National Insurance Critical Illness Policy
This is a health insurance policy which covers critical illnesses and medical expenses incurred by the person due to the same. This plan takes care of you and your family, by providing a cover against any unforeseen medical expenses or emergencies in case of 6 major critical illnesses.
How it works- In this plan, the Lumpsum amount of the policy is paid on diagnosis of any of the specified 6 Critical Illnesses. However, the insured person needs to survive for 30 successive days after the diagnosis of the critical illness in order to make a claim.
Key Features of National Insurance Critical Illness Insurance Policy
- This Policy is a simple Critical Illness Policy.
- This policy covers 6 major critical illness that may occur to any individual
- There are 4 levels of Sum Assured under this plan
- Level I - Rs. 5 Lacs
- Level II - Rs. 10 Lacs
- Level III - Rs. 20 Lacs
- Level IV - Rs. 25 Lacs
- The amount chosen between Rs 5 and 25 lakhs will be available in lumpsum to the individual to take care of medical expenses incurred due to the 6 major critical illnesses. However there are certain caps for some specific diseases.
- The sum assured is paid on diagnosis of the major critical illness and nothing is payable later.
- The compensation for Coronary Artery Surgery is payable upto 20% of the Sum Insured.
What is covered in National Insurance Critical Illness Insurance Plan?
The 6 major critical illnesses that are covered are:
- Coronary Artery Surgery.
- Cancer
- Renal Failure ie. Failure of both Kidneys.
- Stroke
- Multiple Sclerosis
- Major organ transplants like kidney, lung, pancreas or bone marrow.
Additional Benefits of National Insurance Critical Illness Plan
The entire sum assured is paid out in lump sum on diagnosis of the same by an authorized medical practitioner of any of the 6 major critical illnesses that are covered.
Eligibility & Other Restrictions of National Insurance Critical Illness Policy
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Minimum
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Maximum
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Coverage Amount (in Rs.)
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5,00,000
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25,00,000
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Policy Term (in years)
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1
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1
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Entry Age (in years)
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20 years
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65 years
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Renewable till Age (in years)
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-
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65 years
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Health Insurance premiums paid up to Rs. 15,000 in case of individuals and Rs 20,000 for senior citizens are allowed as a deduction from the taxable income each year under section 80D of the Income Tax Act.
Exclusions - What is not covered in National Insurance Critical Illness Policy?
- There is an initial waiting period of 90 days within which no claim is admitted
- The insured person needs to be alive for at least 30 days of diagnosis of the critical illness for the claim to be paid out.
