Tensed? For what? Oh for protection and well being of your and your family members well being? Then, keep your tension aside as, we are here the Critical Illness Policy Plan for your rescue.
Critical Illness Insurance provides coverage on very serious and long-term illnesses which needs a very expensive medical attention and treatment. Most insurance policy plans provides critical illness rider coverage on payment of additional premium that helps the insured purchase exorbitant hospitalization and treatment expenses.
What’s Critical Illness Policy?
A Critical Illness contract covers the insured against life-threatening critical diseases like cancer, heart failure, nephropathy etc.This Critical Illness Policy provides a payment coverage amount which will cover exorbitant medical expenses for critical illnesses as covered under the contract.
Features of Critical Illness Insurance Plans
Here are the features of critical illness insurance plans:
1. Critical Illness Coverage- Protection is provided for up to 36 major critical illnesses which has a tumour, cancer, kidney disease, heart ailments and more.
2. Payment- The insurer provides the payment payment for the treatment of all the covered illnesses.
3. Easy Claim Processing- The claim are often easily done and dusted supported the diagnosis reports.
4. Waiting Period- Generally, the protection is provided after the completion of the waiting period.
5. Loss of Income- The payment may be used as an income replacement benefit.
Advantages of Critical Illness Insurance
Have you ever wondered, what is going to happen to you and your family if you stop earning as a results of any critical illness? On top of that, how will you’re taking care of your sudden massive medical expenses?
1. The insurance underwriter don’t want you to induce all frightened up, all what the underwriter wants is you to be versed with all the severe situations that a Critical Illness Plan can accompany you in.
2. Owning a Critical Illness Insurance Policy could be a foolproof way of protecting your future against critical illnesses because the plans will provide you with an approximate amount once the diagnosis is finished for the insurance covered critical illnesses.
Tax Benefits under a Critical Illness Contract
The policy owner is eligible to avail tax benefits under the tax Act, 1961. Tax exemption of up to Rs. 15,000 may be availed under Section 80D of the tax Act, 1961. Senior citizens can avail deduction up to Rs. 20,000 under the identical section.
The right way to Select a perfect Critical Illness Insurance Plan?
The below parameters work like saviours when it involves ensuring the correct critical illness insurance plan:
Parameters Details
1. Sum Insured:- A payment amount up to sum insured.
2. Waiting Period:- Initial 30 days from the policy start date.
3. Survival Period:- 30-90 days.
4. Number of Disease Covered:- 8-36 illnesses, reckoning on the insurance provider.
5. Renewability Age:- It can either be the utmost age or may be lifelong renewability still.
The above information is subject to alter as per the norms of insurance provider
Critical Illness Insurance Plan vs. insurance Plan
1. When Neeraj was diagnosed with a tumour, he was completely shattered.
2. His insurance policy having a sum assured of Rs. 10 Lakh took care of the incurred treatment expenses. Having said that, he was devastated when the revenues of his business started falling down. because of the severity of his illness, he was unable to require care of his business. As a result, the financial health of business deteriorated (along together with his health).
3. There are many folks like Neeraj who don’t know that a insurance policy is different from a critical illness policy.
Parameters Critical Illness Insurance Plan
1. It provides protection against major life threatening diseases like tumour, permanent paralysis, and more.
2. It also provides comprehensive insurance coverage which incorporates hospitalization expenses.
3. Diagnosis is enough to avail the lump-sum payment amount.
4. The insured individual can get the reimbursement of hospitalization expenses by submitting bills.
5. The individual can even avail cashless facility at the network hospitals.
6. The protection is offered for up to 36 critical illnesses.
7. The insurance provides extensive coverage, which has pre-hospitalization expenses and post-hospitalization expenses.
8. Waiting Period, the waiting period depends on the severity of illness.
Illnesses Covered in Critical Illness Insurance
Generally, Critical Illness Insurance Plans provides protection coverage for the subsequent illnesses:
1. Cancer up to a particular stage
2. First time attack
3. Open heart artery bypass grafting
4. Open heart replacement or repair of heart valves
5. Coma, some severe cases and conditions
6. renal failure that needs regular dialysis
7. Stroke
8. Major surgery
9. Bone marrow transplant
10. Permanent paralysis of limbs
11. motoneuron disease, also referred to as amyotrophic lateral sclerosis (ALS)
12. induration
13. aplastic anemia
14. Bacterial meningitis
15. Loss of speech
16. End-stage disease
17. Deafness
18. End-stage lung disease
19. Fulminant hepatitis
20. Major burns
21. Genetic defect
Exclusions in Critical Illness Insurance Policy
Generally, critical illness plans don’t provide amount for the following:
