Critical Illness Insurance Policy
Best Critical Illness Insurance Policy in India for September 2021
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FAQ About Critical Illness Insurance
What is a critical illness insurance policy?
Critical illness insurance plan can be availed either as a standalone or a rider plan. Under this policy, the policyholder will be given a lump sum, in the event if he/she gets diagnosed with any critical illness like multiple sclerosis, paralysis, heart attack, kidney failure, cancer, amongst others. The policyholder needs to undergo a waiting period of 30 days prior to claiming after the first diagnosis.
What are the primary features of critical illness insurance?
A critical illness insurance primarily covers major illnesses that are generally not covered under a basic health insurance plan. A lump sum amount is offered to the policyholder once the covered illness gets diagnosed. For most critical illness insurance plans, no healthcare check-up is needed up to age 45 years. These plans also offer no claim bonus as well as tax benefits.
Why should I buy a critical illness insurance policy?
Critical illness insurance policy offers individuals and families extra financial security on diagnosis of a critical illness. The policy provides a lump sum amount that can be used to repay debt if any, recuperation aids, expenses related to treatment in India or on a foreign land, loss of income or desired change in lifestyle.
Is there any tax exemption under critical illness insurance policy?
Yes. Premiums paid for a critical illness insurance policies are subject to tax benefits under Section 80D of the Income Tax Act, 1961.
How much coverage do I require?
The suitable coverage required by you is dependent upon several important parameters such as your lifestyle pattern, your age, annual income and city of residence.
Is there a free look period available in critical illness insurance policies?
Yes. Critical illness policies come with a free look period during which the insured can review the terms and conditions of the policy.
Can I purchase critical illness insurance after getting diagnosed with Cancer?
Most of the insurance companies offer coverage to the policy buyers, who have insurance before the diagnosis of the illness. Depending on insurance company to insurance company, there are certain plans that provide coverage even after the diagnosis.
Can I renew my critical illness insurance policy after making a claim once?
No. A critical illness insurance policy terminates immediately after payment of first claim. So, you will not be able to renew the policy again.
What is the survival period in a critical illness insurance policy?
Survival period is the period that the insured has to ‘survive’ after the first diagnosis of a critical illness to be able to avail benefits under a critical illness insurance policy. Survival period may vary from insurer to insurer. But commonly it is for 30 days.
Are pre-existing diseases covered under a critical illness insurance policy?
No. Pre-existing diseases are permanently excluded under critical illness insurance policies.
What documents are needed for buying critical illness insurance?
Usually, in order to buy critical illness insurance cover, an individual needs to submit identity proof, age proof and address proof. Moreover, an insurance provider can also ask for other documents along with medical test reports (if required).
Why is it important to have critical illness insurance cover?
You should buy a critical illness policy even if you have a standard health insurance policy. This is because a critical illness policy offers you comprehensive cover against critical illnesses that the standard health insurance may not always cover. It saves you from the double trouble of losing the income as well as increase in expenses due to frequent doctor visits in case of diagnosis of a critical illness, by offering you the much needed coverage.
What are the benefits of critical illness insurance?
A critical illness insurance plan offers you the following benefits:
- The benefit paid on diagnosis of a critical illness acts as an income replacement and can be used to pay off debts, for the treatment, etc.
- You can avail tax benefits under Section 80D of the Income Tax Act, 1961 on the premium paid for critical illness plans
- Critical illness insurance plans offer you peace of mind by taking away the stress of running around managing for funds in case of a health emergency.
- The lump sum amount that you get on diagnosis of a critical illness can be used to avail medical treatment outside India. This means that a critical illness insurance policy covers you for treatment in a foreign country as well.
How to buy critical illness insurance?
Buying critical illness insurance online at InsuranceDekho is very easy. All you need to do is follow the steps given below:
- Visit www.insurancedekho.com and click on the health tab.
- Select your Gender and enter your Name and Mobile Number. You will receive an OTP on the entered number, kindly enter that.
- Tell us ‘When do you want to purchase the policy’. Then click on the ‘View Instant Quotes’ button to proceed.
- Select family members you wish to add in the policy along with self.
- Select the age of the selected family members. Click ‘Continue’.
- Enter your Email ID and City. Enter ‘Submit and View Quotes’ button. Select the most suitable policy from the quotes displayed.
- Select the policy term for the chosen health insurance policy. the n enter the required details.
- Make the payment via secure payment gateway through any of the flexible payment modes offered.
Why should one buy a critical illness cover, (even if you already have a mediclaim plan)?
A critical illness insurance policy provides you additional coverage for critical illnesses that your standard health insurance policy may not offer. For instance, cover for stroke, paralysis, heart attack, etc. A critical illness insurance policy offers you complete coverage, which is why it is important to get one.
Do all insurance providers in India cover the same critical illnesses?
Different insurers cover different critical illnesses. The list of critical illnesses can be found in the policy wording of each critical illness insurance plan.
What’s not covered by critical illness insurance?
A critical illness insurance insurance does not cover you against all healthcare expenses. Some common exclusions are listed below:
- Critical illnesses arising due to intake of alcohol, drug, or any substance abuse
- Any sickness, illness other than the ones covered
- Health related issues arising due to pregnancy or abortion
- Mental illnesses, psychological or psychiatric disorders
- Treatment related to HIV or AIDS
Are the medical tests important to get critical illness cover?
A critical illness insurance policy helps you in serious health conditions. Hence, it is important to get medically tested before purchasing one.
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*Standard T&C Apply. All savings/offers are provided by the Insurers, which are subject to modification .For more details on risk factors, terms and conditions, please read the sales brochure of respective insurers carefully before concluding a sale. Tax benefits are subject to changes in applicable tax laws. Girnar Insurance Brokers Private Limited, (CIN: U66010RJ2016PTC054811, Regd .Off: Girnar 21, Govind Marg, Moti Doongari Road, Dharam Singh Circle, Jaipur, Rajasthan- 302004; Corp. Off: 11th Floor, Tower B, Emaar Digital Greens, Golf Course Extension Road, Sector-61, Gurugram-122102, Haryana. IRDAI License no 588. Direct Broker (Life & General) valid till 19th March 2023. Email - firstname.lastname@example.org ; Helpline number: 7551196989.
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