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Critical Illness Insurance Plan

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What is critical illness insurance?

Critical Illness insurance provides a financial cover in case you are detected with some serious illnesses or conditions. The list of conditions and severity are defined in the policy and you will receive a lumpsum amount in case you are affected any time during the policy term.

Importance of a critical illness insurance policy

Critical Illness insurance is very important, probably more important than any other insurance plan. Critical illness insurance covers a scenario wherein you are suffering from a serious condition which requires very expensive treatment. Also, your income would have surely stopped, paused or taken a serious hit. Your morale will be down and not having this cover will seriously affect your family's living conditions.

Key features of a critical illness insurance plan

  • Lumpsum amount as soon as illness is detected
  • Large payouts at relatively smaller premiums
  • Covers a large number of critical illnesses
  • Premiums are tax exempt under Section 80D
  • Lifetime renewability

List of conditions covered in Critical Illness Insurance Policy

Different insurance companies cover different numbers of critical illnesses. Some of the common conditions covered are listed below. You should compare across plans to choose the best coverage.

  • Cancer
  • Heart attack
  • Stroke
  • Coronary Artery Bypass Surgery
  • Heart Valve Replacement
  • Multiple Sclerosis
  • Major Organ Transplantation
  • Paralysis
  • Kidney failure

Who should buy a critical illness insurance policy?

Anyone who has financial dependents should invest in a critical illness insurance policy. They are cheaper than health insurance plans and offer a much larger and much needed cover for the expensive treatment costs associated with critical illnesses.

How to Buy a Critical Illness Cover?

  • Compare plans from different insurers
  • Check for list of critical illnesses covered
  • Buy the plan online
  • In some cases, you may have to undergo medical tests before prucahsing the plan

How Does the Critical Illness Rider Work?

A critical illness rider works in the same way as a stand alone critical illness insurance plan. You take it as a rider when you purchase it along with another plan, say a life insurance plan. So you can take a critical illness rider along with a term insurance plan.

FAQs on Critical Illness Insurance Plan

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How to file a claim for Critical Illness policy?

  • Fill up with claim form
  • Submit required documents
  • Insurance company verifies the documents and claim details
  • Claim is settled
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What are all documents required at the time of claim?

  • Policy document / number
  • Claim form
  • Medical reports
  • Details of treatment
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What are the Exclusions in a Critical Illness policy?

Some of the standard exclusions are:

  • Self inflicted injuries
  • Conditions caused to due participation in adventure sports
  • Caused due to war
  • Alcohol or drug abuse
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Are there any Tax Benefits on buying a Critical illness policy?

Premiums paid are exempt under Section 80D of the Income Tax Act.