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Get Lowest Rates for Critical Illness Insurance

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  • Critical Illness Insurance
  • Eligibility
  • Benefits
  • How to Claim
  • Importance
  • Choose Best Plans
  • Required Documents
  • Frequently Asked Questions

英雄联盟开盘

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 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:

  • Heart attack
  • Stroke
  • Major Organ Transplantations
  • Kidney failure
  • Paralysis

Note: You can claim only once on your critical illness insurance policy and then it stands terminated.

Buy Critical Illness Insurance Plans - September 2022

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Reliance General Insurer
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs
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Why Buy Critical Illness Insurance?

  • Gives You Cash: It gives you lump sum cash on getting a critical illness listed in your plan. These illnesses can be cancer, stroke, heart attack & many others.
  • Pays For Income Loss: You can use the lump sum cash amount as safety money in case of loss of income in business or job due to critical illness.
  • Other Medical Costs: You can use this cash to pay for regular medical expenses which are not covered in your regular health insurance plans .
  • Peace Of Mind: A critical illness insurance protects you against any medical emergency related to various critical illnesses. Hence, it keeps you free of worries.

Features & Benefits of Critical Illness Insurance

A critical illness insurance is therefore, offers the following features:

  • Critical Illness Coverage: Critical Illness Insurance Policies provides coverage for 36 major critical diseases including kidney diseases, heart complications, tumor and cancer, etc. Since each insurer's list of critical diseases is unique, it's crucial to review your policy to understand which illnesses are covered and how many of them are included.
  • Easy Claim Process: The claim can be easily made and processed after the diagnosis is made. To ensure you choose the right critical illness health insurance, take your decision post assessing the claim-settlement ratio of the insurance provider.
  • Lump-Sum Payment Option: There are critical illness plans that let you choose a large sum insured, offering complete coverage in the event of a life-threatening disease or costly treatment. At the time of claim, the insurer issues a one-time lump sum payment.
  • Hassle-Free Experience: You get all your policy needs met within minutes, with Coverfox. There is almost zero to low paperwork. And in the digitized world, you can experience fast and smooth processing whether buying a critical illness policy or simply renewing a policy.
  • Cashless Facility: The patient receives rapid treatment, which is one of the most significant benefits of critical illness coverage. In other words, the insured can obtain care at any hospital in the network without having to pay any cash. By undergoing treatment under a network hospital, you can avoid making any emergency cash payments.
  • Waiting Period: Usually, the policy has a waiting period ranging from 48 to 90 days. This waiting period may differ as per different insurers. It is advisable to check policy details and see if they meet your requirements.

Benefits of Critical Illness Insurance

  • Protection For You: Provides life-long coverage for your loved ones.
  • Critical Illness Benefit: Ensures critical benefit payout in case of a diagnosed illness (out the 36 major critical illnesses).
  • Tax Benefit: Tax exemption up to Rs 15000 (Rs20000 in case of senior citizen) under section 80C and 80D of the Income Tax Act, 1961.
  • Accidental Death Benefit: In case of sudden death by accident, the amount of sum insured is paid to the nominee.
  • 100% Benefit Payout: You get 100% of sum insured as payment if diagnosed with a terminal illness.

Types of Critical Illness Health Insurance Covers

  • Rider: A critical illness rider is like an add-on to your basic health insurance policy. Under a critical insurance rider, you are paid a lump-sum amount on the diagnosis of such critical illness specified in the policy. The rider comes with an additional payment on the insurance premium. Though, today, several insurance companies are developing new critical illness riders that cover both lifestyle and old diseases, it is always wise to confirm the extent of coverage prior to adding a rider.
  • Standalone Policy: A standalone critical illness cover is much better as compared to a rider. This is because it provides a comprehensive coverage and also offers a much larger coverage as compared to a rider. If the mediclaim or health insurance policy provides coverage of Rs. 2 lakhs, the critical illness rider will provide coverage of only Rs. 2 lakhs. If you want comprehensive insurance coverage, insurance experts recommend purchasing a stand-alone policy.

Diseases Covered in Critical Health Insurance

Here is the list of the diseases covered under critical illness health insurance. However, the inclusion may vary depending on the insurance provider.

  • Cancer
  • Heart attack
  • Kidney failure
  • Multiple sclerosis
  • Stroke
  • Coma
  • Coronary artery bypass surgery
  • Major organ transplant
  • Paralysis
  • Bone marrow
  • Benign brain tumor
  • Major burns
  • Brain surgery
  • Blindness
  • Deafness
  • Parkinson’s disease
  • Alzheimer’s disease
  • Open chest CABG
  • Goodpasture’s syndrome

How Can Coverfox Help You?

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.

Benefits of Buying Top Critical Illness Insurance

The key benefits are:

Cover provided for life threatening diseases
Coverage is provided for up to 36 life threatening diseases
Convenient fast claims process
Convenient, fast, hassle-free claims process
lump sum payment
The sum assured provided is in the form of lump sum payment
terminal illness
100% benefit payout upon diagnosis of terminal illness
Provides accidental death benefit
Provides accidental death benefit.
Protection against disability
Protection against disability
Tax Benefits
Tax Benefits under Critical Health Insurance
buy critical illness health insurance plans online
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Get upto 60% discount

Best Critical Illness Insurance Plans by Insurer

What is Covered? Entry Age Sum Insured
Care Super Mediclaim Critical Illness Plan
5 years to 50 years
Available
Aditya Birla Activ Secure - Critical Illness Plan
1 year to 65 years
Maximum Rs. 50 Lac
National Critical Illness Plan
18 years to 65 years
Rs.1 Lack to 75 Lack
SBI Critical Illness Plan
18 years to 65 years
Rs.2 Lac to 50 Lac
Bajaj Women Specific Critical Illness Plan
25 years to 55 years
Rs.50K to Rs. 2 Lac
Care Assure Critical Illness Plan
18 years to 65 years
Rs.5 Lac to Rs. 1 Crore
Cholamandalam-ms Critical Healthline Plan
5 years to 65 years
Rs.3 Lac to 10 Lac
Bharti AXA Smart Health Critical illness Plan
3 months to 55 years
Rs.2 Lac to 5 Lac
TATA AIG Critical Illness Plan
18 years to 65 years
Rs.2.5 Lac to 15 Lac
HDFC ERGO Critical Illness Platinum Plan
5 years to 65 years
Rs. 1 Lac to 50 Lac
Bajaj Allianz's Critical Illness Insurance Plan
18 years to 65 years
Rs. 1 Lac to 5 Lac

How to Claim Critical Illness Cover?

how to claim critical illness cover

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Exclusions Under Critical Illness Insurance Plan

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 diagnosed in the waiting period
  • Occurrence of death within 30 days of diagnosis
  • Critical illness caused due to the consumption of smoking, tobacco, alcohol or drugs
  • Illness arising out of internal or external congenital disorder
  • Any critical condition related to childbirth or pregnancy
  • HIV/AIDS
  • Critical Illness inflicted as a result of war, terrorism, civil war or military operations
  • Dental Care or Cosmetic Surgeries
  • Treatment for Infertility
  • Hormone replacement treatment
  • Treatment conducted in foreign lands, i.e., Out of India

Why You Should Buy a Critical Illness Cover?

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.

How Does Critical Illness Insurance Work?

  • List of illnesses: There's are list of critical illnesses covered in your policy. You can claim only if you get one of these critical illnesses from your policy list.
  • Survival Period: There's a minimum period you need to survive after getting a listed critical illness. It can be anywhere between 14 to 30 days.
  • No Bills Needed: The insurer gives you a fixed pre-decided cash after getting a listed critical illness.
  • No Reimbursement: This fixed cash isn't a reimbursement of your medical costs. It's a one-time amount paid to you after submitting medical papers that prove that you have a listed critical illness.
  • Income Loss: You can use this fixed cash for your loss of income or paying those medical expenses that are not covered in your regular health plan.

Difference Between Health Insurance & Critical Illness Insurance?

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.

How to Save Tax On Critical Illness Insurance?

  • Double Benefit: A critical illness insurance offers tax benefits upto 1 lakh under Section 80D of IT Act of 1961 .
  • Tax deduction on premium: Get a tax deduction of up to 25,000/- per budgetary year on premium paid
  • Deduction on annual health check-ups: Expenses due to annual health check-ups are entitled for tax benefits. The tax exemption limit here is 5,000/-.

Read More About Health Insurance

Health Insurance Claims
Health Insurance Claims
Cashless Network Hospitals
Cashless Network Hospitals
Health Insurance Articles
Health Insurance Articles
Health Insurance Income Tax
Health Insurance Income Tax
Health Insurance FAQ's
Health Insurance FAQ's
मेडिक्लेम पॉलिसी
मेडिक्लेम पॉलिसी
स्वास्थ्य बीमा
स्वास्थ्य बीमा

Frequently Asked Questions

  • Q. Is Critical Illness Rider Available On Endowment Plans And Money Back Policies?
    • 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.

  • Q. Why Should I Buy Critical Illness Insurance? Is It Important?
    • 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:

      • Pay off debts
      • Takes care of treatment cost
      • Covers loss of income due to inability to earn
  • Q. Can I Make Multiple Claims For The Same Illness Or Any Other Critical Illnesses That Are Listed?
    • During the policy period, you are allowed to make only one claim on any of the listed critical illnesses mentioned in your policy document.

      • As soon as you make a claim, the lump sum amount shall be paid out for the particular critical illness. The policy would be automatically terminated and subsequent renewals would be allowed in the policy of the particular insured person. If at all the policy has been issued to more than one individual then the policy shall still remain active for the other policy members.
      • Certain insurance policies continue other benefits except for the one which you already made the claim.
      • If you are making a critical illness claim then the hospitalization expenses incurred will be paid under Health Insurance. The Lump sum benefit will be paid after the survival period under Critical Illness cover. It is always better to speak to your insurance company about this clause as some insurers may allow you to make more than one claim.
  • Q. I Wanted To Understand How Is The Premium Determined For Critical Care plans?
    • 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.

  • Q. Is it better to take Critical Illness Cover or Health Insurance?
    • 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.

  • Q. Can I purchase a Critical Illness Insurance Policy Online?
    • Yes, you can purchase a critical illness insurance policy online. You can go on the particular insurer’s website to get the needful done.

  • Q. Who Should Buy a Critical Illness Plan?
    • 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 -

      • You have not suitably arranged to save for the rainy days
      • Your health plan or the employer insurance cover isn’t sufficient to cope with any expensive medical care
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