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.
| 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 |
A critical illness insurance is therefore, offers the following features:
Here is the list of the diseases covered under critical illness health insurance. However, the inclusion may vary depending on the insurance provider.
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.
The key benefits are:
However, not all types of illness get a place in a critical illness insurance policy. Mentioned below are the aspects not covered under the policy:
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.
| Factors | Critical Illness Insurance | Health Insurance |
|---|---|---|
| What it means | Covers life-threatening ailments like heart attack, stroke, paralysis, tumour etc. | Covers for hospitalization expenses related to seasonal illnesses, accidents & pre-existing diseases. |
| Benefit | Hospitalization is not needed to get policy benefits. Simple submission of medical papers that proves that the patient has been diagnosed with a listed critical illness is sufficient to get the one-time payment. | You can submit hospital bills and get reimbursement. You can get cashless treatment at network hospitals as well. |
| Cover | Covers nearly 36 main critical illnesses. | Covers major pre & post hospitalization expenses along with the hospital treatment. |
| Waiting Period | Waiting period depending on the criticality of the illness. | Minimum waiting period of 30 days. |
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.