1. Covered critical illness diagnosed within the waiting period.
2. Death within the first 30 days of diagnosis of critical illness or surgery.
3. Critical illness developed because of smoking, tobacco, alcohol or drug intake.
4. Critical illness developed because of internal or external defect
5. Pregnancy or childbirth-related critical condition.
6. HIV/AIDS
7. Illness caused/ developed because of war, terrorism, civil war, navy or military operations.
8. Any care or anaplasty.
9. Infertility treatment/ treatment to help reproduction.
10. Hormone replacement treatment.
11. Treatment underwent outside India.
The requirement for a Critical Illness Policy
Now, the requirement for a critical illness policy is quite ever. The sedentary lifestyle pf 21st-century is giving rise to all or any varieties of illnesses, most of which are critical in nature. Different studies indicate a gentle rise within the number of individuals falling prey to critical illnesses. While the amount of individuals developing/ contracting critical illness is increasing, the age at which individuals develop critical illnesses is consistently decreasing. this implies that millennials are at risk of developing critical illnesses as compared to the sooner generations.
Who Can enjoy Critical Illness Insurance Plan?
1. Anyone and everybody stands to profit from taking a critical illness policy. The modern-day hectic lifestyle could be a harbinger of lifestyle-related illnesses including critical illnesses like cancer, heart failure, stroke, etc.
2. A critical illness can reduce the power of patients to earn. it’s because the patient is commonly sick and home-bound. The reduced ability to figure in some cases results in not having the ability to figure the least bit. This triggers a financial crisis.
3. to forestall such situations, one can choose a critical illness policy.
Who can purchase Critical Illness Insurance Policy?
1. With hospitals spending heavily on super-speciality equipment, the treatment is improving day-by-day. thanks to this and medical inflation, the value of treatment is increasing. When an individual is hospitalized, incurred medical costs can go sky-high.
2. for girls having carcinoma, Herceptin (breast cancer drug) can cost a bomb. While undergoing the treatment, the patient needs a minimum of 16 vials. you’ll imagine what quantity a patient must spend during the treatment.
3. Keeping in mind the treatment expenses for critical illness, choosing the simplest critical illness plan seems to be a viable option.
Here is who all can get benefitted from a critical illness policy:
1. Those with a History of Critical Illness in Their Family.
2. Many critical illnesses are hereditary in nature, i.e. they run in families.
3. One is at a way higher risk of developing a critical illness if there’s a case history of the identical.
4. Those with a history of critical illness in their family should definitely go for a critical illness policy.
Primary Breadwinners
The role and importance of the first breadwinner of a family are paramount. If something happens to them, the family’s financial future are going to be severely affected. The family may even should face unpleasant financial situations. That’s why earning members of a family must buy critical illness insurance cover, especially if they need a medical record.
Those Having High-Pressure Jobs
Critical illnesses have the highest correlation with high-pressure jobs. Various studies indicate that folks working in high-pressure work environments are at increased risk of developing a critical illness. Employees having employment that puts high-pressure on them such should definitely choose a critical illness policy.
People Over the Age of 40 Years
People over the age of 40 years are more at risk of developing critical illnesses. it’s advised that they buy a critical illness policy in their late thirties. Moreover, they’re likely to be in an exceedingly better financial position and might pay policy premium easily.
Factors to stay in Mind While choosing a Critical Insurance Policy Plan
Here are various factors to test before choosing a critical illness insurance plan:
1. Sum Assured
The amount of canopy is important to see which policy works for you. Treatment for a few critical illnesses costs comparatively below the others. Knowing what quantity coverage you would like will facilitate your choose the correct plan for your needs. Get a critical illness insurance quote from our website to return across the critical illness insurance that works for your needs.
