A List of the Best Critical Illness Health Insurance Plans in India
Updated On Nov 21, 2023
In today’s time, owing to the changing lifestyle, the risk of health problems is only increasing. With the increase in health issues, medical expenses have also been on a constant rise. Health insurance provides coverage for a number of health problems, however, critical illness diseases may not be covered. To stay protected against critical illness, it is advisable to buy critical illness health insurance plans in India. Read on to know more.
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About Critical Illness Health Insurance Plans in India
Critical illnesses can wreak havoc on your life and deplete your hard-earned savings. To safeguard your financial stability, it is crucial to invest in a critical illness health insurance plan without delay. Keep reading to explore the range of health insurance options designed to provide a safety net for unexpected medical expenses and emergencies. Each insurance provider offers unique plans with varying coverage, including specialised plans targeting specific ailments. These encompass:
- Critical illness policies are tailored for comprehensive coverage against severe diseases like cancer, diabetes, heart attack, stroke, and more.
- Maternity benefit plans to address pregnancy-related expenses.
- Personal accident coverage to protect against unforeseen accidents.
- Dedicated senior citizen plans catering to the elderly's healthcare needs.
When considering the best critical illness policy, individuals can access financial support for up to 32 critical diseases. It is essential to scrutinize the policy to confirm coverage for desired diseases. Be mindful that most critical illness plans come with a stipulated waiting period, clearly outlined in the policy documentation.
Advantages of Buying a Critical Illness Health Insurance Plan
There are several benefits of buying a health insurance plan that provides coverage for critical illnesses such as those listed below:
- Offers Financial Support: The treatment of a critical illness like cancer involves hefty medical expenses. But, now with the availability of a critical illness health insurance plan, you can easily get coverage for the medical expenses of any critical illness at affordable premiums.
- Affordable Premium: It is only a myth that the premium of a critical illness plan is expensive. The truth is that critical illness health insurance is quite affordable, and it can prevent you from exhausting your savings if you're diagnosed with a critical illness.
- Tax Benefits: With a critical illness health insurance plan, policyholders can enjoy tax benefits as dictated under Section 80D of the Income Tax Act, 1961.
- Ensures Peace Of Mind: A critical illness health insurance plan provides financial assistance and lets you enjoy peace of mind. When you suffer from a critical illness, you can feel at peace and can seek treatment without any stress, knowing that your medical expenses will be taken care of, without putting additional stress on your family.
- Acts As Income Replacement: The lump-sum amount offered as a part of the critical illness plan can be used both for treatment and other immediate expenses. This reduces the burden on the diagnosed family members and helps them meet the expenses of their immediate needs.
How to Select An Ideal Critical Illness Insurance Plan?
Acquiring the appropriate critical illness insurance plan for your loved ones stands as a pivotal decision to ensure readiness for the future. While experts emphasize the necessity of meticulous plan comparisons, other essential aspects also warrant your attention.
Opt for a dedicated policy rather than an add-on
While augmenting your existing health insurance with critical illness coverage through an add-on is possible, it might not be as comprehensive as a standalone critical illness insurance plan. Thus, the preferable route is choosing a distinct policy, even though it could entail higher costs.
Evaluate the extent of coverage
The primary purpose of critical illness insurance policies is to provide protection against severe diseases. Scrutinise the range of diseases covered in your chosen plan. While some plans encompass over 20 diseases, others might be limited to fundamental critical illnesses.
Tip: Reflect on your family history, lifestyle, smoking habits, etc., to gauge the most suitable policy for your needs.
Assess the waiting period beforehand
The waiting period denotes the duration within which claim requests are not processed. Opt for a policy featuring a shorter waiting period, facilitating swift assistance during medical emergencies.
Who Can Benefit From a Critical Illness Policy?
Individuals aspiring to secure their families' well-being in the times ahead and shield them from potential predicaments should consider getting a critical illness policy. Regardless of whether you serve as the primary breadwinner in your household or hold concerns about your loved ones' lifestyle, this insurance policy holds advantages for you.
Furthermore, when an individual is struck by a severe illness, their ability to work and earn is often compromised. A critical illness insurance policy offers a lump sum payment that can be allocated toward funding treatments, medications, and household necessities.
7 Best Critical Illness Plans Available in India
Presented below is a selection of optimal critical illness health policies, offering comprehensive protection against critical ailments.
1. Insurance Provider – HDFC Ergo General Insurance Company
Policy Name – Critical Illness Cover
- This HDFC ERGO general insurance policy extends coverage for up to 15 life-threatening critical diseases.
- The policy duration falls within the range of 1 to 2 years.
- Policyholders are entitled to receive a lump sum payment under this plan.
2. Insurer – Bharti AXA General Insurance Company
Plan name – SmartHealth Critical Illness
- This Bharti AXA General Health Insurance stands as an additional prime critical illness insurance plan in India provided by Bharti AXA Insurance, designed to address critical health issues.
- It provides provisions for hospital cash allowances.
- It also caters to expenses linked with domiciliary hospitalisation and necessary daycare procedures.
3. Insurer – Star Health And Allied Insurance Company
Plan Name – CritiCare Plus
- Star Health Insurance Company encompasses expenses related to daycare procedures.
- Additionally, it factors in charges for emergency ambulance services.
- The policy even extends coverage to encompass alternative, non-allopathic treatments for critical illnesses.
4. Insurer – Aditya Birla Health Insurance Company
Plan name – Cancer Secure
- The critical illness policy offered by Aditya Birla Health Insurance offers coverage for expenses linked to cancer treatment, a significant critical illness.
- This plan provides coverage for various stages of cancer.
- The sum insured varies based on the cancer stage of the patient or insured individual.
5. Insurer – Reliance Health Insurance Company
Plan name – Reliance Critical Illness Insurance Plan
- Reliance's critical illness protection includes coverage for up to 10 critical conditions.
- The Reliance Medical Insurance policy encompasses extensive coverage, additional advantages, and a substantial sum insured amount.
6. Insurer – Raheja QBE Health Insurance
Plan name – Raheja QBE Cancer Insurance
- This represents an alternative scheme providing coverage for cancer.
- The Raheja QBE health insurance policy ensures a lump sum payout upon a verified cancer diagnosis.
- Moreover, the insurance company covers up to 50% of expenses tied to pre-policy medical screenings and diagnoses.
7. Insurer – Bajaj Allianz Health Insurance Company
Plan name – Bajaj Allianz Critical Illness Plan
- Here is an additional policy designed for critical illness cover.
- The bajaj medical insurance policy provides protection against up to 10 critical illnesses, including conditions concerning cardiovascular health, cancer, and heart attacks.
- It encompasses hospitalisation expenses, whether within India or abroad.
As evident from the details provided earlier, numerous insurance providers extend critical illness protection to their policyholders. Your task involves exploring different policies from various insurers to determine the most fitting plan according to your needs.
Moreover, it remains essential to make comparisons among the critical illness plans accessible in the market, ensuring the selection of an optimal policy aligned with your needs and those of your loved ones. While making comparisons, it's imperative to assess the plan's affordability and cost-effectiveness. Additionally, the chosen plan should offer comprehensive coverage and supplementary benefits.
Q. Can I benefit from any tax advantage on the premium payments made for critical illness plans?
A. Indeed, the premiums disbursed for critical illness plans qualify for deduction under Section 80D. The cap stands at Rs. 25,000, rising to Rs. 50,000 for senior citizens.
Q. Will I be eligible for a claim if my treatment costs have already been covered by another health plan?
A. Yes, critical illness plans disburse claims regardless of whether you have received payments from another health insurance policy.
Q. How can I utilize the received benefit from a critical illness plan?
A. The claim obtained from a critical illness plan can be employed for any financial purpose, whether it pertains to medical needs or personal requirements.
Q. What exactly is the survival period?
A. The survival period is the duration an insured individual must endure after being diagnosed with a critical illness to qualify for a claim under the critical illness plan.
Q. What is the length of the survival period?
A. The length of the survival period hinges on the specific critical illness plan and usually ranges from 30 to 90 days.
Also Read: Top Health Insurance Riders
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.