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27 October 2021
Critical Illness Insurance Plans: Do You Need It?
27 October 2021Critical insurance plans entail health insurance policies that cover the treatment of a list of pre-determined critical illnesses. Some common illnesses include heart attack, cancer, stroke, and liver failure, to name a few. In case a policyholder contracts any one of the mentioned critical illnesses, the insurers pay the sum insured upfront irrespective of the actual medical expenses. This, however, may vary from policy to policy.
If you have a comprehensive health insurance policy, chances are high that the policy might cover critical illnesses. To choose a critical illness insurance policy, you must compare the insurance plans available, including the sum assured, waiting period, and policy premium, to name a few.
Table of contents
- Critical Illness Insurance Plan Comparison Table
- How to Compare Critical Illness Insurance Plans Online and Offline?
- Benefits of Comparing Critical illness Insurance Plans
- Steps to Follow While Comparing Critical Illness Insurance Policies
- Prime Area of Focus While Comparing Critical Illness Plans
- Final Word
- Frequently Asked Questions
Critical Illness Insurance Plan Comparison Table
A critical illness insurance policy’s coverage varies across insurance providers. Take a look at the table below that mentions the top 10 insurance companies and their critical illness insurance plans.
| Plans | Features |
| Navi Health Insurance | Coverage up to Rs. 1 core 10,000+ cashless network hospitals97% claim settlement ratio |
| Religare Care Assure | Covers 20 illnesses. Inbuilt coverage for personal accidents. |
| HDFC ERGO Optima Vital | 37 critical illnesses covered. Value-added services of Healthline and health risk assessment are available. |
| Star Criticare Plus Insurance Policy | It covers 9 major illnesses. Non-allopathic treatments are covered. |
| HDFC Ergo Critical Illness Policy | Covers up to 16 illnesses. Sum insured is up to Rs. 10 lakh. |
| Manipal Cigna Lifestyle Protection – Critical Care Insurance Plan | The enhanced plan variant covers up to 30 illnesses. Free medical second opinion. |
| Reliance Critical Illness Policy | Coverage of up to 10 critical illnesses. Effortless claim settlement. |
| Bajaj Allianz Critical Illness Plan | Covers 10 major illnesses.Claim settlement through a specially designed app. |
| Future Criticare Plan | It covers 12 illnesses. Floater coverage is available. |
| Bharti AXA Health Insurance-Critical Illness Insurance Plan | Policyholders of a minimum of 3 months and a maximum of 50 years are eligible for this plan. 1-year policy term. |
Applicants can choose the best policy from the aforementioned critical illness insurance comparison table and obtain several benefits.
Also Read: Cashless Health Insurance – Definition, Process & Benefits
How to Compare Critical Illness Insurance Plans Online and Offline?
You can compare insurance policies through both online and offline checks.
Online procedure of comparing critical illness health plan
The online mode of comparing critical illness health plans is easy and convenient to follow. Policyholders simply need to visit the insurance companies’ official websites, compare the features and settle for the one that offers maximum benefits.
Further, individuals can use a health insurance premium calculator to evaluate their critical illness plan premium.
Offline procedure of critical policy comparison
This is a more traditional way to compare critical illness plans. Applicants need to be physically present at the insurance office, learn about the offers, compare them and purchase one.
However, this process is time-consuming and not as streamlined as the online procedure.
Now that you know everything about comparing health insurance let’s learn about the benefits of critical illness comparison.
Benefits of Comparing Critical illness Insurance Plans
There are several benefits of comparing critical illness insurance plans. Some of them are:
- It allows members to choose a comprehensive plan that covers maximum illnesses.
- Comparing critical illness plans will enable a policyholder to choose a premium amount that is affordable for him or her.
- One can compare the waiting period that comes with the plans and settle for a plan with a minimum waiting period.
- Comparing the renewability age of a critical illness plan will allow members to select a plan with lifelong renewability.
- Similar to the waiting period, policyholders should also consider the survival period of a policy and choose one with a lower survival period.
Also Read: Features & Benefits Of Different Types Of Health Insurance Policies
Steps to Follow While Comparing Critical Illness Insurance Policies
Whether you opt for an online or offline comparison of critical illness insurance plans, it is mandatory to follow the given steps:
Step 1: Get in touch with a health insurance broker to obtain information regarding critical illness insurance costs and more.
Step 2: They will also give insights regarding the chosen insurance plan concerning its claim settlement history, premium rates, etc.
Once you follow these steps, you can refer to the above critical illness insurance comparison table and make your selection.
Prime Area of Focus While Comparing Critical Illness Plans
| Parameters | Description |
| Sum insured | The sum insured is the amount that covers the medication and treatment of a particular critical illness. This lump sum amount depends on your insurance provider. |
| Waiting period | This is a time decided by the insurer during which they do not settle any claim. It depends on the severity of the illness. |
| Survival period | A policyholder must survive this period after being diagnosed with a covered critical illness. It varies from 30 to 90 days. |
| Disease coverage | This denotes the number of illnesses covered under a plan. A critical illness plan covers 8 to 36 illnesses based on the provider. |
| Renewability age | The plan’s validity is important to consider while comparing policies. It can either have a maximum age or lifelong renewability. |
Therefore, during critical illness policy comparison, it is vital to consider the above pointers. A policyholder can also opt for this plan as an add-on to his/her base health insurance plan.
Besides this, one must also factor in the insurance provider’s claim settlement ratio and claim process while comparing plans.
Final Word
Having a critical illness policy can save you from high healthcare costs. However, it’s important to compare various plans before signing up for one.
To get a comprehensive cover, you can download the Navi Health app. With Navi Health Insurance, you can get cashless claims in less than 20 minutes.
Frequently Asked Questions
Ans: In a standard health insurance policy, critical illness coverage is not available. Therefore, members must get an add-on critical illness policy on their existing health plan or buy a new critical illness plan to cover the huge treatment expenses of critical illnesses like cancer, heart ailments, etc. This will enable a policyholder to maintain financial security.
Ans: In such a scenario, insurers pay no claim under the critical illness plan.
Ans: If you do not compare critical illness plans, you might end up choosing a plan that does not cover maximum critical illnesses and costs you more. Also, you can end up selecting a plan that comes with a long waiting period or survival period making it more difficult for you to obtain benefits. Therefore, it is essential to compare plans before settling for one.
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