During severe illness, you may need to see many things, such as treatment, financial impact, personal expenses, handling emotional stress, and other conditions.
Through serious health insurance, you can avoid the hassle of entrapment in very large financial liabilities. Critical Illness Insurance Policy provides you with the right cover at very affordable prices for such a heinous situation.
Health Insurance provides a cover for free medical investigations, cashless medical treatment and a wide range of different policy cover provided under it. But, if someone pays health insurance, even if a critical illness shakes the person and the family’s roots, because there are many complications in serious illnesses which are not covered by the general health insurance policy and for them are special critics An insurance policy is required.
Health insurance also provides cover for critical illness, but the insured amount is very limited and this is the reason why a separate insurance amount is required to meet the need for heavy medical treatment expenses. Some serious diseases are transmitted from one generation to another in the hereditary and some are born from our unhealthy daily life routines, the diagnosis of a critical illness like cancer or any other disease is always to destroy a common man’s life. Is enough for?
The Importance of Critical Illness Insurance
By purchasing a Critical Illness plan, you do not have to rely on any other person for your illness and its treatment expenses. Important insurance plan is a good choice because it provides coverage on serious illness and does not save to clean medical bills and related expenses. The money you get from Critical Illness Insurance will help you clean up medical bills, home amendments, and many other things.
It is also very important, but Critical Illness Insurance Policy can break all dreams of a normal person in the form of any life-threatening illness and it can spoil the future plans of the customers. After saving all the hard work and little money with the plan, medical bills and hospitals can not be justified to spend it. It does not matter if the sick person has been cured with the end of emotional trauma and after the best treatment, the financial burden on the shoulder of the family and the person spent during the treatment will never be allowed to sleep in peace. As a result of this series of the financial crisis.
Critical Illness is a serious health condition that has a rewards-capable effect on a person’s life and needs very much money for its treatment. Nowadays, it is very easy to diagnose the disease only at an early age. Critical Illness can be cured because they need to be treated with expensive technology, and capital investment is for this. Some of the most common critical illnesses covered under Critical Illness Insurance Policy are as follows –
- heart attack
- Major organ transplant
- the strokes
- Extreme disease
- bacterial meningitis
- Motor neuron disease
If there is no savings and security for any major health disease, or if your company does not provide you any employee benefits package, then you should purchase a Critical Illness Insurance Policy, before you definitely get Critical Illness The insurance policy should be bought. Different insurance companies provide separate cover so that policy conditions should be read carefully before dealing with any insurance policy.
Key Features and Coverage: Critical Illness Insurance Policy
Premium amount paid for Critical Illness Insurance Policy is covered under tax benefit as per Section 80D of Income Tax Act.
Guaranteed Life-Long Policy Renewal
Most Critical Illness Insurance Policy has not mentioned the maximum cover end date, so a person is eligible for the policy from 8 years to 70 years.
Flexibility in the insured amount
The policyholder can choose the insured amount in accordance with the requirement and necessity of the assured and the severity of the illness. If the policyholder does not claim the insurance policy, the insured amount can be increased during the renewal of the policy plan
Portability of the insured plan
Although the policyholder is renewing the policy, an existing health insurance plan is an option to migrate.
Add to Features
The policyholder can avail of 5% renewal premium each year. If the policyholder proposes an idea to the insurance company and they accept it, then any medical examination may also get reimbursement of 50% or more from the expense.
Pre-existing disease cover
Pre-existing illness has been excluded from the Critical Illness Insurance Policy, it has been included only after the completion of four continuous renovations from the initial starting date of the insurance policy.
Understand the difference between health insurance cover and critical illness cover
This is the role of medical insurance for critical illness. If he had already taken health insurance, he would have received considerable help from him. However, it is important to first understand the difference between the current health insurance cover and the critical illness cover. The basic health insurance policy covers the cost of recruiting your hospital and it is an indemnity product. In this, your hospital bill is paid to your insured amount. This cover also includes pre and post-hospitalization and listed day-care procedures.
It pays the insurance cover after the identification of critical illness in the insured person; No matter what the hospital bill. Critical Illness Plan covers serious diseases such as cancer, kidney failure, stroke. Kunal is not alone in this fight with serious non-communicable deadly diseases. India is a country where non-communicable diseases are public health problems, which is also a major cause of death. We are the capital of the world in terms of cancer, stroke, cardiovascular diseases. World health statistics show that by the year 2020, non-communicable diseases will have taken seriously and by the year 2030, they would have taken their horrors.
Which of the Critical Illness Plans is most suitable for us?
The next dilemma is how to find out which of the many Critical Illness Plans available in the market is most suitable for us. You should take an insurance plan that provides the most comprehensive coverage, which covers serious illnesses and also covers the regular expenses of hospitalization. Also, keep in mind that the sooner the insurance policy is taken, the better. You should find plans that provide cover till the maximum age because additional financial assistance is required after age. Although, although insurance provides financial support at the time of treatment, by adopting a healthy lifestyle, you can live a healthy and happy life for a long time.
