Critical Illness Insurance

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Advantages of Critical Illness Insurance

Lifelong Renewal

Most critical illness policies offer lifelong renewability. There is no maximum ceasing age, hence one can buy the policy from 8 years to 65 years depending upon the insurer.

Flexible Payout

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.

Affordable Premium

The critical illness insurance premium is cheap as compared to health insurance. This is because the insurance will only trigger upon the diagnosis of critical ailments which are covered by the policy.

Tax deductible

The premium paid for the critical illness insurance policy is tax deductible upto Rs.15000 under section 80D of the Income Tax Act. Also, the payout under the policy will be tax-free.

Benefits of Critical Illness Insurance

Terminal Diseases Covered

Critical illness insurance provides coverage for all kinds of terminal illness like cancer, end-stage lung and liver disease, Alzheimer's disease and congestive heart failure.
Paralysis, multiple sclerosis, major organ transplant, stroke and heart surgery are also covered under the policy
Once the diagnosis of such critical ailment is confirmed, you can file a claim to get the lumpsum benefit.

Pre-existing Disease Cover

Some critical illness health insurance cover pre-existing diseases for which the insured was diagnosed or received a medical treatment. Generally, they are covered after 48 months of waiting period.
No pre-policy medical checkup is required up to age 45 to buy critical illness plan.
The policy also covers individuals with chronic ailments such as diabetes or hypertension.

Financial Protection

Critical illness insurance offers a benefits plan in which you will get the lump sum amount upon the diagnosis of a critical ailment to cover hefty cost of medical treatment.
The amount paid by this insurance can be used for other household expenses, pay loans or children school fees.
Due to such payout facility, it acts as income replacement and protects your family from financial repercussions.

Frequently Asked Questions

There is an exhaustive list of ailments which are covered under the critical illness policy. Some of this illness include cancer, stroke, kidney failure, multiple sclerosis, paralysis, coma and end-stage liver and lung disease. Only one critical illness claim is allowed during the tenure of the policy. Once the payout for one ailment is done, the policy terminates immediately.

No, your medical condition will not be covered under the policy as all the congenital illness or disease are treated as an exclusion in critical illness health insurance. This condition will get covered under the regular health insurance policy.

There is not any standard rule to decide upon how much critical illness coverage will be enough, but you should decide it upon your age and lifestyle. Being said that the cost of critical illness treatment is on the rising, you should choose for the sum insured of 10 lakhs if your age is above 35 years. If you belong to higher age group, you can go for higher coverage.

All the illness resulting from smoking, tobacco, drug, alcohol and congenital disorder are excluded from the policy. Critical ailment arising due to pregnancy or infertility treatment are also not covered. Apart from this, dental treatment and cosmetic surgery will also not be insured in the policy.

While filing the claim under critical illness health insurance, you should submit a completely filled claim form to the insurer. Apart from this, original discharge summary, doctor consultation, medical reports confirming the diagnosis of critical illness, original hospitalisation bills and pharmacy bills with a prescription would also be required at the time of filing the claim.

No. The critical illness insurance terminates as soon as the sum insured is paid to the insured upon diagnosis of covered critical illness. Also, only one critical illness claim is allowed during the lifetime of the insured, so once the claim is made, you will not be eligible to renew the policy or to buy the fresh policy.

No, once a claim for a particular critical illness has been admitted and paid, the coverage under the Policy will automatically terminate for that Insured person. If the Policy is issued to more than one individual, it will continue to be in force for the remaining members.

In order to ensure a smooth claim settlement, you should provide all the necessary medical documents related to the diagnosis of critical illness to the insurer. Also, you should avoid claiming for any uncovered ailment or for an illness that does not meet the definition of critical illness. In addition, you should make sure to disclose all the relevant information at the time of policy placement.

There are many factors that determine the premium amount of critical illness insurance such as pre-existing medical conditions, genetical disorder, age, profession, drug or alcohol usage and body-mass index (BMI). If an insured is having a healthy lifestyle, the critical illness insurance premium will be lower.

The cost of critical illness insurance varies according to age. For example, for any individual of age 35, for sum insured of Rs 10 lakhs, the premium will be as less as Rs 2000. You can fill the above form and get your quotes instantly so that you can finalise upon the coverage.

As the age and lifestyle affect the premium, if you are in good health condition, then the premium of your policy will be lower. You should avoid any use of tobacco and alcohol as this may affect the cost of the policy. Also, you should choose the required coverage carefully as higher premium will be charged for higher coverage.

Yes, you can avail the tax benefit on premium paid for critical illness insurance under Section 80D. The benefit of the annual deduction of Rs. 15000 is available for an individual below 60 years. For a senior citizen, the limit of a deductible is Rs 20000.

Critical illness insurance help to safeguard your finances by providing you with a lump-sum amount when your family needs it most. This payment suffices the expensive cost of treatment of such disease. Getting this cover will help protect yourself, your family and your budget from the impact of a critical illness.

Critical illness insurance covers critical illnesses only, whereas, regular health insurance covers all the diseases mentioned in the policy. The health insurance only covers the medical cost of treatment, however, critical illness insurance will pay a lump sum amount upon the diagnosis of the critical ailment. Also, the critical illness policy ceases once the sum insured is paid out.

The medical second opinion offers the facility to an insured to secure an expert second opinion from the insurance company’s network of medical practitioners if the insured is diagnosed with a covered critical illness during the policy period. This benefit can be availed once during the lifetime of a policy for a particular critical illness.

The survival period is basically the number of days for which an insured has to survive after the diagnosis of critical illness for the first time, in order to get the benefit from the policy. This period varies among different insurers and varies between 15 to 30 days. All critical ailments covered under the policy would have a pre-specified survival period.

Insuropedia

What is covered under a Critical Illness Insurance Policy?

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What is loading in critical Illness Insurance and When is it Applicable?

Loading is the amount charged by critical illness insurance companies at the time of policy renewal if you have claimed in the previous policy tenure. There are various ways in which loading is computed by insurance companies offering critical illness insurance policies, and some of them are –

Loading with respect to claim – It means...

How does subrogation apply to critical Illness insurance?

Subrogation gives the insurance company a legal right against a third party. It gives the insurer the right to sue the third party that caused the loss to the insured person. The third party, in this case, is liable for the loss or injury or accident to the insured person. Since the insured person takes the insurance policy...

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