critical illness insurance policy

Critical Illness Insurance

Critical Illness Insurance Policy serves to provide cover to a person against life-threatening critical illnesses such as cancer, heart attack, kidney failure, etc. This policy assures to provide a lump sum amount to the insured. This amount can be used by the insured to meet his medical expenses.

Thus a Critical Illness Insurance Policy is one that enables the insured to bear the medical expenses in the event of a critical illness.

Features & Benefits Of Critical Illness Insurance Plans

Now we will discuss about the features and benefits of critical illness insurance plans. We will try to know what are the benefits that will be provided to a person by taking this policy. So let’s have a detailed overview about this.

  1. Critical Illness Coverage:

Through this policy, coverage for 36 major diseases is provided to the insured. Tumors, cancer, kidney failure, heart disease etc. are prominent in these serious diseases.

  1. Lump sum payment:

In this policy, the insurance company makes a lump sum payment to the insured person for the treatment of critical illnesses, through which the insured person can easily pay the expenses of his treatment in the hospital.

  1. Easy Claims:

You can easily claim for your sum assured based on your medical report claim.

  1. Waiting Period:

You are given a waiting period on taking this policy. The coverage is provided to you only after this period is over. So you have to wait for the waiting period to end.

  1. Income Loss:

If your income is affected due to any serious illness, then through this policy your income loss will be met up to a certain amount.

  1. Income Tax Benefits:

Like other insurance policies, this insurance policy also provides income tax benefits to the policyholder under 80D of the Income Tax Act, 1961. In addition, additional tax benefits are offered to senior citizens.

Illnesses Covered In Critical Illness Insurance

A Critical Illness Insurance Policy plan covers the following critical illnesses-

  • cancer
  • heart attack _
  • arterial bypass grafting
  • open heart replacement
  • coma
  • kidneys
  • stroke
  • Bone marrow transplant
  • Permanent paralysis of limbs
  • motor neuron disease
  • lateral sclerosis
  • multiple sclerosis
  • aplastic anemia
  • bacterial meningitis
  • Speech Loss
  • Deafness
  • lung disease _
  • Fulminant viral hepatitis
  • Burns
  • muscular dystrophy
critical illness insurance policy

Exclusion In Critical Illness Insurance Policy

Critical illness insurance plans do not provide insurance coverage for the following-

  • Treatment of serious illness done within the waiting period.
  • Death within 30 days of diagnosis of critical illness or surgery.
  • Treatment of acute illness caused by the use of smoking, tobacco, alcohol or drugs.
  • Treatment of HIV/AIDS disease.
  • Dental or cosmetic surgery.
  • Hormone replacement therapy.
  • Treatment of serious illness caused by internal or external congenital disorder.
  • Treatment of serious conditions arising from pregnancy or childbirth.
  • Infertility treatment.
  • Treatment of serious illness caused by war, terrorism, civil war, military operations.
  • Treatment outside India.

Best Critical Illness Policy Provider In India

  • TATA AIG Critical Illness Policy
  • Aditya Birla Critical Illness Plans
  • Bajaj Allianz Critical Illness Policy
  • Bharti AXA Critical Illness Insurance Plan
  • Reliance Critical Illness Policy
  • SBI Critical Illness Insurance Plans
  • Star Health Critical Illness Insurance Plans
  • Care Critical Illness Insurance Plans
  • Cholamandalam Critical Illness Policy
  • New India Assurance Critical Illness Policy
  • Royal Sundaram Critical Illness Policy

Factors To Consider Before Buying Critical Illness Insurance

  1. Current Status:

Before buying a Critical Illness Insurance policy, you need to keep your current condition in mind. It is necessary to take care of some things like your family structure, present age, people dependent on you etc. If you have old parents at home, you need additional coverage for health emergencies. Thus, you should choose a critical illness policy keeping in mind your current condition.

  1. Health Status:

You should keep in mind your current health condition while buying a critical illness policy. People who smoke or have high stress job may face health problems in future. So it is necessary that critical illness policy must be bought by such individuals so that any kind of situations that may arise in the future can be easily dealt with.

  1. Financial Position:

You should also take into account your financial condition while buying a critical illness policy. It is worth noting that the cost of health care is on the rise and it is likely to increase further in the future. Therefore, you must buy a serious policy policy keeping in mind the financial conditions in the future.

  1. Coverage:

You need to be a little aware while buying Critical Illness Insurance. You should not choose any such policy which is giving you the policy at low premium but the facilities are its work. You should buy a critical illness policy from an insurance company that provides adequate coverage for your future needs.

  1. Health Insurance Policy Equity:

While choosing a critical illness policy, you should keep a balance with your health insurance policy. Whether it is a critical illness insurance policy or your general health insurance policy, you should make sure that you get the maximum coverage, so that you can easily cover your future healthcare expenses with this sum insured. Can complete

Who Should Buy Critical Illness Insurance Policy ?

  1. Employed people :

Critical Illness Insurance policy must be bought by people who are doing jobs that are high stress because people working in high stress jobs are more likely to get serious illness. Hence, such professionals should definitely buy this policy.

  1. People above 40 years of age :

As the age increases, the chances of getting serious diseases also increase. As you reach the age of 40, your chances of getting a serious illness increase. Hence it is necessary that you should absolutely buy a critical illness policy plan when you are in your 30s of life. With this, you can easily cover the medical expenses on future critical illnesses.

  1. Hereditary serious illness:

Some serious diseases are hereditary. Therefore, people who have any such disease in their family which is inherited from one generation to another, then they must buy the critical illness policy.

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