Critical Illness

Standalone Policy required or Rider enough? All you need to know about Critical Illness Insurance

abhishek — Fri, 02 Jul 2021 06:30:00 GMT

Standalone Policy required or Rider enough? All you need to know about Critical Illness Insurance

02-Jul-2021 02-Jul-2021'

The issue with Critical Illnesses is that they creep up on you all of a sudden. One day you’re feeling great and on top of the world, and the very next week you could be given news by the doctor during your routine annual medical check-up that a tumour has been found in your spine.

This is why having Critical Illness insurance by your side has become an important aspect of the urban Indian’s financial planning. A Critical Illness policy will take care of life-threatening (cancer, major organ transplant, multiple sclerosis, third-degree burns, aorta graft surgery) and lifestyle-disabling (heart valve replacement/repair, coma of specified severity, total blindness, end-stage renal disease) illnesses.

When it comes to Critical Illness insurance, you broadly have 3 different options to choose from:

Standalone Critical Illness policy
Critical Illness rider with a health insurance product
Critical Illness rider with a life insurance product

The following is a list of the components of an insurance policy under which we have first given a fair view of each option (that is, a rider and a standalone plan) and then later we have suggested what you should choose on the basis of your needs.

The Coverage Amount

The coverage amount in case of a rider depends on the base policy with which you are opting for an additional rider. Hence, it cannot exceed 30% of the coverage amount of the base policy. However, the coverage amount in case of a standalone policy is up to you.

Our Suggestion: If you want a higher cover, then a standalone policy, where you get to choose the coverage amount, is the right fit.

The Premium

The premiums of a standalone policy remain the same unless you reach a specific age. However, although the premiums of a rider taken with a life insurance policy remain constant throughout, the premium of a rider taken with a health plan increases with increasing age. But the premium amount you would pay in a standalone policy will be slightly higher compared to a Critical Illness rider.

Our Suggestion: You can either choose to pay lesser premiums and get a lower coverage amount or pay higher premiums for a higher cover. It is always a wise decision to have a higher cover, which you would get with a standalone policy.

Renewability

A standalone Critical Illness policy can be renewed lifelong while a Critical Illness rider is renewed with the base policy. So, if the base policy becomes invalid, the rider also stands invalid.

Our Suggestion: Quite obviously, a standalone Critical Illness policy is a clear winner here.

Number of Critical Illnesses Covered

The number of diseases covered in a standalone Critical Illness plan is comparatively higher than a Critical Illness rider.

Our Suggestion: A standalone plan is better if you wish to play safe and get yourself covered against as many diseases as possible.

Conclusion

In all the aforementioned parameters, a standalone Critical Illness plan comes out as the winner. For queries, call 86559-86559 or drop an email at support@oneinsure.com.

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Things to Consider When Buying Critical Illness Insurance

Shraddha Gala — Thu, 04 Jul 2019 07:26:00 GMT

Things to Consider When Buying Critical Illness Insurance

04-Jul-2019 04-Jul-2019'

Shraddha Gala

Heart attack to become number 1 KILLER disease globally!

Incidents of heart attacks are increasing day by day to an extent where you yourself can easily recall at least 2 or 3 members from your extended family who have been affected by a heart attack. Here are the statistics that show a drastic rise in the rate of heart attack cases in India:

You could be next!

With rising medical costs, diseases like heart attack can wipe out all your finances in a matter of a few weeks. At such times, having a critical illness insurance policy along with a health insurance policy is crucial.

A health insurance policy will only pay for your medical and hospitalisation costs, but a critical illness policy will pay you a lump sum when you are affected by a critical illness. The lump sum amount offered can be used for your post-treatment costs, to clear debts, or to pay for your daily household expenses.

During the course of the treatment, most patients are forced to give up their jobs or take a sabbatical, which results in loss of income. A critical illness policy helps you overcome this barrier and allows you to continue the treatment without any hiccups. This is something that a health plan is unable to help with.

A combination of health insurance policy and critical illness insurance policy is a must in today’s time. So, start early and get a policy when you don’t need it, or else you may not be eligible when you actually need it.

Here’s a list of things you should consider when buying critical illness insurance.

Check the Number of Diseases That Are Covered

Different insurance companies cover different critical illnesses. Therefore, you must go through the list of critical illnesses covered before buying a critical illness insurance policy.

Is It a Standalone Policy or an Add-on?

A critical illness insurance policy can be bought as a rider to your existing health or term insurance policy or as a standalone policy. Often, the policy seeker gets confused as to what to go with, an entire standalone policy or with a complementary rider? Therefore, it is important to understand the difference between the two and buy one that suits your needs.