Critical Illness Insurance Plan
There are various types of Critical Illness Insurance policies that someone can choose, you can choose –
Personal Critical Illness Insurance Scheme
Personal Critical Illness Insurance is a policy for an individual. All plan benefits will be provided to only one person and if you want to ensure your family, then you can purchase a personal plan for each family member after paying a different premium amount
Family Critical Illness Insurance Policy
Family Critical Illness Insurance Policy covers the premium amount paid to the whole family. A large amount is insured for family cover, the amount is enough for the whole family. All the members have been included in the scheme and can claim using the insured amount.
Critical Illness Insurance policy provides fixed benefits only once and the policyholder has to face the situation when the situation is out of hand and the treatment cost of critical illness is very high. If the policyholder is diagnosed with Critical Illness during the Critical Illness Insurance Policy, then the policyholder will have a fully insured amount. However, the policyholder should examine the terms and conditions of the policy, after which the second benefit of the insurance policy will be discontinued until the Critical Illness Insurance policy is renewed.
Critical Illness Insurance Policy is very beneficial for the policyholder because it not only involves hospital expenses and treatment for it but also provides an extended version of the help because it helps the paying the debt due to the customers and also helps to recover some of the lost income of the family due to illness.
Top 3 Critical Illness Insurance
Bajaj Allianz Critical Illness Plan
Key Features of Bajaj Allianz Critical Illness Plan
- Easy in-house claim process facility
- 10 major critical diseases square measure lined Entry age is from 91 days up to eighty years
- Easy lifetime renewable process
- The survival period of 30 days is needed
- Lump-sum payment of an insured amount
- Donor expenses incurred on an organ transplant surgery, are covered within India & abroad ( subjected to the sum assured limit)
- Tax saving benefit under Sec.80/ D of the IT Act
- Health CDC benefit
Benefits of buying Bajaj Allianz critical illness Insurance plan
With this plan you’ll be able to avail the following benefits:
- The insurer’s claim settlement ratio is kind of impressive, therefore, you don’t need to worry about the settlement of your health claim
- As Bajaj Allianz health insurance records, their average claim settlement duration is only 60 minutes
- Cashless treatment is available in more than 5700 hospitals across the country
- Bajaj critical illness plan will be purchased online and easily renewable from their website
Illnesses covered by Bajaj Allianz critical illness plan
The plan offers for 10 major critical illnesses and the payment is paid in a lump sum:
- Major organ transplant
- Permanent Limb paralysis
- Aorta Graft Surgery
- Multiple sclerosis
- Coronary Artery Bypass Surgery
- First heart attack (Myocardial Infarction)
- Primary pulmonary arterial hypertension
- Kidney Failure
Max Bupa Critical Illness Mediclaim Policy – Criticare
Here are the features of this critical illness plan.
- The policy covers 20 critical illnesses such as Cancer, First Heart Attack, Permanent Paralysis of Limbs, Coma, Kidney failure, etc.,
- This plan comes with 1 or 2 or 3 years policy tenure option.
- The company settles the claim directly with its team without involving any third party.
- There are two benefit options available – the sum insured can be payable as a lump sum or sum insured payable as lump sum plus additional 10% of the sum assured payable each year for the subsequent 5 years.
- You can get premium discounts if you opt for 2 or 3 years plan
- Critical illness is not covered for the first 90 days of the plan.
- Pre-existing diseases coverage only after 48 months
- You can cover yourself and your spouse in a single critical insurance plan.
- You can go through the exclusions list to understand what is not covered.
- Premium for 30 years aged person for Rs 10 Lakhs sum assured is approx. at Rs 2,400 per year.
HDFC Ergo Critical Illness policy
Here are the key features of HDFC Ergo Critical Illness Plan.
- It is one of the best critical insurance plans that come in two variants – Silver and Platinum. It covers major life-threatening and permanent disability diseases. The silver plan covers 8 critical illness such as Heart Attack, Cancer, Paralysis, Kidney Failure, Bypass Surgery, etc., Platinum would cover all plans indicated in Silver Plan and additionally, it covers Heart Valve replacement, Alzheimer’s disease, end-stage liver disease, etc.,
- The policyholder gets the option of choosing between one year or two years of the policy coverage period.
- The policy allows choosing from a wide range of plans on the basis of sum assured from Rs. 2.5 Lakhs to Rs 10 Lakhs.
- The sum assured would be paid in a lump sum to the nominee.
- Any person falling under the age of 5 years to 45 years can be covered under this plan. However, children from 5 to 18 years are covered only when both the parents are covered under the policy.
- No medical tests if the individual is below 45 years of age.
- Pre-existing diseases are not covered for the first four years of the policy. The policy comes with the benefit of life-time renewability.
- Income tax benefit u/s 80D is available for the premiums paid.
- Premium for 30 years aged person for Rs 10 Lakhs sum assured is approx. at Rs 2,500 per year for the silver plan and Rs 3,500 per year for Platinum plan.