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Critical Illness Insurance

Critical Illness Insurance is a health cover protecting you from medical expenses involved in treating severe illnesses like cancer, stroke, paralysis, liver failure, among other 32 illnesses.

  • Psychiatric Counseling
  • Covers 32 Critical Illnesses
  • Mediclaim Policy with Low Premium & High Coverage 
  • EMI Option Available
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What is Critical Illness Insurance?

Critical illness insurance is a medical cover that provides financial assistance to insured members in case of hospitalisation due to critical illnesses such as cancer, catastrophic burns, or coma, as pre-defined under the chosen policy.

The insured individual might use the money to pay for medical bills and meet other financial responsibilities during the treatment of an illness considered as critical. In cases where an earning member of the family is diagnosed with a severe disease, it can be a valuable source of financial support since the primary income source may be compromised.

Who should Buy a Critical Illness Cover?

Individuals seeking protection against possible health emergencies can find a comprehensive shield with critical illness insurance, especially with a medical history or pre-existing diseases. This plan can provide financial security when the individual is strapped for cash to treat their disease while still supporting their family.

The benefits of critical illness cover are extremely valuable for:

  • Individuals with a Family History of an Illness - If a critical condition runs in the family, it just increases the risk for other family members as well. Thus, it becomes essential for you to take adequate coverage with this policy.

  • Breadwinning Family Members - A family's sole breadwinners must think about their family's financial security and get a critical illness policy as early as possible.

  • Individuals with High-risk Occupations - According to several studies, those who work in high-pressure environments are more likely to suffer severe disease. Employees who work in high-pressure environments might consider purchasing a critical sickness policy.

  • Individuals above a Specific Age Bracket - Once you cross a certain age, usually 40, the risk of getting infected bycritical ailments increases. So, staying prepared with a health cover will set the stage for a secure future.

  • Women - The increasing cases of cancer in women are alarming . Thus, investing in this policy is the best advice if you are prone to such risks.

We at Care Insurance provide a specialized health insurance plan for critical illnesses – an easy-to-acquire individual and family health indemnity plan that covers 32 critical illnesses pre-defined in the policy.

Key Features of Health Insurance for Critical Illness

Our insurance plan for critical illness contains the following significant features:

  • Comprehensive Coverage- Cancer, stroke, end-stage renal failure, and other serious 32 illnesses are covered.

  • Affordable Premium- Comprehensive coverage with affordable premium without putting a strain on your present financial condition.

  • Quick Claim Settlements- Hassle-free claim settlements to provide timely financial assistance if a hospitalization claim is paid.

  • Customer Service- Customer service is available 24 hours a day, 7 days a week.

  • Cashless Claim Facility- You can avail of cashless claim facility at 19000+ healthcare providers.

How to Select the Best Critical Illness Cover Online?

Like any other insurance policy, you need to consider a number of factors when choosing the right insurance plan for critical illness. When you are making a critical illness insurance comparison, there are several aspects to consider.

Therefore, we have devised a checklist of things you can go through to make sure you are purchasing the best critical illness insurance in India:

Check the Coverage

The payout should be sufficient to assist you in the event of an illness financially. This decision can be made based on your savings as well as your other financial options.

Calculate Premium Rates

Most policy buyers shortlist insurance policies based solely on the premium rates, which is understandable. You can use a premium calculator to get a critical illness insurance quote online.

Ensure Less Waiting Period

Critical Illness plans, like other health insurance plans, include a waiting period as well. At Care, we offer a standard waiting period of 90 days as an initial waiting period and 48 months for pre-existing diseases.

Find Out the Covered Illnesses

It is crucial to know what all diseases are covered under the critical illness insurance plan. Especially if you are purchasing the policy because you have a family history of a medical condition, it is in your best interest to be aware of the coverage provided by the plan.

Learn About Renewal Policy

When it comes to renewability, these plans normally put an age limit. Select a plan with a longer age limit so that it can be renewed at any stage of life without a hassle. Also, keep an eye out for claim process, sub-limits for surgery, diagnostic tests, and other procedures, for example.

What is Covered under Critical Illness Insurance Plans?

The Care Insurance Critical Illness Plan provides coverage for 32 life-threatening medical conditions. Here are the benefits included in the plan:

 

Chemotherapy and Radiotherapy

Rest assured during therapy sessions with CHIL’s critical illness insurance covering cancer and unerlying chemotherapy and radiotherapy coverage up to the sum insured.

 

In-patient Hospitalization

Avail cashless hospitalization for in-patient care and coverage for over 15 day care treatments, including advanced technology methods.

 

Pre and Post-hospitalization

Ensure financial backup during tests and recovery phase with 30-days pre and 60-days post-hospitalization coverage.

 

Dialysis Coverage

Ensure financial backup for the post-hospitalization phase with dialysis coverage under specific critical conditions up to the sum insured.

 

OPD Expenses with Pharmacy

Attend to your medical needs while we cover OPD expenses, including diagnostic examinations and pharmacy bills up to a specified amount.

 

No Claim Bonus

Celebrate claim-free years as we offer up to a 100% increase in the policy’s sum insured to give you better coverage every year.

 

Healthcare Services

Utilize our value-added services of quick recovery counseling, doctor on call, and digital health portal to keep up with your health.

 

Ambulance Cover

Get yourself timely medical care without worries about transportation costs as we cover ambulance fees up to a specified amount.

 

International Second Opinion

Second opinion is always helpful if you are not satisfied with the first opinion. This plan allows you to take International Second Opinion if needed.

Lifelong Renewability

The plan comes with lifelong renewability, which means you can stay protected against life-threatening diseases for your whole life.

Annual Health Check-ups

Annual health check-ups are offered under the plan to ensure the early detection of critical illnesses.

What is Excluded under Critical Illness Insurance Cover?

Sometimes policyholders end up disappointed with their insurance plan because of misinformation about the policy coverage limits. Hence, it is advisable for policy buyers to carefully go through the exclusions of our plan to avoid such a situation in the future.

Claims deriving from the following are excluded:

  • Act of self-inflicted injury attempted suicide or suicide

  • Any illness related directly to the consumption of alcohol/ tobacco/cigarettes, etc.

  • HIV or any other sexually transmitted disease

  • Cosmetic or plastic surgeries or related treatment

  • Pregnancy, miscarriage, childbirth, maternity including C- section, abortion, or complications of any of these All the hazardous activities

  • Damage caused by a nuclear, chemical, or biological attack or weapons

  • Illness or injuries caused due to any breach of law by the insured with any criminal intent

Critical Illness List: Diseases Covered Under the Policy

Our plan offers comprehensive coverage that helps policyholders to combat critical illnesses. Here is a critical illness list of 32 medical conditions that are covered under this policy:

diseases covered under policy diseases covered under policy

Disclaimer: Do refer to the prospectus as the list may change without prior communication.

How Important is Critical Illness Insurance for Family?

While we wish for a happy life free of difficulties, challenges do arise. One example of such a challenge in life is being diagnosed with a serious illness, leading to financial troubles. Any severe illness or disease can have emotional and financial distress to an individual. Conventional health insurance coverage may be advantageous on any given day but a plan tailored to cater to critical illness needs can be a better alternative to deal with the financial consequences. It is advantageous in the following ways:

  • This coverage is a safety net that protects you in the most significant way possible. It covers 32 critical illnesses.

  • Because this indemnity-based plan covers numerous medical expenses you incur throughout the year, a high sum insured provides you with total security.

  • You have extensive financial protection for hospitalization and advanced medical procedures, such as chemotherapy and radiotherapy, essential for treatment.

Things to Keep in Mind While Buying Critical Illness Insurance Policy

Critical illnesses can necessitate long-term treatment in most cases. A hurried lifestyle, in addition to inherited factors, might trigger the occurrence of such medical disorders. When selecting such a policy, bear the following aspects in mind:

Budget

If you have enough financial resources to deal with an unforeseen medical problem, you might choose the best critical illness insurance with less coverage. However, remember that healthcare expenses are rising at an unprecedented rate, so relying only on savings could cause irreversible financial loss.

Health Needs

Understand your health needs to get the best critical illness policy in India. For instance, if you are more prone to suffer from a particular disease because of your family health history or the nature of your occupation, then make sure your plan covers the specific condition adequately.

Inclusions

Each policy comes with its set of benefits. Hence, it is crucial to understand what a particular plan offers to align with your needs appropriately.

Limitations

It's just as vital to know what's not covered by your critical illness insurance plans as it is to know what is. Along with this, make sure to check the policy's waiting period to avoid any rejected claims in the future.

Claim Process

As a policyholder, it is in your best interest to know about the documentation you will need to provide and the procedures for filing a claim so you will be ready when the time comes.

Coverage Size

A standard health insurance policy will not be able to cover the costs of therapy. So, choose a critical illness health insurance plan with a fixed benefit that covers the treatment of such urgent conditions. You can get a critical illness insurance quote online easily on our website.

Claim Settlement Ratio

An insurance provider's claim settlement ratio indicates their ability and intent to settle the claims. Hence, consider the claim settlement ratio before making your purchase decision.

Eligibility Criteria for Purchasing Critical Illness Plan

Entry Age- Minimum

Child: 91 days to 4 years with at least I member of age 18 years or above is covered or; 5 years on Individual basis
Adult: 18 Years and above

Entry Age- Maximum

Lifelong

Exit Age

No Exit Age

Age of Proposer (Adult)

18 Years or above

Who are covered (Relationship with Respect to the Proposer)

Self, legally married spouse, son, daughter, father, mother, brother, sister, mother-in-law, father-in-law, grandmother, grandfather, grandson, granddaughter, uncle, aunt, nephew, niece, employee or any other relationship having an insurable interest.

How to Buy Critical Illness Insurance Plans Online at Care?

To buy critical illness insurance online from us, you do not need to get into the cumbersome formalities. Our buying process is simple; you can follow the below steps to get your critical illness health insurance:

  • Visit our website and select a health policy.

  • Click on 'Get Quote' and provide relevant details

  • Choose any of our secure digital payment modes to buy the policy.

  • You will get the new health policy documents on your registered email-id

Documents Required for Critical Illness Insurance Claim

If you need to file a claim, contact us to make a claim registration. To file a claim, you'll usually need the following documents:

  • A fully completed claim form

  • A photocopy of your ID card

  • A doctor's certificate verifying the diagnosis of critical illness

  • Summary of the discharge

Claim team processes your claim as soon as the documents get verified.

Tax Benefits of Critical Illness Insurance Plans in India

The premium for critical illness health insurance is deductible under Section 80D of the Income Tax Act of 1961. Below are the tax benefits you can get on the premium you pay for the necessary illness policy according to the age:

  • Those under age 60 can claim a tax deduction of up to Rs 25,000 per year for their spouse and children.

  • A maximum of Rs 50,000 is authorized for those over 60 to maintain a health insurance policy or medical treatment.

  • You can claim a deduction for the premium paid on behalf of your parents. If they are under the age of 60, the upper limit for the tax benefit is Rs 25,000. The threshold is 75,000 for parents over the age of 60. As a result, if you pay a premium for your entire family, you can save up to Rs 75,000 on your taxes.

  • If you are over 60 and pay your parents' premium, you are eligible for a maximum deduction of Rs. 1 lakh under Section 80D.

How is Critical Illness Cover Different from Health Insurance?

Often, people get confused between a standard health insurance plan and a critical illness insurance policy. Not only that, but some of us believe that one of the two is sufficient in terms of health insurance.