Does It Complement Your Health Insurance Policy

When selecting a critical illness policy, make sure it balances with your health insurance policy so that you get adequate coverage at a reasonable price. Both put together should cover all aspects of healthcare, so that your health insurance portfolio is secure.

Benefits You Would Get at the Time of Renewal

Critical illness insurance needs to be renewed every year. Therefore, before buying any particular critical illness insurance, make it a point to find out about the renewal benefits you would get from your insurer for the year you haven't filed any claim. Also note that many critical illness plans come with a renewal limit and cannot be renewed once the plan reaches the renewal limit. Therefore, choose a plan that offers coverage for a long duration.

Minute but Important Factors Associated with the Plan

Every critical illness plan comes with exclusions and limitations that vary from policy to policy and insurer to insurer. Here is the checklist of the most important exclusions or limitations that should not be avoided:

Nearly all critical illness plans come with a waiting period (the time period between buying an insurance policy and getting diagnosed with a critical illness) and survival period (the number of days one survives after the policyholder is diagnosed with a critical illness). Before buying critical illness insurance, it is important to check if these periods are involved and the durations.
Another factor you need to consider is the sub-limits placed by the insurance companies. There are chances that a plan can come with a limit on room rent cost, hospitalisation costs, medical tests, surgical costs, or limitations related to specific ailments.
Always check the claim settlement history of the insurer before purchasing any insurance policy.
Buy a policy that offers a wide range of network hospitals that are near your house, workplace, or are easily accessible.
The last and most important factor is to understand the claim settlement process. You must know the answers to:
- How will I get my claim settled
- Will I get completely cashless treatment
- Will I get money immediately in case of reimbursement-type treatment
- What documents are required to raise a claim in case of reimbursement-type treatment

A 35-year-old healthy Indian can buy a Critical Illness policy with a cover of Rs 10 lakhs for as low as Rs 239 a month

To conclude, one must understand that a critical illness insurance policy is an additional layer of protection upon your health insurance policy, keeping in mind the uncertainties of life. Therefore, you must research thoroughly, invest smartly, and live happily!

M – 86559-86559 | E – support@oneinsure.com
Be Sure with OneInsure

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Fight Critical Illnesses without Going Bankrupt

Mohit Mishra — Mon, 10 Dec 2018 05:44:00 GMT

Fight Critical Illnesses without Going Bankrupt

10-Dec-2018 10-Dec-2018'

Mohit Mishra

“Cancer,” the doctor informs you after looking at your medical reports. “Last stage.”

These three words have a devastating effect. You can feel all your dreams and aspirations slowly melt into nothing. You can no longer send your child to a top school or take your family for a foreign vacation. Your life savings may not be enough. Treatment costs 30 lakhs. Without the treatment, the doctor says you will live only 3 months…

In such a scenario, an insurance policy that bears the entire cost of your treatment would be the answer to all your prayers.

The Insurance industry exists to assist policyholders who find themselves in such challenging situations. What’s more, the Critical Illness policy is very pocket-friendly too. For example, a Critical Illness cover of Rs 30 lakhs for a reasonably healthy 35-year-old will cost close to Rs 10,000 a year.

Additionally, these plans are built specifically keeping in mind the instabilities that one has to go through when one contracts a critical illness. Most Critical Illness plans come with income-replacement benefits, which give monthly pay-outs to the policyholder’s family members while s/he is unable to go to work due to the illness.

Here are some of the critical illnesses generally covered in a Critical Illness policy:

Several strains and severities of cancer
Heart disease
Renal (kidney) failure
Paralysis
Conditions requiring major organ transplants

As we all know, hospital costs have increased greatly in the last couple of decades, and they will continue to do so. The costs for the treatments of critical illnesses have gone up too. In such a scenario, it is always wise to have the Critical Illness policy safety net. This is why this policy is a must-have in the urban Indian’s financial portfolio.

Want to know more?

Read here to know how Critical Illness policies differ from Health Policies
Read here to have some important Critical Illness questions answered
Here are some Critical Illness policy myths busted

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Celebrating Cancer Survivor’s Day – Bringing to You an Inspiring Cancer Survival Story

Mariya Panwala — Fri, 01 Jun 2018 13:51:38 GMT

Celebrating Cancer Survivor’s Day – Bringing to You an Inspiring Cancer Survival Story

01-Jun-2018 01-Jun-2018'

Mariya Panwala

Cancer ran in Archana’s family. First, it was her father, whom she lost to lung cancer.Then it was her sister, whom she lost to colon cancer. So, when she noticed a little hard bump on her neck, she promptly fixed an appointment with her doctor.

