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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.


What is covered under a Critical Illness Insurance Policy?

Due to a sedentary lifestyle, even younger generation is also suffering from life-threatening ailments like cancer, chronic kidney disease, cancer, diabetes, etc. According to the World Health Organisation (WHO), every year nearly 1.7 billion hearts stop working. Further, more and more youngsters are suffering...
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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...

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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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