A critical illness insurance plan helps the insured get medical cover in case of life-threatening diseases. Serious illnesses are prevalent these days and staying financially prepared for hefty expenses towards treatments can help provide a cushion against stress and monetary burden.
If you are planning to get health insurance, you must also take a look into the best critical illness insurance plans, what they cover, benefits and how to claim. Read on to get all the details here!
Critical illness insurance policies offer financial coverage to the policyholders if they contract life-threatening diseases like cancer, kidney failure and heart attack. Nobody is prepared to face the expensive treatments related to such diseases. Unfortunately, they can knock at anyone’s door at any time.
To combat the financial burden of such diseases, you can purchase an effective critical illness health insurance policy. When choosing a critical illness cover, the factors to consider include extensive health coverage, a good network of hospitals, affordable prices, and hassle-free claim settlements.
Critical illness insurance provides coverage for the following diseases:
The table below shows the differences between Health Insurance and Critical Illness Insurance plans:
|Basis of Comparison||Critical Illness Insurance||Health Insurance|
|Coverage||Offers coverage for serious diseases. The covered illnesses depend on the insurance company||Covers a diverse range of situations such as accidents, diseases and maternity-related issues.|
|Advantages||Policy-holder gets the money after the diagnosis of a specified critical illness. Individuals can use it at their convenience||Advantages include options of coverage for the entire family and cashless treatments|
|Premium||Premium depends on the insurance company, diseases covered and sum insured.||Premium depends on the insurance company, diseases covered, and the sum insured.|
|Waiting Period||90 days from the start of the policy||Ranges for 1 to 4 years from the start date|
|Survival Period||Ranges from 14 to 30 days as per the terms of the policy||NA|
|Status of Policy||Valid until it’s claimed or till the expiry date||Valid till the sum gets exhausted or till the date of expiry|
The following critical illness plans can be considered while making a decision.
|1.||Care Critical Illness Insurance||Maximum cover – NA|
Claim settlement ratio – 95.2%
Network hospitals – 16,500
|2.||Aditya Birla Activ Cancer Secure Plan||Maximum cover- Rs. 1 crore|
Claim settlement ratio – 70.81%
Network Hospitals – 6000+
|3.||Bajaj Allianz Critical Illness Insurance||Maximum cover- Rs. 50 lakh|
Claim settlement ratio – 92.24%
Network Hospitals – 6500+
|4.||Bharti AXA SmartHealth Critical Illness Policy||Maximum cover- Rs. 3 crore|
Claim settlement ratio – 76.01%
Network Hospitals – 4500+
|5.||Chola MS Critical Healthline Plan||Maximum cover- Rs. 10 lakh|
Claim settlement ratio – 56.25%
Network Hospitals – 9500+
|6.||Digit Health Insurance||Maximum cover- NA|
Claim settlement ratio- 63.56%
Network Hospitals – 6400+
|7.||Edelweiss Health Insurance||Maximum cover- Rs. 1 crore|
Claim settlement ratio – 85.57%
Network Hospitals- 2578+
|8.||Future Generali Criti Care Plan||Maximum cover- Rs. 50 lakh|
Claim settlement ratio – 94%
Network Hospitals- 6000+
|9.||HDFC Life Click 2 Protect Health Plan||Maximum cover- Rs. 40 lakh|
Claim settlement ratio – 99.07%
Network Hospitals- 10,000+
|10.||ICICI Pru Cancer Protect Plan||Maximum cover – Rs. 50 lakh|
Claim settlement ratio – 97.9%
Network Hospitals – 1969+
|11.||Navi Health Insurance||Maximum cover – Rs. 1 crore|
*Claim settlement ratio – 97%
Network Hospitals – 10,000+
*Terms & Conditions Apply
Here are the instances when a person needs a critical illness insurance policy:
A person opting for health insurance has the following benefits in the long run.
A person suffering from a critical illness requires considerable financial support. The burdens of hospital visits, medicines, tests and healthcare expenses need to be managed by an effective plan.
Insurance dealing with an acute disease offers much lower premiums than other health plans. An affordable premium coupled with substantial coverage can help you out in a crisis.
Easy claim settlement
During times of emergency, a critical illness cover can provide immediate financial assistance without any hassles. Cashless claims can also be availed from certain insurance providers.