Archana(39) was diagnosed with Transitional Cell Carcinoma (TCC), cancer of a rare kind that spreads faster than other strains. Further tests revealed that one of her kidneys had been badly infected. A surgery was conducted to remove the infected kidney and then began the chemotherapy sessions.

She was referred to a specialist in cancer care, who worked on her treatment and was there for her round-the-clock.

Recalling her initial days, she says she had become very fearful of death and would often break down. She was pushed into depression, first due to cancer and then due to a broken marriage.

However, she persevered and resolved to fight this battle with positivity.

She would dress with care whenever she went for her chemotherapy sessions. She would counsel other patients suffering from cancer. She appeared so positive that, at times, the hospital staff could not believe that she was a cancer patient.

At home, her children became a vital support who would coax her to eat healthy and develop good habits. They helped her come out of depression. She, in return, would cook their favourite dishes and would go out to watch movies with them.

She danced with her children to celebrate her last chemo session.

After she was declared cancer-free, she returned to academics and registered to pursue a post-graduation programme and intends to take up teaching in a school.

Today, Archana is determined to spread positivity amongst cancer patients and not let the disease defeat them. She aims to do this by sharing her experiences and her ups and downs. She also asserts that the key to fighting cancer is early detection. Considering her family’s health history, she has also taken the decision to get her children tested in case of any cancerous mutations in their genes.

Archana is one of the many who are diagnosed with cancer in India each year. According to a report, there has been a rise in cancer cases in India in the recent years.

Cancer Cases in India
Year	2014	2015	2016
Cases	13,28,229	13,88,397	14,51,417

While medical advancement has made it easy to cure cancer, reports suggest that 68% of those diagnosed with cancer in India succumb to death. And, one of the reasons for the high death-rate amongst cancer patients in the country is lack of funds for the treatment.

And when we talk about lack of funds for cancer treatment, we cannot ignore Critical Illness insurance, which is gradually becoming a popular product among smart Indians. This insurance provides financial aid when patients are diagnosed with fatal diseases.

However, the overall number of those covered under Critical Illness insurance is considerably low in India, which needs to be corrected. And that can only be done when more and more people get Critical Illness insurance as a financial tool to fight against life-threatening diseases.

On the occasion of Cancer Survivor’s Day, OneInsure takes the opportunity to urge fellow Indians to consider getting covered under a Critical Illness policy to avail timely financial assistance, because cancer and most other fatal diseases come unannounced, and it is wise to be prepared in advance.

(with inputs from Livemint and Indiaspend)

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Why Women Must Have Critical Illness Insurance

Mariya Panwala — Sat, 26 May 2018 13:57:00 GMT

Why Women Must Have Critical Illness Insurance

26-May-2018 26-May-2018'

Mariya Panwala

If we go by statistics that we have at the moment, over 67,000 women die of cervical cancer in India every year, making it the second highest cause of cancer deaths amongst Indian women after breast cancer.

By 2020, breast cancer deaths are estimated to reach 76,000 a year in the country. Doctors claim a lack of awareness about the disease is the major reason, which needs to be corrected to ensure that timely measures are taken to prevent breast cancer deaths.

Negligence towards women’s health is prevalent since time immemorial. This is mainly because they performed the domestic role and it was their significant other on whom the family depended financially. But clearly, this is not the case anymore, and we don’t even need to explain why!

Loss of life, irrespective of the gender, affects the family in different aspects. However, women do not receive adequate medical attention and hence the number of deaths owing to cancer and other woman-specific life-threatening diseases is alarmingly high.

In such a scenario, awareness programs educating women on breast cancer, cervical cancer, and similar diseases are not adequate. What women also require apart from that is a financial backup that could stand in when they are diagnosed with a life-threatening illness.

And by backup, we mean a critical illness insurance policy.

A critical illness policy provides financial support when one is diagnosed with a life-threatening or lifestyle-disabling illness. Some of the major illnesses that are covered under a critical illness plan include:

Cancer
Major organ transplant
Multiple sclerosis
Third-degree burns
Heart attack
Aorta graft surgery
Total blindness

To return to our previous discussion, there’s a considerable gap if we look at the ratio between men and women who are protected against life-threatening diseases in India. Women obviously lag behind. Let this not be the scenario with you and the important women in your life. If you wish to consult experts before taking a final decision, we will be glad to help you arrange a meeting with our experts at OneInsure.

