As per the Registrar General of India stats, 32 percent of adult Indians have died between 2010 to 2013 due to coronary heart disease. According to a Global Burden of Diseases report in 2016, 1.7 million Indians died due to heart disease out of the world's 17.3 million deaths.
The World Cancer Report 2018 stated that there are 1.16 million new cancer cases, 784,800 cancer deaths, and 2.26 million 5-year prevalent cases in India's 1.35 billion population.
Why are there so many incidents of acute and life-threatening diseases among Indians?
Due to stressful working conditions, improper work-life balance, smoking, drinking, not sleeping properly, unhealthy eating habits, and a sedentary lifestyle, young individuals between the ages of 25 and 35 are susceptible to lifestyle diseases. The onset of lifestyle diseases such as diabetes, obesity, etc., leads to critical and life-threatening illnesses in the long run.
The concept of work from home has not worked in India successfully. Women are now more burdened than ever as they have to do office work plus take care of their children and look after their household chores simultaneously. Social distancing and curfew rules have shut down corporates, working professionals are more confined to their homes than before, further leading to a sedentary lifestyle.
If you face any of these situations, by the time you are 50 years, you will be spending half of your salary on medical bills and hospitalization treatment. This will become an extreme scenario for you and your family.
You must be aware that critical illnesses such as cancer and heart diseases are just the tip of the iceberg. Along with medical complications, critical illness can be chronic. They might impair your bodily functions for a prolonged period of time. This will drain you and your family emotionally, physically, and financially.
To make things worse, if you think you are covered by your employer group policy or standard health insurance policy, check again. Either of the plans mentioned above does not cover critical and life-threatening illnesses.
If you are young but prone to lifestyle disease, this is the right time to buy a critical illness policy.
A critical illness plan is a type of insurance policy providing financial assistance for life-threatening and critical illnesses/diseases. It is different from a standard health insurance plan. Under a critical illness policy, you will receive a fixed payout as a lump sum if you are diagnosed with a critical illness. The list of critical illnesses is usually defined in the policy document.
The lump-sum payout benefit can be utilized to pay for your medical treatment and cover for any existing debts and on-going loans, financial commitment, etc.
What are the different types of diseases/illnesses covered under this plan?
This depends on the type of critical insurance cover and the respective insurer. Most of the insurers cover between 32-40 life-threatening diseases and conditions. A few examples are listed below:
It is always the right decision to buy a critical illness plan. The Covid-19 pandemic has drastically changed the manner of how people work and live. Rising pollution and global warming will further make our livelihood more challenging and give ways for new diseases to grow. With medical inflation, the cost of cancer treatment ranges between Rs. 10 to Rs. 15 lakhs today. This amount will escalate to Rs. 20 to Rs. 25 lakhs in the near future. Therefore, it is better to be prepared than to stand trial at the last moment.
Besides, if you have a family history of critical illnesses/diseases, you are genetically predisposed for the same. It is even more imperative for you to purchase a critical illness insurance plan. The same condition applies if you are the only breadwinner for your family!
Advantages of Critical Illness Plans,
A critical insurance policy provides a sufficient amount in the form of a lump sum. You can utilize this amount for income replacement.
The payout received under a critical illness policy is tax-free as per Section 80D of the Income Tax Act, 1961.
You need not be hospitalized to make a claim. The policy will disburse the payout based on the initial diagnosis/medical report.
You can claim the lump sum payout even if you are in a foreign country; you are getting treated for a critical illness/disease outside of India.
A critical insurance cover reduces the stress of financial capacity in your family's life.
Here is a list of the top critical illness insurance policies in India for 2020.
| Insurer Name | Plan Type | Eligibility Criteria | Sum Insured | Policy Term |
|---|---|---|---|---|
| Care Health Insurance Company | Critical Illness Insurance Plan | 5 years to 50 years | Rs. 10 lakhs to Rs. 2 crores | 1 year to 3 years |
| Aegon Life Insurance Company | iCancer Plan | 18 years | Rs. 10 lakhs to Rs. 50 lakhs | 5 years to 70 years minus the age of entry |
| Reliance Health insurance Company | Critical Illness Plan | 18 years to 65 years | Rs. 5/Rs. 7 lakhs/ Rs. 10 lakhs | 1 year to 3 years |
| ManipalCigna Insurance Company | Lifestyle Protection Critical Care Plan | 18 years to 65 years | Rs. 1 lakh to Rs. 1 Crore/Rs. 3 Crores for age 35 years and above | 1 year to 3 years |
| HDFC Life Insurance Company | Life Cancer Care Plan | 5 years to 65 years | Rs. 10 lakhs to Rs. 50 lakhs | 3 years to 85 years |
| Edelweiss Insurance Company | CritiCare Plus Plan | 18 years to 65 years | Rs. 5 lakhs to Rs. 1 Crore | 5 years to 30 years |
| HDFC ERGO Insurance Company | Critical Illness Plan | 5 years to 65 years | 1 year to 2 years | |
| Max Bupa Health Insurance | CritiCare Plan | 18 years to 65 years | Rs. 3 lakhs to Rs. 2 Crores | 1 year to 3 years |
| HDFC ERGO General Insurance (previously known as Apollo Munich) | NA | 18 years to 65 years | Rs. 1 lakhs to Rs. 50 lakhs | 1 year to 2 years |
The information mentioned above has been sourced from the official website of the respective insurers. Last updated on 16.10.2020
A critical insurance policy is essential these days. You may never know the risk of future pandemics and lifestyle diseases. The only thing you can surely do is get protected today! Now that you are aware of a critical insurance cover policy, it is time to get one for yourself today! Call us on 1800 209 9930.
Recommended Link:Which Critical Illness Insurance Plan is the Best in India 2019?