Know how health insurance and critical illness insurance are vastly different from each other:

Factors Critical Illness Insurance Health Insurance
Coverage It covers hospitalization due to life-threatening critical illnesses. It covers standard hospitalization conditions and treatment expenses.
Benefits Pre-and post-hospitalization, organ donor cover, dialysis cover, psychiatric counseling, etc. In-patient hospitalization, pre and post-hospitalization, daycare treatments, ICU charges, and more.
A number of illnesses 32 critical illnesses Different types of chronic diseases, medical treatments, and procedures.
Waiting Period 90 days initial waiting period (48 months for pre-existing diseases) 30 days initial waiting period (48 months for pre-existing diseases).
Policy Period Long-term Policy Annual or Long-term Policy
Policy Renewal The policy can be renewed after a claim year. The policy can be renewed after a claim year.

 

Health Insurance with Critical Illness Cover is a blessing in disguise for those who are vulnerable to falling prey to any critical illness due to family history or lifestyle

FAQs on Critical Illness Insurance

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Q. Is it necessary to get a medical check-up before buying a critical illness policy?

The critical illness health insurance covers the treatment expenses for any 32 acute illnesses, as listed in the policy document. The policy will be issued based on a tele-underwriter, and in a few cases insured may be asked to undergo a medical check-up.

Q. Is there any eligibility criteria for purchasing a Critical Illness Plan?

Yes. The eligibility criteria include minimum entry age for a child of 91 days to 4 years with at least one member of 18 years or above or 5 years on an individual basis. Please refer to the policy T&C.

Q. Can I Make multiple claims for the same or any other listed critical illness?

This policy is an indemnity cover, and the insured can make multiple claims in a policy year. However, all claims made will be processed subject to the policy terms and conditions. The admissibility of any claim under the policy will be subject to the purview of coverage under the policy. Please refer to the policy T&C.

Q. Does critical illness policy offer tax benefits?

Like other health insurance policies, a critical illness insurance policy also offers tax benefits to the policyholders on the premium paid. As applicable, the policyholder is eligible for a tax deduction on the premium paid towards the policy under Section 80D of the Income Tax Act, 1961. These tax benefits are subject to changes in the tax laws in India.

Q.How should one decide on insurance for critical illness coverage?

When you buy critical illness insurance for your family or yourself, it is essential to consider various factors such as the medical condition, treatment costs, and the waiting period to complete before getting a claim for your expenses. Additional benefits such as organ donor cover and alternative treatment cover should also be considered when availing of a policy. Get a critical illness insurance quote online to ensure you have adequate coverage tailored to your financial profile.

Q.Is it worth it to get Critical Illness Insurance in India?

Purchasing a critical illness insurance policy does not require you to pay a high premium. You can now get an affordable and the best critical illness policy in India with valuable benefits with Care Health Insurance which provides you with higher sum insured options with wide-ranging policy benefits.

Q.Is it expensive to get coverage for critical illness?

No, this cover is not at all expensive. You can buy critical illness insurance online at an affordable premium with an EMI option.

Q.Why should you buy Critical Illness Insurance in India despite having health insurance?

The financial support from the health plan may not be sufficient to cope with the healthcare expenses of a critical illness, which can often necessitate long-term medical care.

The best critical illness policy in India is the one that will provide you with adequate financial support to combat a life-threatening disease so you can safeguard your savings and protect your family’s future.

Q.How is Critical Illness Insurance cover different from disability and accidental cover?

Disability and accidental insurance give a lump sum payment while you recuperate from an accident injury. The best critical illness insurance in India, on the other hand, will provide you with a lump sum of money to help you maintain your lifestyle if you get a life-threatening illness or become disabled due to an illness.

Disclaimer: The information above is just for reference. Kindly read T & C of the policy thoroughly. Do refer to IRDAI guidelines for tax exemption conditions.

#Source: IBAI Claims Handbook for FY 19-20

^^Number of Cashless Healthcare Providers till 25th March 2022.

^10% discount is applicable for a 3-year policy

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