Reach us by calling 86-559-86-559 or by writing to us at support@oneinsure.com and our Support Team will get back to you at the earliest.

Note: There is no consultation fee charged by OneInsure.

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Critical Illness Rider vs. Standalone Critical Illness Policy – What’s Better?

Mariya Panwala — Wed, 21 Mar 2018 12:26:00 GMT

Critical Illness Rider vs. Standalone Critical Illness Policy – What’s Better?

21-Mar-2018 21-Mar-2018'

Mariya Panwala

With an upsurge in life-threatening diseases, having Critical Illness insurance by your side has become important. A Critical Illness policy will take care of life-threatening (cancer, major organ transplant, multiple sclerosis, third-degree burns, aorta graft surgery) and lifestyle-disabling (heart valve replacement/repair, coma of specified severity, total blindness, end-stage renal disease) illnesses.

However, here you have three different options to choose from:

Standalone Critical Illness policy
Critical Illness rider with a health insurance product
Critical Illness rider with a life insurance product

Let's first understand the difference between a standalone policy and a rider. A Critical Illness plan is a standalone policy while a Critical Illness rider is what you can buy along with either a health or a life insurance policy. Often, the policy seeker gets confused as to what to go with, a standalone policy or a rider? An easy way out here is to get a fair view of both these options to ascertain what is more suitable of the two. In this article, we have done that for you. The following is the list of the components of an insurance policy under which we have first given a fair view of each option (that is, a rider and a standalone plan) and then later we have suggested what you should choose on the basis of your needs.

The Coverage Amount

The coverage amount in case of a rider depends on the base policy with which you are opting for an additional rider. Hence, it cannot exceed 30% (IRDAI rule mandates no more than 30%) of the coverage amount of the base policy. However, the coverage amount in case of a standalone policy is up to you.

Our Suggestion: If you want a higher cover, then a standalone policy, where you get to choose the coverage amount, is the right fit. Also, given the expenses that one incurs on the treatment for a critical illness, the higher the cover, the better it is.

The Premium

The premiums of a standalone policy remain the same unless you reach a specific age. However, although the premiums of a rider taken with a life insurance policy remain constant throughout, the premium of a rider taken with a health plan increases with the increase in age. But the premium amount you would pay in a standalone policy will be slightly higher compared to a critical illness rider.

Our Suggestion: You can either choose to pay lesser premiums and get a lower coverage amount or pay higher premiums for a higher cover. But, as told earlier, critical illnesses are very prevalent. You don’t know when you could be next. And, once contacted, it can easily empty your bank account and all your savings. So, it is always a wise decision to have a higher cover, which you would get with a standalone policy.

Renewability

A standalone Critical Illness policy can be renewed lifelong while a Critical Illness rider is renewed with the base policy. So, if the base policy becomes invalid, the rider also stands invalid.

Our Suggestion: Quite obviously, a standalone Critical Illness policy is a clear winner here. Given the rise in the number of people being affected by life-threatening illnesses, one needs to have a valid standalone Critical Illness policy.

Number of Critical Illnesses Covered

The number of diseases covered in a standalone Critical Illness plan is comparatively higher than a Critical Illness rider. For example - Apollo Optima Vital covers 37 critical illnesses.

Our Suggestion: A standalone plan is better if you wish to play safe and get yourself covered against as many diseases as possible.

Read here to know the myths around a critical illness policy

Conclusion

In all the aforementioned parameters, a standalone Critical Illness plan comes out as the winner. Ultimately, it solely depends on your requirements and affordability. If you think your current income is not sufficient to pay a higher premium amount at the moment, then it is advisable to at least get a rider with your life or health plan. You can also consult our experts at OneInsure, who can assist you in coming to a reasonable decision. You can contact them directly at 86559-86559 or drop an email at support@oneinsure.com.

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Critical Illness Insurance Myths Busted

Mariya Panwala — Tue, 20 Feb 2018 13:14:00 GMT

Critical Illness Insurance Myths Busted

20-Feb-2018 20-Feb-2018'

Mariya Panwala

Among policy seekers, Critical Illness insurance remains a highly misunderstood type of insurance. The misunderstanding results due to its somewhat similar characteristics with health insurance. However, Critical Illness plans and health plans are different types of insurance policies, with different features, and provide different benefits. Therefore, before you subscribe to any particular plan, it is required of you to have an accurate understanding of what a Critical Illness plan is, how it is different from a health plan, and what benefits you may or may not receive under Critical Illness insurance. And to know that in 2 minutes, go through the myths one by one as we bust them for you.

