With the rising number of diseases and the soaring cost of healthcare facilities, the need for a health insurance policy offering critical illness coverage is becoming indispensable. A critical illness plan offers protection to policyholders in case they are diagnosed with a critical illness listed under the policy.
Under such policies, the insurance company offers a lump sum amount to the insured if they are diagnosed with a critical disease. This amount helps the insured to get good treatment for the long-term serious illness. Let us discuss the critical illness cover in detail, in this post.
A critical illness insurance is an insurance cover that takes care of the monetary requirements of the insured if he/she is diagnosed with a critical or life-threatening disease listed under the plan. Here, the policy offers a lump-sum amount to the insured to take care of the expensive medical treatment of the critical disease.
However, you must note that the insurer will cover you against the critical illnesses that are listed under your insurance policy. So, it is important to consider the diseases covered under the plan while buying the cover. Also, you should read the various clauses associated with the coverage before buying the critical illness policy.
Below is are some examples of Critical Illness:
Here are some features to note:
Critical illness is a condition that might make one helpless and it may be difficult for the person to work. Have you thought what will happen to your family and to your own self if you are unable to earn your livelihood due to a critical illness? How will you take care of the medical expenses of the treatment? It’s quite frightening to think of such a situation. So, it is important to have a back-up to deal with such a situation.
Hence, it is extremely important to buy a plan against critical illnesses so that you can secure your future as well as the future of your family. With a critical illness plan, you can avail a lump sum amount if diagnosed with a critical illness covered under your plan. Besides, a critical illness health plan also allows the insured to avail tax benefits under section 80D of Income Tax Act, 1961.
There are certain parameters to select a critical illness policy to suit your needs well as mentioned in the table below. You must check your requirement as per the mentioned parameters and their details to suit your needs.
|Sum insured (SI)||A lump sum money, which is equivalent to SI|
|Diseases covered||Between 10- 36 diseases covered as per the insurance company|
|Waiting period||30 days from the policy start date|
|Survival period||Between 30 - 90 days as per the insurer|
Below are some differences between a critical illness insurance policy and regular health insurance plan:
|Parameters||Critical illness plan||Health insurance plan|
|Meaning||This plan covers the critical diseases that are life-threatening||This plan offers comprehensive coverage of hospitalization and much more|
|Coverage||Covers over 36 critical illnesses||Covers Hospitalization and other costs of diseases|
|Advantages||Once the insured is diagnosed, the person receives the benefit in the form of a lump sum amount. Hospitalization is not compulsory||Here, the insured needs to be hospitalized and submit bills to get reimbursements or get cashless facilities|
|Waiting period||Depends on the disease and its severity||30 days|
Here is a list of some of the best critical illness insurance policies offered by some of the best insurance companies in India:
|Insurance company||Critical illness policy||Age||Sum Insured||Policy tenure|
|Bajaj Allianz||Critical illness insurance||Min - 91 days Max - 80 years||INR 1 - 50 lakhs||1 year|
|Niva Bupa||Criticare health insurance plan||-||INR 3 lakh - 2 Crore||1-2 years|
|Star health insurance||Criti care plus||Min - 18 years Max - 65 years||INR 2 - 10 lakh||N/A|
|SBI Health||Critical Illness Insurance Policy||Max - 65 years||Up to INR 50 Lakh||1-3 years|
|National Health Insurance||Critical Illness Policy||Min - 18 years
Max - 65 years
|INR 1 - 75 lakhs||1 year|
Some exclusions include:
Here are the important things to remember:
Yes, you can get coverage against specific critical illnesses by buying an add-on rider.
Depending on the insurance company, you may need to provide age, address and identity proof among others.
This would depend on your age, lifestyle, the city you live in, as well as your yearly income. You should get your critical illness coverage depending on all these aspects.
There are many insurance companies offering best plans against critical illness. Some of them are mentioned in the post above.
* Rs. 245/month is the starting price for a 5 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*! Rs. 334/month is the starting price for a 10 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*@ Rs. 12/day is the starting price for a 5 lac family health insurance for an 25-year-old male and 22-year-old female, with no pre-existing diseases.
*# Rs. 12/day is the starting price for a 5 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*$ Rs. 600/month is the starting price for a 20 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*^ Rs. 12/day is the starting price for a health insurance that covers coronavirus for an 25-year-old male, with no pre-existing diseases.