical insurance cover has become non-negotiable. Coverage against life-threatening diseases is provided by a critical illness insurance policy.
Multiple hospitalizations over an extended period of time may be required to treat such serious illnesses. In addition to the hospitalization expenditures, there are additional expenses such as doctor's fees, medical bills, and more. You can cover these large costs with the lump sum payment provided by your critical illness cover.
Not opting for a critical illness cover can lead to a big hole in your pocket where you spend a major chunk of your hard-earned and saved money into the treatment expenses. And the next thing you see is your savings vanishing in no time.
List of diseases: Your coverage covers a number of serious illnesses. Only if one of these serious conditions appears on your policy list is eligible for a claim.
Survival Period: Following the onset of a specific serious illness, there is a minimal amount of time you must live. The duration might range from 14 to 30 days.
No Bills Needed: Upon receiving a specified serious sickness, the insurance pays you a pre-determined amount of pre-determined cash.
No Reimbursement: Your medical expenses are not covered by this pre-determined monetary amount. You will get this one-time payment upon the submission of medical records attesting to your listed severe illness.
Income Loss: You can use this set of cash to cover uninsured medical costs or your loss of income.
Following are the steps to claim critical illness insurance:
Step 1: Send in a claim form along with a certified medical report.
Step 2: Provide the most recent statements, KYC, and other paperwork.
Step 3: Non-relation certificate for any prior injuries or illnesses.
Step 4: Test results for the relevant serious disease.
The following paperwork can be required when filing a claim against your critical illness policy:
For you and your family, life-threatening illnesses can cause emotional and financial strain. The last thing that should be on someone's mind at a stressful time is mounting medical expenditures. Fortunately, you may focus only on receiving medical treatments without worrying about expenditures if you get the finest critical illness insurance coverage.
Critical illness insurance is a cover against critical illnesses that provides financial compensation on the diagnosis of any of the listed critical illnesses. A critical illness is a life-threatening disease such as cancer, kidney failure, stroke, heart problems etc. Critical illness insurance is available as an add-on cover with a standard health insurance policy and also as a stand-alone policy. Such a policy provides a lump sum payout on the diagnosis of a critical illness.
Critical illness insurance financially protects you and your family in times of crisis. It is important to have critical illness coverage because;
Honestly, there are no best critical health insurance plans as it totally depends on your requirements. However, here are some of the popular critical illness plans available in the market that you can consider:
To find out the right amount of critical illness coverage, here are certain parameters you should consider;
Critical illness insurance policies provide coverage for cancer, but not all types and stages are covered. These policies cover cancers which are terminal and in an advanced stage. If cancer is in an early stage and is treatable, it is not covered. Also, if the insured has a pre-existing disease, getting a critical illness, the benefit becomes difficult. Certain types of cancers that are usually not covered in critical illness insurance are;
However, each and every plan has its own terms and conditions, which need to be checked before purchasing a plan so that you are completely aware of the plan's coverage details.
A critical insurance policy provides a lump sum amount on the diagnosis of a critical illness listed in the policy. The coverage amount received can be utilised by the insured as per his requirement. He can use it towards medical expenses, non-medical expenses, to cover loss of income or any way he wants. If surgery is required as a part of the treatment, the insured can utilise the coverage amount to pay for the surgery.
The extent of coverage offered under critical illness insurance is different for different insurers. Some of the commonly covered cancers under a critical illness plan are;
In addition to cancer, some other critical illnesses covered under critical illness insurance are;
A critical illness policy is a fixed benefit health insurance that pays a lump sum amount as per your policy terms and conditions if you are diagnosed with any of the listed critical illnesses that are covered under your policy. The amount you receive can be used at your discretion. You can use it for treatment, medical tests, rehabilitation expenses, covering loss of income, etc. Some important points to remember here are;
A critical illness policy is a type of insurance that provides a financial payout in case a policyholder is diagnosed with a critical illness. The specific illnesses covered in a critical illness policy can vary, but common conditions that are usually covered include cancer, heart attack, stroke, and kidney failure, among others. The payout from a critical illness policy can be used for any purpose, such as paying for medical treatment, covering income loss, or helping to pay for living expenses.
A critical illness policy aims to provide financial protection and security to policyholders and their families during difficult and stressful times. A critical illness diagnosis can be financially and emotionally devastating. A critical illness policy can help ease the burden by providing a financial cushion to help the insured pay for the things they need.
Riders may be attached to your insurance plans such as term plan, endowment plan, money back plan. The top critical illness rider plans are helpful in customizing your life insurance policy.
This rider covers 4 critical illness conditions: cancer, first heart attack, stroke, and open chest CABG. If you are diagnosed with any of these 4 critical illnesses, future premiums payable under the plan and riders (if any) are waived off while your life cover as well as other rider covers continue.
Life can throw bouncers at you when you’re least expecting them. You should buy a critical illness plan for yourself and your family members to battle financial challenges if diagnosed with a critical illness. With a critical illness plan you can receive a lump sum amount that:
During the policy period, you are allowed to make only one claim on any of the listed critical illnesses mentioned in your policy document.
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, a health insurance reimburses the medical expenses borne by you. Hence, it is better that you buy a separate critical illness cover.
Yes, you can purchase a critical illness insurance policy online. You can go on the particular insurer’s website to get the needful done.
Critical Illness Insurance Plan is intended to shield you with a strong financial backup in case you’re diagnosed with any of the major illnesses. The money you claim on your policy can be used to pay off mortgage, children’s education, home improvement, medical treatment, etc. – just the way you want. Opting for a critical Illness cover will be an ideal choice for you, if -
There are two periods for which you must wait before you can claim on critical illness.
It is difficult to determine a specific amount of critical illness coverage for everyone. The coverage you need depends on various factors such as your age, health, financial situation, family medical history and the cost of medical treatment in your area. The best way to find the sufficient cover is to consider your circumstances, needs and financial situation.