Myth 1: Critical Illness Insurance = Health Insurance

Reality: The statement is incorrect. A health insurance plan will cover your basic hospitalization expenses when you’re admitted in a hospital for more than 24 hours. However, a Critical Illness (CI) plan will provide you a lump sum amount as financial protection when you’re diagnosed with a life-threatening illness like cancer, heart attack, and so on. Depending on your CI policy, the number of illnesses covered could range from as low as 20 to as many as 50 or more.

Myth 2: "I Am Too Young to Buy a Critical Illness Plan"

Reality: A critical illness does not knock on your door after asking your age. Especially in today’s times, where many young people are being diagnosed with critical illnesses due to several reasons including unhealthy food habits and lifestyle, stress at work, and so on. So, it is never too early to get yourself covered under a CI plan.

Myth 3: "If I Am Covered under a Critical Illness Plan, I Am Covered for Every Kind of Critical Illness"

Reality: That’s incorrect. What sort of critical illnesses you are covered for differs from insurer to insurer and plan to plan. Your policy will contain a pre-defined list of critical illnesses. Go through that list before you buy the plan to make sure that you know what critical illnesses are covered under your plan. Also, only specified types of cancer will be covered. So, make sure to check these details before subscribing to a plan or the misunderstandings may lead to a rejection of the claim later.

Myth 4: "I Don’t Need a Critical Illness Plan because the Chances of Survival if I Get Diagnosed with a Major Illness Are Anyway Less"

Reality: This is a wrong notion. Modern medicine is a boon and when treated on time, you have fair chances of survival. So, you’re not losing anything by getting yourself a CI plan. Also note that Critical Illness plans are one of the cheapest policies out there!

Myth 5: On Diagnosis of Any Critical Illness, You Shall Be Paid Immediately

Reality: No, not immediately. Every CI plan comes with a survival period feature. This means that, on being diagnosed with an illness, you are supposed to survive for at least 30 days (or as defined in the policy). Once the survival period is over, you shall be paid the lump sum amount.

To conclude, as cliché as it might sound, life is unpredictable and if you have people who are dependent on you financially, then a Critical Illness plan is a must. Get covered today and gift yourself and your family the peace of mind that comes with knowing you have a safety net in case you contract an illness that would otherwise leave you bankrupt. Get in touch with OneInsure on 86559-86559 or at support@oneinsure.com to get the best deal. You can also visit OneInsure’s website for further insights on Critical Illness insurance.

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How To Choose A Cancer Insurance Policy

Joan — Tue, 06 Feb 2018 08:41:00 GMT

How To Choose A Cancer Insurance Policy

06-Feb-2018 06-Feb-2018'

Joan

For some, just the mention of the word ‘cancer’ is enough to give them goosebumps. While it is completely alright to feel scared or angry, one needs to be mentally, physically and financially prepared to face what is ahead. The Indian Council of Medical Research has said that overall number of new cancer cases is expected to be close to 17.3 lakhs by 2020. The study further said that breast cancer will be the most common among women and mouth cancer among men.

What is cancer insurance?

Cancer insurance policy, as the name suggests, is a kind of cover designed to help manage risks associated with cancer. It mitigates the expenses associated with cancer treatment and provides individuals with the necessary financial support. Cancer insurance should not be confused with a health insurance policy. A cancer insurance cover is a fixed benefit plan that offers payouts in the event the insured individual is diagnosed with cancer. Health insurance, on the other hand, pays for the actual medical and surgical expenses incurred by the insured individual. Furthermore, health policies come with sub-limits on the amount payable in different situations.

Why do you need it?

The data provided above (para 1), which is rather alarming, clearly shows the need to have a cancer insurance plan in place. The partial or lump sum payout received as claim amount from the cancer insurance policy can be used for paying the treatment expenses, consultation expenses, hospital stays etc. You can also use it to meet household, travel or any other kind of expenses.

Benefits of cancer insurance policy

Covers all stages of cancer
Benefits can be used in any manner that you want
The sum insured is usually paid out on the first diagnosis of illness
Some plans provide waiver of premium benefit under certain conditions like early stage cancer diagnosis
Tax benefits can be claimed under Section 80D of the Income Tax Act

Here are the points to note while investing in a cancer insurance policy:

Stages of Severity

Generally, the payout from such a policy is categorized into different stages of severity. The sum you stand to receive will come down to the severity of ailment, starting from early stage to severe stage. Make sure to look into the kind of benefits paid out by a cancer insurance policy at different stages and accordingly choose which plan to go ahead with. Usually, such plans pay out a percentage of the sum insured when cancer is detected at an early stage and 100% of the sum insured in case of the major stage. Besides this, some covers also require the insured to survive a certain number of days (usually 7) from the date of diagnosis of cancer before any payout can be made.