2. Standalone Critical Illness contract or Critical Illness Insurance Rider
Since a standalone policy grabs your attention to very next premium as compared to a rider, it offers comprehensive coverage. The scope of coverage offered by a standalone critical illness insurance plan is higher as compared to a rider. Though, a rider may provide the insurance against the identical set of critical illnesses, the number of canopy or the sum assured are way lesser. this can be thanks to the very fact the rider is truly passionate about the bottom policy. as an example, if the health Insurance policy or mediclaim is for Rs. 2 lakh, then the critical illness rider will provide sum just for Rs. 2 Lakh. To enjoy a comprehensive sum, insurance experts recommend opting to choose a standalone plan.
3. Sub-Limits
Checking the sub-limits under a critical illness policy is vital as they need repercussions on the prices you’d need to bear. Sub-limits are applicable to the overall sum assured under a critical illness insurance plan.
3. Inclusions and Exclusions
Though the overall inclusions and exclusions of a critical illness policy are mentioned above, you must check the precise inclusions and exclusions within the policy brochure. it’ll facilitate your get a higher understanding of the plan. for example, a critical illness contract focusing more on cardiovascular diseases may have exclusions like cataract or cancer. If you’re searching for a selected set of illnesses to insure against, please confirm you check the main points beforehand.
4. Age
The critical illness insurance policies catering to senior citizens offer wider coverage and attract a better premium. this can be because senior citizens are at the next risk of developing critical illnesses as compared to young adults. The insurance experts recommend choosing a critical illness insurance plan as per your cohort.
5. Maximum Renewal Age
Some Critical Illnesses Insurance Policies offers a coverage up to a age while others lifelong coverage. You must know the precise age up to which you, as an insured, can renew the plan. for a few plans, you can’t renew beyond, say 60 years. The insurance experts recommend choosing a critical illness insurance plan with a maximum renewal age.
6. Waiting Period
Generally, critical illness insurance policies include a waiting period. this suggests that the policyholder can avail coverage for covered critical illnesses after the tip of the waiting period. The insurance experts recommend choosing a critical illness insurance plan with an occasional waiting period.
A way to File a Claim for Critical Illness Policy?
If there’s a necessity to file a claim, contact your insurance firm and register your claim. Usually, the subsequent documents are required to file a claim:
1. Duly filled form
2. Photocopy of ID card
3. Medical certificate obtained from a doctor confirming the diagnose of critical illness
4. Detailed discharge summary
5. After receiving the above documents, the claim team would verify the small print.
6. Supported the verification, your claim are going to be approved or disapproved.
7. Regardless of the case is also, it’ll be intimated to you.
Note: The insured may should provide additional documents depending upon the claim.
FAQs-
Q1. What’s Critical Illness?
Critical Illness cover comes as a rider yet as a stand-alone plan. It provides the insured with a payment, just in case he/she gets diagnosed with a critical illness like cancer, degenerative disorder, heart failure, paralysis, failure, etc. The insured must bear 30 days waiting period before the primary diagnosis may be claimed.
Q2. Why can we need Critical Illness Insurance Cover?
More often than not, critical illness is taken into account as an exclusion in an exceedingly standard insurance policy. whether or not covered, the payment paid out is solely not enough to suffice the whopping expenses incurred within the treatment of such critical illness. So, getting a critical illness insurance plan is imperative to confirm your financial security.
Q3. What are its key features of Critical Illness Insurance Policy Plan?
It covers major illnesses which are usually excluded from a typical insurance policy. It provides a payment to the insured upon the diagnosis of the covered illness. for many critical illness insurance plans, no medical check-up is required up to 45 years old. It provides tax benefits and no-claim benefits.
Q4. What proportion critical illness cover do I need?
Your age, lifestyle pattern, city of residence and annual income are vital parameters that help to see the acceptable coverage required for you.
Q5. What are the documents required for Critical Illness Insurance Policy Plan?
Generally, age proof, address proof and identity proof are required. Additionally, specific documents could also be required just in case the insurance buyer has to undergo medical tests.
Q6. Does life assurance cover Critical Illness Insurance Policy Plan?
Yes, under add-on rider, insurance plans offer coverage against specific critical illnesses.
Q7. Am I able to get critical illness cover after cancer?
Most insurers provide coverage to insured having insurance before the diagnosis. Varying from one insurer to a different, there are some plans that supply coverage after the diagnosis yet.
Q8. What proportion cover do I need?
Your age, lifestyle pattern, city of residence and annual income are vital parameters that help to work out the acceptable coverage required for you.