A health plan ensures a good customer experience 24×7. Any delay in the process is avoided.
A person can think of investing in health insurance because of the following reasons:
Treatments like surgery, transplant, radiotherapy, and chemotherapy are pretty costly. In addition, there are additional costs related to equipment, drugs, hospitalisation, and blood transfusion. Critical illness health insurance helps to bear all such medical expenses on time.
Some plans offer premium waivers after diagnosis and cover the entire cost throughout the policy period.
You can save tax after buying a critical insurance plan. As per Section 80D in the Income Tax Act, a person can get a tax deduction on the premiums.
When battling a life-threatening illness, individuals can lose their income, causing significant financial distress. Critical illness insurance policies offer benefits that can cover such losses.
Health coverage usually has the following exclusions:
People should remember the following important points before choosing a critical illness insurance plan:
Critical illness insurance policies are of two types — add-on and stand-alone. A stand-alone policy does not have anything to do with existing health insurance plans. That said, an add-on policy couples the existing health policy with a critical illness rider. Generally, a stand-alone policy is preferable as it comes with a high coverage amount.
There are certain plans that are designed for certain categories of people as per their requirements. For example, there are critical illness insurance plans for women and children. It is a good idea to do your research about such plans and choose one that is convenient.
There are some insurance companies that have limited the age of insurance renewability to 50 years. Once a person crosses the threshold of 50, he/she won’t be able to renew the insurance plan anymore. However, there are other companies that provide lifetime insurance renewability. Policy-seekers should choose one as per their convenience. Additionally, senior citizens should opt for an insurance plan which covers many diseases.
It is a good idea to thoroughly assess the illnesses covered by the insurance plan before zeroing in on one. People should take into consideration the potential health risks associated with their lifestyle and family history before selecting an insurance plan.
The process of filing the claim should be hassle-free with minimum formality.
Given below is the entire claim filing procedure for a critical illness insurance plan:
Here is the list of documents required for the claim procedure of a critical illness insurance policy:
A critical illness requires long term care in the majority of the cases. While buying insurance, remember the following things in mind:
If a person has sufficient finance to support himself during an emergency, he can buy a plan with low coverage. However, high coverage is essential for the expensive cost of the treatment.
Inclusions and limitations
A person needs to know what benefits a policy covers and what it doesn’t before purchasing it.
The documentation and process involved in claim settlement need to be understood.
Claim settlement ratio
An insurer’s claim settlement ratio denotes its ability to settle claims. So, know the claim settlement ratio before making a decision.
You can only claim critical illness insurance after the waiting period is over. Check the waiting period duration before purchasing critical illness insurance.
Critical illness cover is a good option to safeguard your finances from any health-related emergency in the future. It provides easy access to critical health treatment and reduces your financial burden.
Ans: An ideal critical illness insurance policy covers life-threatening critical diseases like cardiac arrests, cancer, kidney failure etc. It provides a substantial coverage amount for meeting every medical expense. Furthermore, it also covers the daily living costs in case the sole earning member falls critically ill.
Ans: Policyholders should check the waiting period for their chosen plan because it varies from one Insurance company to another. Generally, critical illness insurance policies come with a short waiting period of 3 months. The policy-holder can avail the benefits soon after joining a plan.
Ans: Different illness coverage policies keep different age brackets. Most critical health insurance plans keep the age group between 18 years to 65 years to be eligible for the benefits. Individuals up to 45 years do not have to undergo a medical check-up to get these policies.
Ans: Yes, many critical illness plans provide the opportunity to increase the coverage percentage every year. The limit up to which the increment can be allowed varies from company to company and the terms and conditions of individual policies.
Ans: Some insurers offer a free look period clause of usually 15 days so that you can carefully consider if you want to keep the policy. During this time, you should go through your policy document carefully before making a final decision.
Ans: A congenital condition is a disorder that is present in an individual from birth. It is a birth defect inherited genetically or caused by environmental factors. Children with such disorders may experience certain health problems throughout their lives.
Ans: Claim settlement ratio refers to the percentage of the amount out of the total claim that an insurer settles within a year. It indicates the credibility of the insurance company. IRDA releases the claim settlement ratio of all insurance companies every year.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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