Waiting Period Clause

Sometimes people tend to overlook the waiting period clause and just focus on the benefits they are getting. It is always advisable to go for those policies where the waiting period is less. There is the initial waiting period, which can go up to 180 days from the time of policy purchase. A claim cannot be filed during this period. In addition to this, some insurance companies have a survival period clause wherein an insured individual has to survive a certain number of days (usually 7) from the date of diagnosis of cancer to receive any payout. HDFC Life Cancer Care Insurance and LIC’s cancer cover are some of the policies where you can find a 7-day survival period clause.

Policy Term

The policy term is another important factor to be considered while choosing a cancer insurance cover. A good cancer plan is one that covers all stages of cancer and has a long policy term. With a wider policy term, you will be covered for a long period of time and you can benefit from paying the same rate for the entire duration of the cover.

Adequate Reimbursements

You need to ensure that the policy that you choose provides adequate reimbursement for medical expenses and the bills that you bear for treatments. It is always better to be over-insured rather than under as this would reduce the burden should you ever get diagnosed with cancer. Before availing a cover, make sure to get an estimate on the ideal coverage amount. The plan that you opt for needs to include the spectrum of health care taken at home, all of the expenses incurred on medication and loss of remuneration in case you are not able to go to work.

Finally, whether or not you get a cancer insurance plan is your decision entirely. Take into consideration your lifestyle, environment and overall health condition. If cancer runs in your family or you feel as if there might be a chance you could get diagnosed with it in the future (in case of smoking, alcohol consumption, etc.), it is definitely recommended that you get a cancer insurance cover. Although you may feel as if this cover isn't something you need right now, it is useful to have it in place and should the doctor detect it at any point, you'll be better prepared. A cancer insurance policy can protect you from a financial breakdown if ever you get diagnosed with this ailment. Consider buying the plan early to benefit from lower premiums.

Have any questions about cancer insurance policy? Write to us in the comments section below or drop us a mail at support@oneinsure.com.

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How To Compare Critical Illness Insurance Policies

Joan — Wed, 31 Jan 2018 12:30:55 GMT

How To Compare Critical Illness Insurance Policies

31-Jan-2018 31-Jan-2018'

Joan

When Ramesh's friend suffered a stroke, Ramesh got to witness the financial toll it took on his friend's family. They did not have any financial backup in place, so his friend's family really struggled to meet their everyday expense. Ramesh was now convinced that he needed to include a critical illness insurance plan to his insurance portfolio. Should he suffer from any critical ailment, the payout from the policy would cover his expenses for the time he took off work.

A critical illness cover provides protection against specific life-threatening illnesses, like cancer, third degree burns, end stage renal disease etc. Treating such diseases usually require several visits to the hospital. So not only does one have to bear the hospitalization cost, there will be other expenses like doctor visits, medical expenses, etc. A critical illness plan pays out a lump sum amount that can be used to cover all these expenses. The lump sum payout from this policy is besides any health insurance benefits that may be paid out.

It is most important to compare various policies before selecting the most suitable one. Here are the factors to keep in mind while comparing different critical illness policies:

List of covered illnesses

The list of serious illnesses covered under an insurance plan will vary from one insurer to another. If a particular critical illness runs in your family, you need to ensure that you get a plan that covers that ailment. The most suitable insurance plan for you is one that covers all your insurance needs. It is also advisable that you opt for one where the most number of illnesses are covered.

Survival and waiting periods

Critical illness plans generally come with a survival clause, which means that the insured individual must survive a certain number of days after being diagnosed of a covered illness for the insurer to pay the benefit. Besides this, there is also a waiting period of about 90 days for commencement of the policy and around 3 years for coverage of pre-existing illness. Consider going for plans that have very little to no survival and waiting period.

Premium Vs Coverage

Go for a policy that provides the maximum cover, and at the same time, is easy on your pockets. The plan that you select should be such that it covers your entire expenses for another 15 or 20 years should you get diagnosed with a critical ailment and not be able to work.

Fate of policy in the event of claim

Most of the time, a policy stands cancelled and non-renewable after an insurance company has made a claim payout. However, there are some providers that classify illnesses into groups, and should you file a claim for a treatment under group A, your policy will continue to remain active, but the same group illness for which the claim has been made (in this case, group A) shall be excluded from the coverage.

