What is Critical Illness Insurance?

Critical Illness Insurance is devised to offer coverage against life-threatening health conditions such as cancer, heart attack, kidney failure, and so forth. It gives you peace of mind that you donâ€™t need to spend your savings during the time of a medical emergency. Such diseases generally affect major parts of your body and generally mandate constant treatment, which can put ample financial strain on the family. Therefore, it is more important than ever to get these critical illnesses covered under a health insurance plan, which will prevent you from draining all your savings and assist you to focus on your health. It provides a lump sum coverage amount that can cover exorbitant medical expenses for critical illnesses stated in the policy. It helps you get quality treatment without affecting your financial independence. Additionally, an insured person is also entitled to get tax benefits.

Why securing your Health today matters more than ever?

Critical Illness Insurance Plan covers life-threatening diseases such as tumors, permanent paralysis, etc. Contrary to this, health insurance plan provides comprehensive health insurance coverage along with hospitalization expenses.

In the Critical Illness Insurance Plan, hospitalization is not mandated to relish policy benefits. Diagnosis is enough to get a lump-sum payment. Contrary to this, health insurance permits the insured to get the reimbursement of hospitalization expenses by submitting bills.

Critical Illness Insurance Plan strives to proffer coverage for up to 36 critical illnesses. While health insurance provides extensive coverage, including pre-hospitalization expenses and post-hospitalization expenses.

Features of Buying Critical Illness Insurance

Safety Net at Economical Rates:

An insured person enjoys a high life cover at affordable rates. It allows policyholders to secure their loved ones financially. This will ultimately give you the peace of mind that is requisite in todayâ€™s time.

Critical Illness Benefit

Critical illness policies usually come with a guaranteed benefit payout to the policyholder when he/she is diagnosed with an illness. This benefit is featured to help an insured person to manage an array of treatment charges.

Tax exclusions

Under section 80D of the Income Tax Act, a policyholder can claim tax deductions on premium payments, and, senior citizens can claim up to Rs. 50,000 under this section. This amount may vary as per existing tax rules.

Accidental Death Benefit

If the reason for the policyholderâ€™s death is an accident, the nominee will be entitled to get the accidental death benefit Sum Assured. This amount will help the policyholderâ€™s family to manage their expenses.

Protection Against Disability

If an insured individual suffers from permanent disability due to an accident, his/her policy continues and the policyholder doesnâ€™t have to make any premium payments. It is one of the remarkable benefits of critical illness insurance.

High Coverage Amount

A critical illness insurance policy is designed to offer coverage up to Rs. 50 lakh so that a policyholder can get the necessary medical treatment during the hour of need. It will free you from constant apprehension.

Inclusions and Exclusions

Before buying any insurance policy, a seeker must review all of its inclusions and exclusions. You might find stumble upon some critical health condition that your policy doesnâ€™t cover.

Sum Insured

While scrutinizing different policy options, one must consider the sum insured. The cost of treatment differs for the treatment of critical health conditions which makes checking the coverage amount necessary.

Waiting Period

The waiting period stands for the stipulated time after which a policyholder can acquire the policyâ€™s benefits. Ensure to check all the waiting periods to understand when you are permitted to file a claim.

Buy a Critical Illness Insurance Plan from Policychayan

Quick Decision Making

Our online platform enables you to make a well-versed insurance decision. Here, you can compare the cost and features of the various insurance policies with a click. Our platform assists you to discover and grasp each productâ€™s facets so that you can easily filter out the plan.

Extensive Coverage at Low Premium

As compared to the offline mode of buying insurance, we help you get high insurance coverage at an affordable insurance premium. Since our platform doesnâ€™t involve any agent so no commission is paid to the insurance agent. It means you can buy the best insurance policy online at the best price.

No Paperwork

One of the obstacles that keep preventing people from buying an ideal insurance policy is paperwork. At Policychayan, you donâ€™t have to deal with tedious paperwork that makes buying the policy easier and quicker. From here, you can buy the desired insurance plan within a matter of a few minutes.

Frequently Asked Questions

At present, critical illness rider has turned into a necessity. Due to medical inflation, a few days of being unwell can make you struggle with ridiculous hospital bills, eventually making it hard to manage your expenses. With a critical illness benefit, you can assure that your loved ones will not face a hard time taking care of hospital expenses, doctorâ€™s fees, and other expenses.

The cover amount for critical illness benefits can rely on several factors, such as your age, income, medical inflation, savings, costs of healthcare in your city, and more. It is generally counseled to pick a high sum assured.

Yes, term insurance covers critical illnesses. An insured folk is allowed to add a critical illness benefit to the base plan by paying an additional cost.

Most insurance corporations offer a sum of up to rupees 50 lakhs. Make sure to read the policy document carefully for detailed information.

The applicant's statement or the claim intimation form
- A certificate from the attending doctor
- A copy of all medical records such as admission notes, discharge summary, medical examinations
- The original policy certificate
- A canceled cheque

If you are already diagnosed with an ailment, you will not be able to buy this insurance.

No, if claimed once, the policy is ended, and it cannot proceed for renewal. You need to buy a new insurance policy.

Yes, most insurance companies request potential buyers to undergo a medical health examination before buying a policy.

Yes, IRDAI - Insurance Regulatory Development Authority of India passed the rule in 2011 that allows you to transfer your policy from one company to another.

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