Things to Consider While Choosing Critical Illness Insurance

Published On 04 Mar 2020 By Yamini Sharma

Buying Critical Illness Insurance? Here Are a Few Tips

Buying health insurance online is one of the best health investments you will ever make. 

After all, only a health insurance policy will financially cover you for hospitalization and other basic expenses without losing your savings.

While a primary health insurance policy may be more than enough for some customers, others find it necessary to invest in critical illness insurance. 

Why buy critical illness insurance?

Critical illness insurance becomes a requirement in cases of critical illness, a critical medical condition under which an individual becomes unable to manage routine chores. A few examples of critical illnesses include Stroke, Kidney Failure, Cancer, Coma, and others. For critical illness list, check at the end of the article.

Apart from being physically and mentally stressful, critical illness is financially draining as well. 

An uninsured person may find it extremely difficult to handle medical expenses due to critical illness.

Therefore, it is advisable to people with a risk of critical illness (family history of critical illnesses) to invest in an ideal critical illness insurance policy before it gets too late. 

An ideal critical illness insurance, whether along with a basic health insurance plan or alone, will provide you with an extensive cover with additional benefits. Your critical illness insurance policy will grant you with a lump sum amount on diagnosis, which you would be free to use as per your medical needs. Even if you are left jobless and lack a regular income, owing to your critical illness, your critical illness insurance policy will be there by your side to help you handle different expenses without making any compromises.

How to buy critical illness insurance? 

Since the online market is laden with ‘n’ number of critical illness insurance plans, it may be difficult for you to choose the best one. 

To make the ideal decision and buy a critical illness insurance policy perfect as per your needs, it would be important for you to consider a few aspects before reaching a conclusion. 

Here’s a list of things to consider while buying a critical illness insurance policy. 

  • Budget Estimate – Keeping in mind all the miscellaneous expenses other than diagnosis, treatment, and post-treatment care costs associated with critical illness would be important. To come up with an estimate, you can talk to your relatives or friends who have had critical illness. 
  • Add-on or Standalone – You can go for the either of the two. However, remember that a standalone plan (with a separate basic policy) will help you make the most of a larger cover when the need arises. 
  • Special Plans – There are insurers that provide specific critical illness plans for senior citizens and women. If your requirements are like such, you can opt for National Insurance’s Varishta Mediclaim Policy, Aditya Birla’s Activ Secure, Bajaj Allianz’s Women Specific Critical Illness Insurance, etc. 
  • Illnesses/Diseases Covered – You ideal critical illness insurance should cover critical illnesses that are a risk for you. Make sure you are aware of the coverage offered beforehand to make the right choice.
  • Renewability & Age – While most critical illness insurance plans comes with lifelong renewability, there are insurers that put a limit to it. So, it would be important to consider the renewability factor as well as the eligibility age. 
  • Waiting Period – Once after buying a critical illness cover, you will have to wait for a specific period, referred to as waiting period, to get covered for the available benefits. When comparing two plans with different waiting periods, make sure you go with the one that has less waiting period. 
  • Claim Process – Before making a final decision, keep in mind to check the claim settlement ratio of the insurer. Moreover, gaining knowledge of claim process (whether stressful or smooth according to you) would be helpful in making a choice. 

Also Read

IRDAI Asks Health Insurance Companies to Cover Coronavirus Illness

Does Your Existing Health Insurance Policy Cover Coronavirus (COVID-19) Disease


Critical illness insurance is a wise health investment decision if you hold risk for it. 

Do not hesitate in buying a critical illness insurance policy or critical illness cover just because you think it would demand more premium. 

Don’t forget, critical illness premium would be a small price to pay for preventing yourself from financial crisis, in case you are diagnosed with a life-threatening situation. 

If still in doubt, feel free to call us at 18001205698. 

P.S. Critical Illness List includes Heart Attack of Specified Severity, Major Cancers, Bypass Surgery, Blindness, Deafness, Paralysis, Loss of Speech, Coma, Stroke, Kidney Failure, Heart Valve Surgery, Major Burns, Major Organ/Bone Marrow Transplantation, End Stage Lung Disease, End Stage Liver Failure, Fulminant Hepatitis, Multiple Sclerosis, Alzheimer’s Disease, HIV Due to Blood Transfusion and Occupationally Acquired HIV, Primary Pulmonary Hypertension, Surgery to Aorta, Terminal Illness
Muscular Dystrophy, Parkinson’s Disease, Aplastic Anaemia, Angioplasty & Other Invasive Treatment for Coronary Artery, Viral Encephalitis, Brain Tumour, Bacterial Meningitis, and Motor Neurone Disease.


Latest Health Insurance News

People Also Read