A critical illness cover should never be opted for in haste. You need to invest a certain amount of time and effort in comparing the various options in the market based on the above factors as well as their pricing structure before settling on one. OneInsure is here to help you find the most suitable critical illness plan. Drop us a mail at support@oneinsure.com or write to us in the comments section below to find a plan that covers your needs.

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Why Do You Need Critical Illness And Personal Accident Covers Even If You Have Health Insurance?

Joan — Mon, 15 Jan 2018 10:31:38 GMT

Why Do You Need Critical Illness And Personal Accident Covers Even If You Have Health Insurance?

15-Jan-2018 15-Jan-2018'

Joan

Many people are under the impression they don’t require a critical illness cover or a personal accident insurance policy simply because they already have a health insurance policy in place. They mistake the two policies to function in a manner similar to health insurance cover. Lack of product knowledge can be attributed as the main reason why many with health insurance policies fail to get a personal accident or critical illness cover.

Need for critical illness insurance cover

When Piyush was diagnosed with chronic lung disease, his world came crumbling down. He was of the view that payout from his health insurance policy would take care of everything, but he was in for a shock when he found out only his hospitalization expenses were covered. Piyush started feeling helpless as he had to be off work for a considerable period of time. Since he was the only earning member, his family’s financial state got tight. The emotional and financial strain was only making his health conditions worse.

Some ailments cannot be averted even when you take the best care of your health. To help manage your finances, it is recommended that you have a critical illness cover. In the above case, if Piyush had also opted for a critical illness insurance plan, the hospital bills would have been paid for by his health insurer, while the other financial requirements would’ve been met from the benefits paid from his critical illness cover. A critical illness insurance plan pays out a lump sum amount to the insured individual if s/he acquires a serious aliment (one that is listed in the policy documents).

Why buy personal accident insurance cover?

We all know about the importance of a life or health insurance policy, but how many of us actually understand how useful a personal accident policy can be. In case of a major disaster, say severe flooding, you have life insurance to compensate for death and health insurance to pay for the hospital bills. But who covers the financial losses suffered if an accidental injury leads to temporary or permanent disability? Well, this is where personal accident insurance policies come to the rescue.

A personal accident insurance policy provides financial assistance in case an accident results in physical injuries or death. If your income stops (as a result of not working due to injuries sustained in an accident), you can rely on the payout received from the policy to meet your daily expense. It provides financial stability should the earning member (insured individual) be rendered disabled on account of an accident.

Conclusion

Critical illness and personal accident covers can be opted as riders to your health insurance policy or as standalone covers. They provide protection against the financial crisis faced in the event you are diagnosed with a critical illness or meet with an accident. Do not assume that a health plan is a substitute for a critical illness and personal accident policies. As you can see from above, they work rather differently and provide additional benefits to your existing health cover.

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Critical Illness Insurance: Important Questions Answered

Madhurima Pawar — Thu, 28 Sep 2017 04:02:00 GMT

Critical Illness Insurance: Important Questions Answered

28-Sep-2017 28-Sep-2017'

Madhurima Pawar

Having a critical illness policy is gradually becoming a necessity, given the rising costs of medical treatments and an upsurge in people falling prey to life-threatening diseases. However, not everyone understands the boons of a critical illness plan until emergency strikes. Lack of awareness can be attributed as one of the reasons why many have not availed it.

In this article, we will look at the basics of critical illness insurance and the benefits it offers.

What is critical illness insurance?

Critical illness insurance is a contract wherein the policyholder pays regular premiums against which the insurer pays a lump sum cash amount when the former is diagnosed with any of the critical illnesses of those pre-specified in the policy.

Do I need a critical illness plan when I already have a health plan?

Certainly yes. Your health plan takes care of a number of medical conditions, but for a life-threatening illness, you require a critical illness plan. Cancer treatment today can easily cost around 5 to 20 lakhs. Additionally, with the advancement in medical sciences, the cost of the treatments for fatal conditions is touching new heights each year. The cost of an illness today may increase considerably tomorrow. It is therefore advisable to be prepared for the worst by paying a little premium each year to avoid a major financial crunch in the future.

Above and beyond covering up the cost of the treatment, the lump sum amount disbursed by the insurer will help you:

To pay off pending debts
Replace your regular income due to reduced ability to work and earn a living

Which illnesses does a critical illness plan cover?

A critical illness plan covers all major illnesses, namely cancer, heart attacks, kidney failure, permanent paralysis, multiple sclerosis, among others. Good Critical Illness plans cover 35 - 40 illnesses.

What is not covered in a critical illness plan?

