Critical Illness Insurance – Buy Best Suited Critical Illness Policy

Due to constantly changing lifestyles and environments Critical illness is one of the major growing concerns for many Indian households. On top of that continuously raising the cost of medical treatment put an extra financial burden on middle-class families in India.

For many Indian middle-class families like yours and mine, it is financially devastating to deal with serious illnesses like cancer, heart disease, and stroke without adequate insurance coverage, In the last few years critical illness insurance is growing in popularity as more people are affected by these serious illnesses.

According to National Cancer Registry Programme, it is expected number of cancer patients in India from 15.7 lacks by 2025, making it even more important to have financial support in the form of insurance policies.

So, before going into further discussion let’s understand what critical illness insurance stands for. what does it mean by critical illness?

Best critical illness insurance plans to buy: –

Critical Illness Insurance Providers.	Critical Illness Insurance Plans.	Age Limit.	Sum Insured (in Rs.)	Policy Term.
ManipalCigna Health Insurance.	Lifestyle Protection – Critical Care Health Plan.	–	Maximum 25 Crore Rupees.	NA	View Plan.
Niva Bupa Health Insurance.	Critical illness insurance plan.	–	Rs 3 Lakh to Rs 3 Crore.	1-2 YEARS.	View Plan.
HDFC Ergo Health Insurance.	HDFC ERGO Critical Illness Policy.	5 years to 65 years.	Rs 2 Lakh to Rs 1 Crore.	1 to 2 years.	View Plan.
ICICI Prudential Health Insurance.	ICICI Prudential Critical Insurance.	Up to 75 Years.	1 Lakh to 1 Crore.	1 to 5 years.	View Plan.
Bajaj Allianz Health Insurance.	Critical Illness Health Insurance.	Minimum 90 days to Maximum 80 Years of age.	Rs 1 Lakh to Rs 50 Lakh.	1 YEAR.	View Plan.
Edelweiss Health Insurance.	Edelweiss Tokio Life CritiCare+	–	Rs 5 Lakh to 1 Crore.	5 to 52 years.	View Plan.
Care Health Insurance.	Care Health Assure Insurance Policy.	Minimum five years to maximum 50 years.	Rs 10 Lakh – Rs 2 Crores.	1/2/3 years	View Plan.

What does critical illness insurance stand for?

A critical illness is a type of insurance policy that provides coverage to policyholders against life-threatening diseases including cancer, heart attack, renal failure, etc. However, depending on the insurer, the critical illnesses that are covered under the insurance may change.

The policyholder will get a payment if they are diagnosed with one of the critical illnesses covered by the policy. They can use this money to pay for any associated medical costs, lost wages, or other financial obligations that may emerge throughout the illness.

Major Difference Between Critical Illness Insurance vs. Health Insurance: –

Parameters.	Health Insurance	Critical Illness Insurance
Stands For	It provides comprehensive insurance.	It covers critical life-threatening diseases such as Cancer, Heart Attack, etc.
Major Benefits	By providing receipts, the insured can request compensation for hospitalization costs incurred. He can also use the cashless system at hospitals in the network.	To receive benefits under the coverage, hospitalization is not necessary. For a lump-sum payment, a diagnosis is sufficient.
Coverage.	It provides comprehensive protection, covering both pre-hospitalization and post-hospitalization costs.	It provides protection against up to 36 serious illnesses.
Waiting Period.	You have to wait a minimum of 30 days.	The waiting period varies depending on the severity of the condition.

Why do we need a critical illness insurance policy?

A critical illness policy is a form of supplemented insurance that specifically provides coverage for health expenses that your health insurance plan might not cover. The policy helps policyholders to ease out financial burden during critical illness treatment, as it pays lump sum amounts to policyholders that can be used for any purpose like medical expenses, bills, or household expenses.

India is out of those countries that have high death rates due to critical illnesses such as cancer and heart disease. According to the National Health Profile 2019, non-communicable diseases (NCDs) are responsible for more or less 61% of all deaths in the country.

Here is some crucial aspect of a critical illness insurance policy that will help you to understand why it is so important to have illness insurance to ease financial burdens.

Protect Your Finances:

It is important to be financially aware and always have some kind of backup plan in case of critical illness. The raising cost of medical treatment made it even more crucial to have an insurance policy. you can use the beneficiary amount of critical illness to pay any kind of expenses mentioned in the agreement.

Cover Medical Expenses:

Critical illnesses frequently necessitate costly medical procedures and treatments, which your health insurance policy could not cover. An additional level of protection for these costs may be offered by a critical illness insurance policy.

Complement Your Life Insurance Policy:

There is a big difference between a life insurance policy and a critical illness policy, the life insurance policy provides financial protection in the event of the policyholder’s death, On the other hand, critical illness is totally different. The critical illness insurance policy provides coverage in case you are seriously ill but survived. in life insurance your family receives the insured amount after your death.

Early Detection and Treatment:

One of the biggest advantages of critical illness policy is that early detection and treatment services. Several critical illness insurance plans include benefits for the early diagnosis and treatment of specific conditions, which can boost your chances of recovery and enhance the state of your health in general.

Tax Benefits:

Critical illness policyholders are eligible to receive an extra tax benefit from the government. policyholders will get benefits under Section 80D of the Income Tax Act.

Customize Your Coverage:

Critical illness insurance plans can be altered to meet your unique requirements and budgetary concerns. The conditions that are covered as well as the level of coverage are up to you.

In case of a major sickness or injury, critical illness insurance coverage can offer financial security and peace of mind. It can help to pay for medical costs.

A critical illness insurance plan can also be a useful addition to your life insurance plan and give you access to superior medical services and treatment alternatives.

A critical illness insurance policy could be a wise investment for your future if you take the potential effects of a critical illness on your finances and general well-being into account.

Things to be considered while buying a critical illness insurance policy: –

It is very crucial to get the right kind of critical illness insurance that can truly support you and your family during financial burdens. there are several things you need to consider such as coverage, premium, waiting period, benefit amount, and even some customer reviews to make a well-informed decision.

Each insurance provider has their own rules and regulations, and you have to be aware of all of them while getting your critical illness policy. Here we (PolicyGyan India) list out some common aspects you can consider before making a decision.

Take a count of your age: –

The possibility of developing serious diseases like heart attack, diabetes, paralysis, etc. also rises with age due to the complexity of health situations. Also, compared to standard therapies, the cost of medical care for such disorders is significantly higher.

Hence, you may protect your finances by being prepared and purchasing insurance for such uncertainties. It is a good idea to purchase critical illness insurance coverage if you are a senior or have a senior family member.

Heath Conditions: –

Your current health may have a role in whether or not you decide to purchase critical illness coverage. If you smoke frequently, your busy schedule and job stress may cause serious diseases in the future.

You also have to be aware that smoking can cause your premium to go up a little. Also, it’s a good idea to get critical illness insurance early on if your family has a medical history of a critical illness.

Coverage:

Insurance purchases should never be hurried. Although it might not be your primary health insurance plan, critical illness insurance is still crucial. Hence, before choosing one, check the list of illnesses covered to see whether the insurance will cover the majority of serious conditions.

Moreover, be sure to carefully read the terms and conditions so that you are aware of the policy exclusions. The insurer’s proposed policy wordings are frequently complex to interpret. Before signing the documents, make sure to discuss any questions you may have about the terms with your agent.

Policy Premium:

Critical illness insurance coverage often has reasonable premiums. But, critical illness insurance plans are available from several insurance providers for a range of premiums.

To receive the most coverage for the cheapest price, you should compare and examine the premiums charged by various insurance providers.

Even though the premium difference is not particularly large, it has a considerable impact over time. The premiums of various insurers are readily available to verify and compare on their official websites.

Critical illness insurance should Complement your Health Insurance Policy: –

To acquire enough coverage at a fair price, while choosing your critical illness insurance, make sure it is in alignment with your health insurance policy. Together, they should cover every area of healthcare so that your portfolio of health insurance is safe.

Convince: –

Be sure that purchasing and renewing your critical illness insurance is a straightforward process. You might save a tonne of time and money by purchasing and renewing your insurance policy online from one of the many insurers.

Also, flexibility to make changes in the existing policy is another important feature that can be of great convenience if you extend your family or in case of an unfortunate demise of any of the family members covered under the insurance or simply need to extend the policy cover with changing lifestyle.

Covering yourself and your loved ones with critical illness insurance coverage is a prudent decision given our increasingly hectic lifestyles. You can purchase it from a health or life insurer as a stand-alone policy or, for a slightly higher cost, as a rider in your health or life insurance policy.

Make thorough research before choosing the appropriate critical illnesses insurance policy because it is an important and huge decision. To gain the best benefits and prevent any potential disputes, make sure to take into account the above factors when purchasing a critical illness insurance policy.

Best critical illness insurance plans to buy: –

There are numerous Critical Health Insurance Providers available in the market. So sometimes it confuses new policy seekers about which one is more suitable and affordable for them. So, here we policyGyan India with the top 7 Critical health insurance providers.

Critical Illness Insurance Providers.	Critical Illness Insurance Plans.	Age Limit.	Sum Insured (in Rs.)	Policy Term.	View Your Policy.
ManipalCigna Health Insurance.	Lifestyle Protection – Critical Care Health Plan.	–	Maximum 25 Crore Rupees.	NA	View Plan.
HDFC Ergo Health Insurance.	HDFC ERGO Critical Illness Policy.	5 years to 65 years.	Rs 2 Lakh to Rs 1 Crore.	1 to 2 years.	View Plan.
ICICI Prudential Health Insurance.	ICICI Prudential Critical Insurance.	Up to 75 Years.	1 Lakh to 1 Crore.	1 to 5 years.	View Plan.
Bajaj Allianz Health Insurance.	Critical Illness Health Insurance.	Minimum 90 days to Maximum 80 Years of age.	Rs 1 Lakh to Rs 50 Lakh.	1 YEAR.	View Plan.
Edelweiss Health Insurance.	Edelweiss Tokio Life CritiCare+	–	Rs 5 Lakh to 1 Crore.	5 to 52 years.	View Plan.
Care Health Insurance.	Care Health Assure Insurance Policy.	Minimum five years to maximum 50 years.	Rs 10 Lakh – Rs 2 Crores.	1/2/3 years	View Plan.
Niva Bupa Health Insurance.	Critical illness insurance plan.	–	Rs 3 Lakh to Rs 3 Crore.	1-2 YEARS.	View Plan.

What is covered under a critical illness insurance policy: –

Here is a list of critical illnesses that will be covered under the illness insurance policy. Each policy provider will cover different illness problems, so be sure before purchasing an illness policy.

Cancer Treatment: –

If you are given a cancer diagnosis, critical illness insurance can offer financial assistance. The benefit may assist in paying for medical expenditures, travel costs, and other expenses related to cancer treatment.

Heart Attack: –

According to the Indian Council of Medical Research (ICMR), more than 1 crore people in India die due to heart attacks, which shows how it important is to have insurance coverage for such critical illnesses. on the other hand heart attack medical treatment are super costly and can reason for financial burdens shortly for you and your family.

Kidney Failure: –

Having critical illness coverage for kidney failure is as important as having insurance for cancer and heart attack. kidney failure can lead to kidney transplant and dialysis, both of which can cost you beyond the expectation.

Major organ transplant: –

Middle-class families of India like yours and mine cannot afford major medical treatments like organ transplants. In India only a kidney transplant will cost you from ₹5,99,714 to ₹11,99,429 this is a very huge amount of money, and for this kind of treatment, it’s crucial to have insurance coverage to mitigate the financial burden.

Other than above mentioned a critical illness policy also provide coverage for illnesses such as Open heart coronary artery bypass grafting, a Coma of specified severity, Aorta surgery, and many other mentioned in your policy documents.

What is not covered under a critical illness insurance policy: –

Although critical illness insurance is known for all-around coverage for major serious illnesses, there are also some conditions under which some policy providers did not provide coverage for a particular illness.

• Replacement therapy for hormones.
• Therapy took place outside of India.
• HIV/AIDS
• Diagnosed with a covered serious disease during the waiting period
• Death within 30 days after a serious disease or surgical diagnosis
• Serious disease brought on by using drugs, alcohol, tobacco, or both
• Whether it was an external or internal congenital defect, critical sickness arose.
• Pregnancy or childbirth-related serious condition
• Illness brought on or develops as a result of military actions, terrorism, war, or civil strife
• Any cosmetic surgery or dental work
• Treatment for infertility or to help with reproduction.

These are some conditions in which some insurance providers did not provide insurance coverage.