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11 Things to Consider When Comparing Critical Illness Insurance Plans

Updated On Dec 04, 2020

Cancer, strokes, paralysis, kidney failure, heart attack, etc., name them and the shadow of death may seem like following you.

However, you can get rid of the shadow if you are covered by a critical illness policy.

A critical illness policy is a kind of health insurance plan, which is designed to cover life-threatening diseases. This plan can either be a standalone plan or a critical rider on another policy.

Let’s understand these two terms.

  • Standalone: In a standalone critical illness policy, there is no upper limit for the cover.
  • Rider: In a critical illness insurance rider, there are no restrictions on the cover of the base policy.   

Critical Insurance: Key Highlights

  • If you have critical illness insurance, you can receive the sum assured when medical reports show that you are suffering from any of the critical health issues included in the policy.
  • The best part with critical insurance is that you don’t need to submit medical bills, receipts, or be hospitalized, etc., to avail the claim benefits.
  • One more fact is that critical illness comes with certain waiting period restrictions. If you don’t complain about a critical illness within the waiting period, you’ll not be able to avail the claim benefits.  

Comparing Critical Illness Insurance

To buy the best health plan for critical diseases, it is essential to compare all the policies available in the market. Here are certain factors you should take into account for comparing critical illness insurance policies.

The Sum Assured

When determining the most suitable policy, do look into the amount assured. Make certain that the sum assured can fulfill all the financial needs and requirements of your family in case an ailment causes death or partial or total disability.

Covered Illnesses

Do you come from a family of certain critical illnesses? If so, you need to be careful enough in choosing critical insurance. Be sure that the plan you are selecting covers those illnesses.

Only the plan that covers those ailments will allow you to have an extra edge over all the potential diseases.

The Coverage Size

Suitable insurance coverage is one that covers the critical illness you have inherited. So, decide a plan based on the life-threatening health disorders you have received from your family.

If you are aware of the health benefits of critical illness insurance that the insurance company is offering you, it will be quite easy to decide whether the coverage amount is right or not for you.

Claim Settlement Ratio

Considering the Claim Settlement Ratio (CSR) of your insurance company is another essential step. CSR shows you how much claims the insurance company settled in any previous financial year. So, when you compare critical insurance plans, make CSR your priority.

It will give you an idea about the possibility of your claim approval or rejection. The higher the CSR of a company, the better. So, look into the CSR of the most recent financial ratio of the insurer.

Claim Procedure

Apart from all these, considering the claim procedure is another significant point. Ensure that the claim procedure is smooth and hassle-free. It should not include any unwanted paperwork. At the time of claim, the insurer must be able to assist you in all the possible ways. Also, they should provide a quick claim settlement for your convenience.

Renewability Option

Some insurance companies can provide you with the renewability facility. The catch is to choose one that has been designed to provide you with lifelong renewability. This will enable you to get the most out of your health insurance.  

Age Factor

In general, elderly persons should choose a policy that provides larger insurance covers. Since they are more prone to critical health disorders, the basic insurance may be expensive and won’t provide adequate coverage and good sum assured. Moreover, the plans also provide a strict set of terms such as sub-limits and higher co-payment.

Policy Duration

Policy duration is another factor to consider when comparing critical illness insurance. Actually, the policy duration is the length of time during which your policy will remain in force. The longer the policy duration, the better. Make sure your insurance plan has a policy duration of many years.

Waiting Period

The waiting period is a duration from the date the policy purchased. Generally, it is 90 days. During this period, your policy will not cover critical illnesses. The waiting period may vary depending on the insurance company you have chosen.

Survival Clauses

The survival clause specifies which policy features will remain in effect after a critical disease is diagnosed. As an insured person, you must survive for a particular time period after the diagnosis to register the claim. Usually, it is one month. However, days can vary depending on the insurance company.


It is important to keep in mind that there are a few insurance companies in India that place a cap on the insured amount. You can claim that amount for certain critical illnesses. So, before choosing a policy, do consider sub-limits.

In Summary

A good critical illness insurance policy is designed to offer policyholders fixed benefits. It allows you to utilize the full sum assured irrespective of hospitalization or treatment expenses.

If you have any doubt about comparing critical illness insurance online, write it in the comment box.

We will help you clear your doubt.  

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