Critical Illness Insurance

Millions of people are battling life-threatening health conditions, such as cancer, stroke, kidney failure, and cardiovascular diseases. For those diagnosed with such conditions, every day is a constant challenge on the health front. At the same time, there is also a subsequent financial burden on the family due to high treatment costs.

This health insurance is an individual and family health indemnity cover, which is simple to buy and provides coverage to 32 critical illnesses pre-defined in the policy.

What is Included in a Critical Illness Insurance?

The critical illness insurance plan provides treatment cover for 32 critical illnesses. Some of the significant features include:

• In-Patient Hospitalization Cover
• Pre and Post Hospitalization Medical Expenses
• Day Care Treatment
• OPD Cover
• Cover for ICU charges
• Ambulance Cover
• Organ Donor Cover
• Cover for Alternative Treatments
• Chemotherapy & Radiotherapy Cover
• International Second Opinion
• Lifelong Renewability
• Annual Health Check-up

How to Select the Best Critical Illness Health Insurance Online

A clear assessment of healthcare needs is essential before opting for a health cover. You can now choose the best critical illness health insurance online without going through any elaborate procedures and hassles of paperwork. 

Before getting critical illness insurance, using a comparison table to review premium costs will help you zero-in on the best option that is affordable for you. The online method of buying a critical illness cover is convenient. It enables the buyer to select the preferred sum insured, calculate the premium amount, and even make payments online. Critical illness health insurance plans must be chosen after consideration of your health condition and the treatment expenses involved, which is essential for taking a clear decision.

Key Factors to Keep in Mind While Opting for a Critical Insurance Policy

Critical ailments often require long-term treatment. Besides hereditary factors, a hectic lifestyle can also trigger the occurrences of such medical conditions. It is, therefore, advisable to be financially prepared for such unforeseen events. Opt for a critical illness insurance policy to protect your savings, and minimise the burden of expenditures involved in availing medical care. Some factors to keep in mind while opting for a critical insurance policy are:

• Check if that particular critical illness is covered in the policy
• Estimate the medical care costs involved in the treatment to choose the sum insured
• Know the waiting period that must be completed before you can get a claim
• Select a policy that offers comprehensive cover with additional benefits like organ donor cover and alternative treatment

How Important is Critical Health Insurance for Your Family?

While we desire a contented life without any obstacles, challenges come unexpectedly. Being diagnosed with a critical ailment is one example of the harsh side of life, with financial difficulties arising from frequent hospital visits & treatments. A regular health policy may prove beneficial any day, but getting a critical illness health insurance cover is a wiser approach to managing serious ailments. 

A specialized insurance cover to meet hefty medical bills, the health insurance for critical illness will keep your family financially secure during such testing times. It proves beneficial in many ways: 

• A safety cover that shields you in the best way possible, this policy covers 32 critical ailments.

• A high sum insured gives you complete protection as this indemnity-based critical illness plan covers various medical expenses you incur in a year. 

• You receive comprehensive financial protection for hospitalization and advanced medical procedures required for treatment, including chemotherapy and radiotherapy.

Who Should Purchase Critical Health Insurance Plans?

A critical illness can happen to anyone. A critical illness policy is a must-have insurance policy for anyone in this day and age, when the constant hectic lifestyle has increased risks of ailments, such as cancer, stroke, and heart attack.

When faced with such serious medical conditions, a family’s financial health also begins to suffer owing to the sudden rise in medical expenditures. Hence, this health policy serves as a vital financial back-up in such scenarios. Getting the best critical illness insurance policy is advisable for everyone to stay financially secure in the wake of uncertainties. It especially beneficial for: 

• Individuals with a family history – If a critical illness runs in the family, it just increases the risk for you. Thus, a critical illness cover becomes an essential safety cover.

• Those having financial responsibilities – Sole breadwinners of a family must think about their family’s financial security and get a critical illness early.

• Women - The increasing cases of cancer in women are an alarming sign. Thus, investing in a critical illness policy is best advised if you are prone to such risks.

• Individuals above a specific age bracket – Once you cross a certain age, usually 40, the risk of some critical ailments increases. So, staying prepared with a health cover will set the stage for a secure future.

Features of Critical Illness Insurance

• In-patient Hospitalization Cover
• Pre and Post Hospitalization Medical Expenses Cover
• Day Care Treatment
• OPD Expenses
• No Claim Bonus
• Annual Health Check-up
• Global Coverage
• Organ Donor Cover
• Dialysis Cover
• Alternative Treatments
• Ambulance Cover
• Quick Recovery Counselling & Doctor on Call
• Chemotherapy & Radiotherapy Cover

Exclusions in Critical Illness Insurance?

The critical illness insurance policy has an initial waiting period of 90 days. The policy does not provide coverage in case of diagnosis of an illness or any surgical procedure during this period.

Before opting for the best critical illness insurance policy, it is essential to read the policy documents carefully to know the exclusions, i.e., the cases where the policyholder cannot get a claim. Permanent exclusions include claims arising due to:

• 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

Benefits of Critical Illness Insurance

Buying health insurance is essential to stay financially protected when there is a medical emergency. For people who face the risks of serious ailments, there is a greater need for a suitable health cover, which will cater to the specific costs arising from their medical treatment. A critical illness insurance plan rightly fulfils this requirement by offering adequate coverage for various medical expenses, thus ensuring financial security. Such health plans also enable you to access quality medical care at the best hospital without facing any hassle.

Some of the significant benefits of critical illness policy include:

• Cover for expensive medical procedures
• Cover for medical expenses beyond hospitalization
• Cashless claim facility at network hospitals
• Tax savings under Section 80D

Critical Illness Insurance vs Health Insurance

Having a health insurance plan ensures a safety cushion that will protect financial savings in times of medical emergencies. The health insurance plan offers comprehensive coverage for various expenses that go beyond hospitalization.

Many people believe that having a health insurance plan is enough to meet the medical expenses arising from any illness. However, the fact is that there are certain critical illnesses for which an existing health insurance policy may not be sufficient, so buying a critical illness insurance plan is essential. Critical illness insurance by Care Health Insurance (formerly Religare Health Insurance Company Limited) offers cover for as many as 32 critical diseases that include cancer, end-stage renal failure, Alzheimer's disease, stroke, paralysis, heart diseases, etc.