Critical illness insurance plans are curated health insurance policies that offer financial coverage against the expenses resulting from diseases such as – cancer, kidney failure, coronary artery surgery, etc.
Such diseases tend to cause an immense emotional and financial toll on the afflicted and his/her family. Critical illness insurance policies cover high medical expenses incurred by offering a lump sum amount mentioned under a plan.
Critical illnesses encompass life-threatening diseases that involve prolonged treatment. Mentioned below is a list of some critical diseases covered under critical illness insurance policies:
Overall, such plans usually cover over 40 such critical ailments. It is prudent to check the list of ailments covered under a policy before purchasing it.
Also Read: Key Things to Know Before Purchasing Senior Citizen Health Insurance Policies
The claim process for critical insurance is similar to that of standard health insurance policies. There are two ways to claim your expenses; one is the cashless method, and the other is for reimbursement claims.
This is applicable only if you undertake treatment in a network hospital of the service provider.
This is applicable if the treatment happens in a non-network hospital:
A critical illness insurance policy helps you avail financial coverage against medical expenses incurred to treat critical illnesses.
Treatment procedures such as heart surgery and Chemotherapy may cost around Rs. 5 lakh – Rs. 20 lakh. Hence, the sum insured under this policy is generally higher due to the exorbitant medical expenses incurred in such treatments.
You can purchase a critical illness insurance plan as an add-on over your existing health insurance plan. The add-on cover may come with a lump-sum amount from Rs. 1 lakh to Rs. 10 lakhs based on the number of members covered under a policy.
The annual premium amount will also vary accordingly according to these parameters.
Also Read: What to keep in mind when buying a health insurance policy
Critical illness insurance plans make for the most comprehensive financial safeguard against any medical expense resulting from serious ailments. These plans offer critical illness benefits with extensive coverage to the insured, where almost the entire expense may get compensated.
There are a few other advantages as mentioned below:
You can avail of tax benefits as mentioned under Section 80(D) of the Income Tax Act. You can avail of tax deductions of up to Rs. 25,000 on the premium paid with this insurance plan. Senior citizens can avail up to Rs. 50,000 as tax benefits.
You can use a part of the lump-sum amount as a part of income replacement to meet the medical and household expenses.
You can avail a variety of options concerning premium, policy tenure, and sum assured.
Claim settlements are hassle-free after submitting all valid documents. In this regard, Navi health insurance offers claim settlements in mere 20 minutes. Download the Navi app today to secure such benefits and more!
You will get up to 30 days cover concerning any pre-hospitalization expenses before getting admitted to a hospital.
It is important to know how to choose an insurance policy to avail of the critical illness benefits. Mentioned below are a few tips to choose from:
A critical illness insurance policy comes with few exclusions, as mentioned below:
A critical illness insurance plan makes for an important upgrade when it comes to health insurance policies. Since the treatment of these illnesses can put a sizeable dent in a patient’s pocket, having this add-on in place can help to put a much-needed financial safeguard in place.
Ans: Critical diseases are life-threatening and put both emotional and financial toll on the afflicted. This policy covers the medical expenses in the form of a lump sum amount and offers the insured much-needed relief.
Ans: Some insurance providers offer coverage for children as well. You will need to check with the service provider for the same.
Ans: The survival period is for at least 28 days. This means that the insured must survive for those many days to claim the benefits after getting diagnosed with any critical disease.
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
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.
|Karunya Health Scheme||Niramaya Health Insurance Scheme||Best Health Insurance Repositories|
|Pradhan Mantri Suraksha Bima Yojana||Best Personal Accident Insurance Plans||Best Insurance Policy For New Born Baby|
|Third Party Administrator (TPA)||What is Super Top Up Health Insurance Plan||Deen Dayal Swasthya Seva Yojana (DDSY)|
|Best Health Insurance Plan For Parents||Incurred Claim Ratio In Health Insurance||Chief Minister Comprehensive Health Insurance Scheme|
|Best Health Insurance Policies In India||Best Health Insurance Policies In India||Best Family Floater Health Insurance Plans in India|
|No Claim Bonus in Health Insurance||IRDAI Guidelines For Health Insurance||OPD Cover in Health Insurance|
|Maternity Health Insurance Plans||Health Insurance Plans For Senior Citizens||What is Portability Of Health Insurance|
TPA in Health Insurance – Meaning, Full Form, Functions and RolesTPA (full form - Third Party Administrator) is a licensed intermediary between health insurance pol... Read More »
5 Best Cancer Insurance Policy in India 2023 – Types and BenefitsCancer insurance plans can give individuals and families financial protection from expensive cancer... Read More »
10 Best Cashless Health Insurance Policy in India 2023 – Taxation and CoverCashless health insurance plans are policies that provide medical coverage to policyholders without... Read More »
6 Best Critical Illness Insurance Companies in India 2023Critical illness insurance is a type of health insurance policy that protects against fatal illness... Read More »
10 Best Personal Accident Insurance Policy in India 2023Accident insurance plans provide financial assistance to the policyholder in the event of an unfort... Read More »
Best Health Insurance for Parents in India 2023 and How to Buy?Health insurance for parents offer several perks, including a higher insured sum and full coverage ... Read More »
Best Dental Insurance Plans in India 2023: Benefits, Types and How to Claim?Dental insurance plans are policies that provide cover for expenses arising out of standard dental ... Read More »
7 Best Health Insurance for Newborn in India 2023 – Benefits and CoverHealth insurance for newborns are crucial in today’s time. When you are a new parent, the safety ... Read More »
Yeshasvini Health Insurance Scheme: Apply for Yeshasvini Health Card OnlineEveryone should have access to quality, affordable healthcare. Yeshasvini Health Insurance Scheme i... Read More »
5 Best Diabetes Health Insurance in India 2023 – Top Plans, Cover and Benefits OfferedDiabetes Health Insurance plans are specifically designed insurance covers for people who have diab... Read More »
Best Family Floater Health Insurance Plans in India (2023)A family floater health insurance plan covers the medical expenses of the entire family. It is more... Read More »
10 Best Cashless Network Hospitals in India 2023 – Benefits and Claim ProcessCashless Network hospitals are accredited hospitals that have partnered with a health insurance com... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »