Critical Illness

Critical Illness Policy

Changing lifestyle is responsible for an increase in the count of critical illness cases. Discovering a critical illness at any point in one’s life can be extremely devastating. Apart from creating havoc with your health and earning capability, a critical illness could be life threatening too as it drains out all your savings. A critical illness expense is huge and a good Critical illness Plan helps you cope up with this sudden burden. It provides you an immediate lump sum amount in the event of crisis so that all your running expenses and medical expenses are met instantly.

Some of the common critical illnesses are –

  1. First Heart Attack of Specified Severity
  2. Stroke resulting in permanent symptoms
  • Cancer of Specified Severity
  1. Multiple Sclerosis Persisting Symptoms
  2. Kidney Failure
  3. Major Organ/Bone Marrow Transplant (E.g. Heart, liver, lung, pancreas, etc.)
  • Permanent Paralysis of Limbs
  • Open Chest - Coronary Artery Bypass Surgery
  1. Angioplasty
  2. End Stage Lung Diseases
  3. Primary Pulmonary Arterial Hypertension
  • Open Heart Replacement or repair of Heart Valves.

Hard hitting facts about Critical Illness:

There are several reasons why someone needs to buy a Critical Illness Policy. Let us list down few to make one understand the importance of Critical Illness Policy:

- There has been a sudden spurt in critical diseases due to increasingly lethargic and poor lifestyle among young urbanites.

- The percentage of people below 40 years of age suffering from diseases like cancer, heart attack and diabetes has risen from 23% in 2011 - 2012 to an alarming 40% in the year 2013 - 2014.

- 30% of people who suffer Heart Attacks are affected before the age of 40 years*

- In India Health Care Expenses are rising at a rate of 14% 

- A basic Critical Illness Policy will cost Rs. 3,000 for 10 Lakh Sum Assured, for a 30-year-old male.

- A study revealed that this spike in critical illness incidence rates is more prevalent in IT and Service sectors.

 

Difference between Critical Illness & Health Insurance policy?

Let us understand the basic difference between a Critical Illness Policy and a Health Insurance Policy:

Parameter

Critical Illness

Health Insurance

Definition

Critical Illness Policy is a benefit policy that covers life threatening diseases like Cancer, First Heart Attack, Multiple Sclerosis, etc.

Health Insurance Policy is an indemnity policy that covers hospitalization expenses incase the insured suffers from Illness/ Diseases or Accident.

Benefits

Lump Sum benefit is paid in case the insured is diagnosed with any Serious Illness.

The Insured needs to be hospitalized is he is suffering from Diseases/ Illness/ Injury. Expenses incurred regards to the hospitalization shall be reimbursed on submitting valid documents or can opt for Cashless facility at Network Hospital

Coverage

Listed Illness in the policy wordings (Max upto 37 Illness) are covered.

Extensive coverage including day care treatment, Hospitalization expenses, Domiciliary treatment are covered under the policy.

Waiting Period

There is a waiting period of 30/60/90 days

There is a waiting period of 30 Days except if the insured meets with accident is covered from day 1.

Survival Period

There is a Survival Period of 30 Days before the claim is paid

There is not requirement of Survival Period for the benefits to be paid.

 

How Much Critical Illness Cover should one buy?

There is no basic rule to buy a Critical Illness Insurance Policy but one must keep in mind a few tips before buying the policy:

- Depending on your lifestyle and the city you live in, the coverage should be at least 2 to 3 times of your annual income

- Number of diseases covered should be high. Look at the list provided by insurer

- Number of exclusions and limitations should be less

List of companies who offer a critical Illness Policy:

Insurer

Plan

Apollo Munich Health Insurance Company Limited

Optima Vital Critical Illness Policy

Bajaj Allianz General Insurance Co. Ltd.

Critical Illness Insurance Policy

Bajaj Allianz General Insurance Co. Ltd.

Critical Illness Insurance Policy for Women

Bharti AXA General Insurance Company Limited

Critical Illness Insurance

Cholamandalam MS General Insurance Co. Ltd.

Chola MS Critical Healthline Insurance

Cigna TTK Health Insurance Company Ltd.

Cigna TTK Lifestyle Protection-Critical Care Plan

Future Generali India Insurance Company Limited

Future Criticare

HDFC ERGO General Insurance Co. Ltd.

Critical Illness Insurance

HDFC ERGO General Insurance Co. Ltd.

Critical Illness Platinum

Max Bupa Health Insurance Company

Health Assurance - Critical Illness Policy

Reliance General Insurance Co. Ltd.

Reliance Critical Illness Plan

Religare Health Insurance Company Limited

Assure - Critical Illness Health Insurance

SBI General Insurance Company Limited

Critical Illness Insurance Policy

Star Health and Allied Insurance Company Limited

Star - Criticare Plus Insurance Policy

Tata AIG General Insurance Co. Ltd.

Critical Illness Insurance Policy

United India Insurance Co. Ltd.

Uni criticare

Universal Sompo General Insurance Co. Ltd.

Aapat Suraksha Bima

Universal Sompo General Insurance Co. Ltd.

Saral Surkasha Bima

 

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