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Best Critical Illness Policies in India

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Critical Illness: Overview

What if you are diagnosed with a critical illness that requires specialized care while your health insurance has a limit on doctors' fees and, thus, won't cover the full cost of treatment? Health Insurance also cap specific expenses such as on medicines, intensive care unit or prosthetics and your bill usually will be higher than what the insurance company will pay. The financial burden could be a lot and the only way to mitigate this by buying a critical illness plan. Critical illness can also mean loss of income, total or partial disability and change in lifestyle. Buying a critical illness plan is a smart move to get over these shortcomings.

Sample of diseases covered under critical illness insurance:

  • Cancer
  • Multiple sclerosis
  • Paralysis
  • Coronary artery bypass surgery
  • Major organ transplant
  • Primary pulmonary arterial hypertension
  • First heart attack
  • Stroke
  • Kidney failure
  • Arota graft surgery

Advantages of critical illness policies

  • Protection of your family: Critical Illness plans help to protect you and your family against financial liabilities arising from hospitalization due to critical illness. Most Medical insurance policies only cover hospitalization due to non critical illnesses.
  • Tax Benefits: Get the advantage of availing tax benefits under section 80D by investing in a critical illness plan.
  • Range of diseases: Critical Illness plans cover a large variety of diseases to give you a comprehensive financial protection. The major illnesses are Cancer, Kidney failure, Organ transplant, Multiple sclerosis, Major burns, Coronary artery surgery, Coma, Aorta graft surgery, Heart attack, Coronary artery bypass surgery, Paralysis, Primary pulmonary arterial hypertension and Stroke etc.
  • Range of expenses covered: These plans also cover expenses like donor expenses in a transplant surgery, which are not covered under normal health insurance policy
  • Peace of mind: Best Critical Illness policies aim to give you a financial cushion in case of a medical emergency and help you concentrate more on looking after the patient rather than running around to arrange for money

Critical Illness: How does it work?

Critical illness cover is provided by general insurance companies as individual policies whereas life insurers provide it as a rider attached to the life insurance policy

The best critical Illness policy provides you a lump sum benefit on diagnosis of any of the pre-specified critical illnesses, to compensate the financial loss or hardships that may arise from your disease. Critical Illness Policy covers the cost of care and treatment, recuperation aid and helps you to maintain the same lifestyle that you had before.

How to choose the best critical illness policies:

Choosing the right critical illness insurance will help you save on your critical illness insurance premium. Comparison on is the best way to get critical illness insurance at low rates.

  • Guaranteed premiums: Before buying a critical illness policy one should check if the premiums are fixed or can be increased by the insurance company in later years. Although reviewable premiums tend to be cheaper, it's advisable to get guaranteed premiums because they will save you money in the long run.
  • Maximum renewability: While some plans give lifelong renewability, some cease as early as at 50 years.
  • Plan Features: You should always consider plan features like renewal/ no claim bonus that you can get in form of a percentage increase in sum assured while buying a critical illness plan. A Critical Insurance plan should have an option to increase/top-up the sum insured at later point in life when your liabilities have increased.
  • Stand Alone policy or a Rider: The difference between a critical illness as a rider and a combined life and critical illness plan is that when a claim is made from the rider, the life insurance policy will still be effective. For a combined life critical illness insurance plan, once a critical illness claim is made, the life cover terminates. Also in a Critical Illness rider the number of critical diseases covered are very less and hence the riders are not that financially viable. You can also consider getting a stand-alone cover. This makes sense if you already have a life insurance policy but would like to strengthen it with an additional critical illness policy.
  • Exclusions: Read the small print so you are sure what you are buying. Make sure you know exactly what is and is not covered.
  • Kinds of critical illness covered: You should look at the list of critical illnesses being covered, as this may vary on the insurance company issuing the policy. You should opt for a policy that will cover any illnesses which you think you are particularly vulnerable to
  • Survival and waiting period clauses: The survival clause says the insured must survive for a certain number of days after the diagnosis to make a claim. It is usually 30 days, but can vary. The waiting period refers to a certain period (usually 90 days) from the inception of the policy for which the illnesses are not covered. This can vary from policy to policy.
  • Sub-limit: A few insurers put a cap on the amount that can be claimed under certain ailments.
  • Claims: Understand the claim procedure and check the claim payment history of the insurer.

While buying a critical illness plan, compare all available policies on Bimadirect and seek out our expert guidance to buy best critical illness insurance in India

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