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Critical illness insurance is a medical cover that provides financial assistance to insured members if they contract with an acute disease 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 critical. In cases where an earning member of the family is diagnosed with severe disease, it can be a valuable source of financial support since the primary income source may be compromised.
Today, millions of people are afflicted with life-threatening illnesses like cancer, stroke, kidney failure, and cardiovascular disease. Every day is a health challenge for those who have been diagnosed with such diseases. At the same time, the family has financial hardship as a result of the high treatment expenditures.
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.
If you are wondering what does critical illness insurance cover, here is everything you need to know:
Once you have found the answer to the question – What does critical illness insurance cover? The next question on your mind may be – Do I really need it? The simple answer is yes, but let's delve deeper into who should be getting this coverage and why!
Individuals seeking protection against possible health emergencies can find a comprehensive shield with critical illness insurance, especially with a medical history. This plan can provide financial security when the individual is strapped for cash to treat their disease while still supporting their family.
However, it is essential to remember that a critical illness can happen to anyone. With the best critical illness policy in India, people can stay financially secure in the wake of uncertainties. The benefits of critical illness insurance are extremely valuable for:
Purchasing health insurance is necessary to ensure financial security in the event of a medical emergency. People at risk of serious illnesses have a greater need for health insurance to cover the specific expenditures associated with their medical treatment. A critical illness plan meets this need by providing sufficient coverage for various medical bills, ensuring financial security. These health plans also make it possible for you to receive high-quality medical care at the top hospital without dealing with any hassles.
Here are some benefits of critical illness insurance that you should know about:
Your treatment costs are likely to exceed your budget, and your health insurance (if you have one) may not be sufficient to cover them. Furthermore, many health insurance policies exclude coverage for serious conditions. A single therapy procedure may be enough to wipe out a lifetime's worth of savings in other situations.
Dealing with a severe health condition requires considerable financial backup. The healthcare costs, including tests, medicines, hospital stays, can become a massive burden if you do not have ample support. With Care Insurance Critical Illness Plan, you can get coverage for 32 critical illnesses.
When an individual is battling a life-threatening disease, they may not be physically fit to continue working. As a result, they may lose their job, which means losing their steady income source. This can result in significant financial distress. The benefit from the health insurance critical illness can act as a savior in such a situation.
The policyholder can use the coverage amount in any way he sees fit. This is a significant benefit since the insurance proceeds can be used to replace the lost income and assist the insured in meeting his financial obligations.
Since these plans cover specific life-threatening medical conditions. As a result, the premium for these policies are much lower than those for normal health insurance. However, premium should not be the sole parameter you consider when you choose a suitable plan.
You should undertake an in-depth critical illness insurance comparison on crucial parameters other than the premium to select an appropriate policy as a policy buyer. Lower premium can be an advantage, but only if they don't compromise the plan's coverage. You don't want to miss out on necessary benefits in a time of need. Hence, get a critical illness insurance quote online to get accurate cover and premium rates estimates.
Our insurance plan for critical illness contains the following significant elements when it comes to coverage against life-threatening diseases:
Comprehensive Coverage
Cancer, stroke, end-stage renal failure, and other serious illnesses are among the 32 ailments covered. Pre and post-hospitalization coverage, organ donor coverage, and dialysis coverage are all included. Along with this, psychiatric counseling for a quick recovery.
Affordable Premium
Comprehensive coverage with affordable premium rates so you can prepare for health emergencies 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.
Payment Options
EMI payment options to reduce financial burden.
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.
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. Hence, it is understandable if you find yourself struggling with the process. Like anyone else, you would want the best plan that suits your health and financial profile.
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:
This is the amount you'll get if you're diagnosed with a life-threatening disease. The pay-out 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.
Most policy buyers shortlist insurance policies based solely on the premium rates, which is understandable. However, you must not sacrifice coverage in the process. You can use a premium calculator to get a critical illness insurance quote online.
Critical Illness plans, like other health insurance plans, include a waiting period. This means you won't be able to file a claim against the policy for a certain amount of time. The waiting period could last anywhere from one to three months following purchase. At CHIL, we offer a standard waiting period of 90 days.
It is crucial to know which 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.
When it comes to renewability, these plans normally include a limit. After a certain age, the policy may not be renewed. Select a plan with a greater age restriction so that it can be renewed in the long run. Also, keep an eye out for claim sub-limits for surgery, diagnostic tests, and other procedures, for example.
The Care Insurance Critical Illness Plan provides cover for 32 life-threatening medical conditions. Here are the benefits included in the plan:
In-Patient Hospitalization Cover
Includes expenses for room rent, ICU costs, doctor fees, nursing fees, anesthesia, and other expenses.
Pre and Post Hospitalization Medical Expenses
We cover expenses up to 30 days before hospitalization and up to 60 days post-hospitalization.
Day Care Treatment
The term "day-care treatment" refers to medical treatments that need less than a 24-hour stay in the hospital.
OPD Cover
We cover the costs of doctor consultations, diagnostic tests, and pharmacy bills.
Cover for ICU charges
ICU cover refers to the expenses incurred during treatment in an 'Intensive Care Unit.'
Ambulance Cover
This refers to the coverage of expenses incurred when you take ambulance services and transportation in the event of a life-threatening sickness or injury.
Organ Donor Cover
Organ donor coverage is a component of a health insurance policy that provides reimbursement for organ donor fees up to a certain maximum for the policyholder.
