Critical Illness Insurance in India
The trend of Critical Illness in India is good for insurance holders. Before purchasing health insurance, the user needs to check about which critical illness are covered in their health insurance plan. Generally, the list is published in the health insurance document. Critical illness insurance is an often overlooked coverage that is offered by health insurance companies. In this insurance, the insurance amount is paid to policyholders against their critical illness. Many diseases are Incurable. The cost of treatment for critical illness is generally high.
What is Critical Illness Insurance cover?
In Critical Illness Insurance, If the insurance holder is diagnosed with a life-threating illness, then the insurance company provides a lump sum amount to help. The list of critical illnesses and lump sum amount against disease is provided in policy documents. In some health insurance policies, if the person becomes paralyzed then a certain amount given per month. Also, surgical expenditure is also provided to the consumer.
Importance of Critical Illness Insurance?
Critical Illness in India holds significant importance as it gives protection against life-threating diseases. The cost of medical expenditure is increasing day by day. Certain diseases’ treatment is far away from many Indians because of the price of treatment. Often the days for critical illness treatment is long. Because of these, the continuation of the fund is required for the treatment. It is not affordable for many families.
In general Critical Illness insurance provide financial security to the family. Also, It provides a lump sum amount for treatment. The total cost is paid by the Insurance company. Amazing! Isn’t it?
Also, you can claim tax benefits.
In Critical Illness insurance, Not much of the time is taken in a settlement. Because the money is required in immediate medical expenses to be made to treat the disease. Nowadays many Insurance companies are offering cashless facilities for critical illness treatment.
Even for these treatments, many families become poor day by day. The lifestyle of now days increased critical illness among India. Some Example of these common critical illnesses are below listed
- heart disease
- kidney failure
How to choose the best Critical Illness plan?
The choosing right critical insurance cover is difficult. But by comparing some popular plans you can choose it.
- The Cover diseases list: Each critical illness insurance offers different diseases that are covered in the policy. The more diseases are covered then the premium amount can be higher.’
- Waiting Period: The company introduces the waiting period for critical illness insurance. generally, more than 1 year is waiting period.
- The coverage Amount: The lump sum amount is needed for choosing a critical illness insurance plan. The lump-sum amount is min 1 lakh to upward.
Critical Illness insurance Policies
here is a list of some famous critical illness insurance in India.
Option 1 : HDFC Ergo Critical Illness policy
- Up to 15 Critical Illness covered in policy.
- 2 Plans available for selection.
- HDFC Ergo provide Option to buy for 1 & 2 Years.
- HDFC Ergo provide Lump Sum payment in a single transaction.
- Provide free look period of 15 days starting from the date of receipt of the policy document.
- No medical check-ups up to the age of 45 years.
- Tax saving
- policy can be renewed for a lifetime period.
Option 2 : Max Bupa Critical Illness Mediclaim Policy Criticare plan
- Direct claim settlement feature
- 2/3 year option
- Assured policy renewal
- Tax Benefits
- 15 day free look period during which you can cancel your policy simply by stating your reason
- 20 critical illnesses are covered.
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