Critical Health Insurance Plan
About Critical Illness Plans
Critical times could drain your savings, choose Best Product through our partners to protect your finances. Insurance is an assurance that Critical illness won’t eat your savings.
Critical illness is a serious health condition that has a debilitating effect on an individual’s lifestyle and requires a considerable amount of money towards treatment. It may also lead to loss of income due to inability to work.
Critical Illness Insurance Plans provides coverage against specific life threatening diseases. Treating such critical illnesses may require multiple visits to the hospital over a long period of time. What this means is that in addition to the hospitalization cost, there will be other costs like doctor visits, medical expenses, etc. A Critical Illness plan pays a lump sum amount that can be used to cover these high expenses. The good thing is that this lump sum payout is in addition to any Mediclaim or health insurance policy that you may already have.
Health problems, in most cases, strike unexpectedly, resulting in a sudden financial burden for the family. In such cases, family is not only worried about meeting the cost of treatment, but also struggles with the loss of income they go through due to you being unwell. This most of the times, leads the family, to dip into their savings kitty built for child’s education or one’s own retirement. Your loved ones let go of their dreams to overcome financial exigencies health problems create. Our critical illness insurance ensures there’s no dent on your savings. It is a smart move made well in advance to prevent life threatening diseases such as cancer, stroke, etc. from draining your savings. Lower premiums and bigger coverage help you focus on your health without any financial stress.
Why should one buy a Critical Illness Cover, (even if you already have a Medi-claim plan)?
Treating a critical illness takes time and money. If you are an earning member and are diagnosed with a major illness, it is quite likely that you will have to skip work to get treatment for it. This leads to a double trouble:
- Losing your monthly income
- Increase in expenses due to frequent visits to the hospital, high cost of medical tests and medicines that will be required for complete recovery
In this case, a Mediclaim plan will only reimburse your hospitalization costs. A critical illness cover goes beyond just hospitalization costs and helps you cover other expenses like doctor consultation fees, cost of medicines etc. In addition to that, if you have any outstanding loan like a home loan or a car loan, the critical illness pay-out can help with dealing with the outstanding EMIs.
If you do not have a critical illness cover, you may have to dip into all the hard earned money that you have saved. The high cost of treatment can erode years of savings in just a few months.
Reasons to choose Critical Illness Insurance
Up-to 34+ Critical Illness covered
Just like you need a bigger umbrella to save yourself from heavy rain, you always need a plan with wide coverage and that’s why we provide you with best the available comparison from the market.
Lump Sum payment in a single transaction
We know you do not like the additional stress of checking with the insurance company about the money clearances and that’s why we pay the tax-free Sum Insured in a single transaction.
The role and importance of the primary breadwinner of a family are paramount. If something happens to them, the family’s financial future will be severely affected. The family may even have to face unpleasant financial situations. That’s why earning members of a family must buy critical illness insurance cover, especially if they have a medical history.
The policyholder can avail tax benefits under the Income Tax Act, 1961. Tax exemption of up to Rs. 25,000 can be availed under Section 80D of the Income Tax Act, 1961. Senior citizens can avail tax benefit up to Rs. 25,000 under the same section.
The procedures that you undergo before getting hospitalized finally lead you to a hospital, such as investigative tests and routine medication, can be quite financially draining. We cover the medical expenses incurred by you up to 30 days before your hospitalization.
Expenses don't end once you're discharged which is why even we don't rest unless you're completely ready to take all the challenges of life head on. We reimburse expenses such as doctor consultations, Diagnostic tests, medications etc. that you incur up to 60 days post your hospitalization.
Company Will pay for - room charges, nursing expenses and intensive care unit charges, surgeon's fee, doctor's fee, anesthesia, blood, oxygen, operation theater charges, etc.; If you are admitted to a hospital for in-patient care, for a minimum period of 24 consecutive hours.
Company will reimburse every expense occurred while you're staying in single or private room. You can also upgrade your room should there be a need to and is recommended by a treating doctor.
In time of an emergency Company believe your focus should be only on your recovery. Hence we take care of those ICU charges that come in your way of getting a quality treatment.
Company Provide utmost concern that you get the medical attention, you require as soon as possible, especially in an emergency. Which is why, we reimburse expenses incurred by you while availing a domestic road ambulance during your hospitalization. Not just this, some plans of our product care also offers coverage for availing an Air Ambulance if suggested by a doctor.
In case of an emergency or a medical condition that does not allow you to get admitted in a hospital, Company Will provide coverage for medical expenses incurred during your treatment at home for a period exceeding 3 consecutive days. So nothing should delay the treatment you deserve.
Annual Health Check-Up
Company believe in the old adage that an ounce of prevention is better than a pound of cure. This is why we give an Annual Health Check-up for yourself and all members covered by your policy, including children.
Automatic Recharge of Sum Insured
Keep your worries regarding medical expenses outside the door with Automatic Recharge of Sum insured. If you ever run out of your health cover due to claims made, Company will reinstate the entire Sum Insured amount of your policy. This additional amount can be used by you for any other ailment or by any other insured member for treatment of any ailment.