Cover for Alternative Treatments Chemotherapy & Radiotherapy Cover International Second Opinion
Under this policy, you are covered for medical expenses incurred if you undergo alternative therapies.
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-up
Annual health check-ups are offered under the plan to ensure the early detection of critical illnesses.
While searching for the best critical illness insurance in India, Care Health Insurance is a favorable option. We offer a comprehensive set of benefits that can considerably reduce your financial burden.
The following are some of the reasons why you should choose our plan:
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:
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:
Disclaimer: Do refer to the prospectus as the list may change without prior communication.
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 an emotionally and financially devastating influence on an individual's life. It results in excessive medical treatment expenditures and, at the same time, leaves family members emotionally and financially broken.
In such cases, the coverage from critical illness insurance for family can be a lifesaver, as it will provide financial protection if funds are insufficient to treat the patient. Conventional health insurance coverage may be advantageous on any given day. Still, a plan tailored to critical illness needs can be a better alternative to deal with the financial consequences. Health insurance for critical illness is a specific insurance cover to pay the medical expenditures for a particular disease. It will keep your family financially secure during such trying times. It is advantageous in a variety of ways:
With the increased occurrence of life-threatening conditions, it's more necessary than ever to have a health insurance plan covering chronic medical conditions. These plans provide financial support that can assist in covering the costs of care outside of the hospital. They can work as standalone critical illness insurance for family or in conjunction with your health insurance plan to cover all costs associated with treating these conditions.
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. As a result, it is prudent to be financially prepared for such unforeseeable catastrophes. By choosing the best critical illness insurance in India, you can reserve your savings and ensure quality health facilities for your family during unexpected events. When selecting such a policy, bear the following aspects in mind:
Personal 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 harm.
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
To determine the best coverage size, examine the expense of the specific ailment for which you are purchasing the coverage. Heart and cancer-related illnesses, for example, are on the rise these days. Although there are therapies for many ailments, they are often exceedingly expensive.
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.
Age
Having a critical illness as an older person can make matters worse. Along with the current disease, you are at a higher risk of contracting different ailments. You'll need the help of a greater coverage quantity to deal with them appropriately.
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.
Other Benefits Offered
Aside from understanding the primary benefits of critical illness insurance, you should also consider the extras you receive when purchasing a policy from a specific insurance provider. It is a good idea to learn about the benefits available during renewal for claim-free years.
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:
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:
The claiming team would verify the details after getting the above documents. Note that depending on the nature of the claim may be required to furnish extra documentation. We will process your claim once the documents are verified.
The premium for critical illness health insurance is deductible under Section 80D of the Income Tax Act of 1961. You can purchase the policy for self, spouse, or dependent children and avail of tax deductions on the premium paid for those policies.
You can claim deductions based on your age if you pay the premium for a critical illness plan or any other health insurance plan. Here are the tax benefits you can get on the premium you pay for necessary illness policy:
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.
The truth is that these two plans are vastly different, and each serves a distinct purpose. Choosing the correct health insurance is a big decision, and it's important to do your research to make sure that our medical bills don't get in the way of our life goals.
Here's a health insurance and critical illness insurance comparison to help you determine which is best for you.
| Factors | Critical Illness Insurance | Health Insurance |
| Coverage | Covers hospitalization due to life-threatening critical illnesses. | Covers standard hospitalization conditions and treatment expenses. |
| Benefits | Pre- and post- hospitalization, organ donor cover, dialysis cover, and psychiatric counselling, etc. | In-patient hospitalization, pre and post-hospitalization, day care treatments, ICU charges, and more. |
| 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. |
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A cover explicitly for life-threatening diseases can help you deal with costly treatment with multiple inclusions. These include in-patient hospitalization cover, day-care treatment cover, pre and post-hospitalization medical expenses cover, cover for medical procedures including dialysis, chemotherapy, radiotherapy, and more.
This insurance plan provides treatment cover for 32 critical illnesses. The insured person can opt for medical treatment at any network hospital and avail of the cashless facility. The policyholder is always at ease to go to the network hospital and get the treatment started using the health card. In addition, it offers financial security, which is vital when healthcare costs in the country are rising.
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 tele-underwriter, and in a few cases insured may be asked to undergo a medical check-up.
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.
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.
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.
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.
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 that provides you with higher sum insured options with wide-ranging policy benefits.
No, this cover is not at all expensive. You can buy critical illness insurance online with CHI at an affordable premium with EMI option.
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 adequate financial support to combat a life-threatening disease so you can safeguard your savings and protect your family's future.
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.
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Please visit during banking hours and ask for ‘Easy Pay’ service counters at Axis Bank branch to deposit your premium.
Please mention your Policy(s)number and Contact number on the reverse of cheque. Instrument should be in favour of "Care Health Insurance Limited"
Make sure to collect the acknowledgement slip before leaving bank’s service counter for any future correspondence.
Postdated/ Outstation/ Third Party cheques are not allowed.
Please ensure the cheque amount is equal to the amount mentioned in renewal invite.
It is advisable to carry a copy of Renewal invite while visiting to Axis Bank branch.
Please ensure to deposit the cheque at least 7 Days prior to the due date. Instrument deposition is not allowed after the policy expiry date.
In case of any modifications in the policy details at the time of renewal, please contact our
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Contact respective ‘Axis Bank branch manager’ in case of any difficulty/issue/clarification related to deposition of renewal premium. You may further contact our Customer Service team at 1800-102-4488/1800-102-6655
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