Most critical illness policies offer lifelong extendable. No maximum ceasing age, hence, one can buy the policy from 8 years to 65 years depending upon the insurer.
Critical Illness insurance offers flexible payment options upon diagnosis. Such as the lump-sum payment of sum insured or lump-sum payment plus 10% of sum insured paid each year for the subsequent 5 years.
The critical illness insurance premium is cheap as compared to health insurance. This is because the insurance will only activate upon diagnosing critical ailments covered by the policy.
Premium paid for critical illness insurance policy is tax deductible upto Rs.15000 under section 80D of Income Tax Act. Also, the payout under the policy will be tax-free.
Critical illness insurance, also known as critical illness policy cover. In this insurance product, the insurer usually has the obligation to make a lump sum cash payment. If a doctor diagnosis a insured person with one of the serious diseases listed in the policy. The critical illness policy covers life-threatening diseases such as renal failure, heart attack, cancer, organ transplants, etc.
Through critical illness rider an insurance policy holder can avail an additional coverage in exchange of additional premium. The policy might also arrange to give money regularly to the person with the policy who is having surgery. Like a heart bypass operation.
Policy might state that person with policy must live a certain number of days after the illness is diagnosis. The period varies from company to company, 14 days being most typical survival period used.
Security against Healthcare inflation
Critical illnesses do not only put strain on the body, but on the finances as well. With progress in the medical infrastructure, the medical cost is increasing too. This is important to prepare for it even when there is a faint possibility of a diagnosis.
Cover against Critical Illness
Critical illness insurance covers a specified list of life-threatening ailments. This is totally worth it if you have a family history of these ailments. Affordable premiums, you can help provide yourself with peace of mind and financial protection if emergency were to strike.
You can get it to make sure your finances are secure in case you have a sudden, serious, and long-lasting illness. With medical inflation on the rise, having a critical illness policy is necessary to safeguard against inflated nursed charges.
Critical Illness policy generally contains the following significant features:
Some key individuals benefitted by the policy include:
You can buy a critical illness insurance plan at a lower cost compared to a regular health insurance policy. Reason being, where typical health plan covers multiple diseases, critical illness insurance plan is only for specific medical conditions.
A critical illness insurance policy offers coverage against life-threatening critical diseases like renal failure, heart attack, cancer, organ transplants, coma, etc. These policies offer one-time lump-sum coverage against the exorbitant cost associated with treating these diseases.
Experts with deep insurance knowledge suggest that alternative coverage exists, free from the limitations found in critical illness policies. For example,
In addition to providing you financial relief during health emergencies, the policy also offers tax benefits. You can deduct the money you pay for premium of a critical illness insurance policy from your taxable income. This action falls under Section 80D of the Income Tax Act of 1961.
Below are the tax benefits based on the Age:
So, under Section 80D, if you pay a premium for your entire family, you can save up to Rs.75,000 on your taxes. If you are over 60 years of age and pay your parents' premium, you are eligible for a maximum deduction of Rs.1 lakh.
Like other insurance plans, consider several factors when selecting the right critical illness insurance policy. Below checklist can help you purchase the best critical illness insurance in India:
Policies vary, so it's important to analyse different critical illness policies from various insurers before deciding. This is important to find one that meets your medical needs and budget. A critical or serious illness insurance usually covers some common life-threatening diseases.
|Cancer (up to a specified stage)
|Good Pasture’s syndrome
|Open heart replacement or repair of heart valve
|Bone marrow transplant
|Benign brain tumour
|Loss of speech
|Open chest CABG
|Primary Parkinson's disease
Some other important benefits included in the plan:
Critical illness insurance coverage will not cover if your medical condition isn't serious. A few situations (listed below), where critical illness insurance doesn't provide any financial support.
To avoid disappointed with their insurance plan because of wrong information about the policy coverage limits. This is advisable for policy buyers to carefully go through the exclusions of policy plan.
SecureNow is an independent online broker for critical illness coverage. This means we're here to help you make the right decisions when protecting yourself and your family in case of illness. When you use our service online, offline, or over the phone, you get:
SecureNow offers a comprehensive and cost-effective critical illness insurance plan. Consider it in the case of an unlikely health emergency. It scrutinizes the key points of Critical Illness Insurance Plan and suggest best Critical Illness Policy for you.
Through SecureNow, you can purchase a critical illness insurance plan at a relatively lower premium. With affordable rates, you can provide yourself, peace of mind and financial protection if an emergency were to strike.
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