Company raise a cheer to good health for every year that you don't claim by increasing your Sum Insured by 5% OR 10% OR 20%, up to a maximum of 100% OR 200% in Consecutive Years.
Organ Donor Cover
We care about those who help you as much as we care for you. So, beyond ensuring that your medical needs are met, we will reimburse you for medical expenses that are incurred by an organ donor while undergoing the organ transplant surgery.
Reassurance Of Second Opinion
Sometimes reassurance works better than the cure itself. Which is why if, at any moment you feel uncertain about your diagnosis, you can opt for a second opinion at no extra cost specially arranged by us.
Company don't leave you in between the journey and honor our commitment by giving our customers option of lifelong renew-ability i.e. once enrolled an individual can continue to stay covered throughout one's life, provided they renew their policy on time every year.
Even alternate treatments are covered
Company understand that sometimes non-allopathic treatments may prove to be more effective. Whether it is Ayurveda, Unani, Siddha or Homeopathy, choose the treatment that suits you and we will cover it up to a specified limit and varies according to the plan chosen.
Inclusions and Exclusions
Though the general inclusions and exclusions of a critical illness insurance policy are mentioned in the policy brochure. It will help you get a better understanding of the plan. For instance, a critical illness insurance policy focusing more on cardiovascular diseases may have exclusions such as cataract or cancer. If you are looking for a specific set of illnesses to insure against, please make sure you check the details beforehand.
Illnesses Covered in Critical Illness Insurance
Generally, critical illness insurance plans cover the following illnesses:
- Cancer up to specified stage
- Heart attack (first time) Open heart coronary artery bypass grafting
- Open heart replacement or repair of heart valves
- Coma of specified severity
- Kidney failure that requires regular dialysis
- Major organ transplant
- Bone marrow transplant
- Permanent paralysis of limbs
- Motor neuron disease, also known as amyotrophic lateral sclerosis (ALS)
- Multiple sclerosis
- Aplastic anemia
- Bacterial meningitis
- Loss of speech
- End-stage liver disease
- End-stage lung disease
- Fulminant viral hepatitis
- Major burns
- Muscular dystrophy
Disclaimer- This list is only indicative and not exhaustive. Insurance companies cover various critical illnesses under different critical illness insurance policies.
Exclusions in Critical Illness Insurance Policy
Generally, critical illness plans don’t provide insurance coverage for the following:
- Covered critical illness diagnosed within the waiting period
- Death within 30 days of diagnosis of critical illness or surgery
- Critical illness developed due to smoking, tobacco, alcohol or drug intake
- Critical illness developed due to internal or external congenital disorder
- Pregnancy or childbirth-related critical condition
- Illness caused/ developed due to war, terrorism, civil war, navy or military operations
- Any dental care or cosmetic surgery
- Infertility treatment/ treatment to assist reproduction Hormone replacement treatment
- Treatment underwent outside India
Advantages of Critical Illness Insurance
Funds for any purpose
This sum may help you to pay your home loan EMI’s and allow you to maintain the same lifestyle that you were enjoying if you’d have received a regular monthly salary. The best part about this plan is that the claim is submitted on the basis of a simple diagnosis report of the hospital or doctor. The claim, if approved, is not contingent to any conditions of hospitalization in listed hospitals or presentation of hospital invoices etc. The life assured can utilize the said sum in whichever way he deems fit. There are a lot of illnesses that are covered in these plans from first heart attack and stroke to partial blindness and kidney damage requiring dialysis.
No depletion of savings
If you don’t have a critical illness cover, your savings will get depleted as you will be utilizing them for meeting your day-to-day expenses when dealing with a critical illness. These savings may be meant for your children’s marriage or education etc. This may disrupt your life. For instance, your daughter’s marriage is due in the next 6 months and the money that you had set aside for the same gets used up during the period you are recovering from the critical illness. You may have to look at taking an expensive short-term or intermediate-term loan to meet the expenses of the marriage which may disturb your financial plans.
Whilst nobody expects to get a life-threatening illness, critical illness cover provides a family with peace-of-mind as to God forbid in the case family is struck with family member with Critical Illness all they have to worry about is health conditions and recovery and not about finances.
If you are the lone breadwinner in your family, a critical illness forcing you to take a break from work may cripple the household financial position. Critical illness insurance ensures that you have a financial back-up. The income that you used to draw from your employment could be replaced by the pay-out from a critical illness plan. This will help you with your utility bill payments, children’s school fees, EMI’s and other expenses.
Some critical illness insurance plans have a multi-claim option with a waiver of premium principle after the first claim. This means that you can claim multiple times during the policy tenure, provided the illnesses belong to different groups of illnesses. In addition, after the first claim, you need not pay the premium and the policy still remains intact.
While renewable premiums tend to be cheaper to begin with, however it becomes expensive to renew. It is advisable to get longer term like till age 65 or till age 75 where premiums don’t change.