Exclusions may vary from one company to another. However, generally, insurers divide exclusions under Critical Illness plans in 2 categories:

Time-bound Exclusions

Waiting Period – From the time when the policy commences, the policyholder will be covered for the pre-specified illnesses on completion of waiting period which may be 30/60/90 days. Unless this waiting period elapses, the policyholder will not be covered for the listed illnesses.
Pre-existing Diseases – The policyholder will have to wait for a predetermined number of years to be eligible to be covered for pre-existing diseases, the symptoms of which had developed or diagnosed or the insurer had received a medical treatment for the same 48 months prior the commencement of the policy.
Survival Period – Once diagnosed with a critical illness, the insured person has to survive for 30/90 days (or as required by the insurer) to be covered under the policy.

Permanent Exclusions

Sexually Transmitted Diseases
Genetic disorders
Carcinoma in situ (CIS)
Cosmetic surgery
Hormone replacement treatment

For further assistance, feel free to give us a call at 86559-86559 or write to us at support@oneinsure.com.

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Should You Get Critical Illness Insurance?

Joan — Fri, 15 Sep 2017 13:54:00 GMT

Should You Get Critical Illness Insurance?

15-Sep-2017 15-Sep-2017'

Joan

32-year old Rajesh had to be hospitalised after he suffered a heart attack. Fortunately, he had a health insurance plan in place, so the cost of hospitalisation was covered by his insurance company. Now when Rajesh got discharged from the hospital, his doctor advised him not to go back to work for a couple of months. This only added to his stress since he was the sole breadwinner in his family.

If Rajesh had bought a critical illness plan, he wouldn’t have had to worry about the finances. Critical illness insurance pays out a lump sum if the policyholder is diagnosed with any of the critical illnesses mentioned in the policy. This payout can be used for meeting the day-to-day expenses until the individual is able to resume work. A critical illness plan can be purchased either as a stand-alone policy or as a rider (health insurance with critical illness cover or life insurance with critical illness cover). It is always recommended that you buy a stand-alone policy since they will be relatively more comprehensive in terms of ailments covered and the sum insured.

Coming to the question of whether you should get a CI cover, the answer is a definite yes! You can never be certain of what the future holds, so wouldn’t you like to protect yourself from the unpleasant surprises life throws your way? With a critical illness plan, you are financially securing yourself and your loved ones when things get tough.

Here are some reasons why you should seriously consider getting a critical illness cover:

If you are unable to work due to some serious ailment, your savings will get depleted since you will be utilizing them to meet your daily expenses. Chances are if you have set aside some funds for your child's education or marriage, you will now have to use them to meet your everyday requirements. Sometimes people even resort to taking loans just to pay their bills. A critical illness cover will protect you from all that since the policy payout will supplement the loss of income.

Having a health insurance plan alone may not be enough. There will be limitations on the support you receive when you suffer from a serious illness. A health insurance policy will reimburse you for the expenses relating to hospitalisation. A CI plan, on the other hand, provides cover for a set of critical illnesses, and the insurance company will pay out a lump sum right away or within a few days of the diagnosis of a critical illness. The policy payout can be used anyway you like - take care of hospital bills, pay for recuperation aids, pay off pending debts, etc.

The premium that you pay towards your critical illness plan qualifies for tax benefits under Section 80D of the Income Tax Act. Tax exemption can be claimed up to ₹25,000 under Section 80D, and if you are a senior citizen, you can claim tax benefits of up to ₹30,000.

Conclusion

Critical illness insurance is a good policy to have to secure yourself from the unexpected surprises that come your way. If you have a family history of any critical illness, the wise thing to do would be to spend some money to guard against that illness. See to it that you make complete disclosure while purchasing the policy.

Critical illness cover can be bought as a stand-alone policy or you can opt for it as a rider, health insurance with critical illness cover for instance. Before selecting a plan, take a careful look at the policy details. Read through the exclusions mentioned and maybe consult your family doctor on the coverage and waiting period to see if the policy will meet your requirements.

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How Much Critical Illness Cover Do I Need?

Joan — Tue, 08 Aug 2017 05:32:00 GMT

How Much Critical Illness Cover Do I Need?

08-Aug-2017 08-Aug-2017'

Joan

Critical illness cover is an insurance product where the insurer makes a lump-sum payment to the policyholder in the event that s/he is diagnosed with a serious health related condition. A critical illness can result in loss of income, disability and can bring about several changes in one’s lifestyle. The financial burden caused by it far exceeds what a regular health plan will cover, and that is why having a critical illness plan is necessary.

When it comes to the question of how much critical illness cover one needs, it all comes down to the individual’s situation. An unmarried individual with no dependents requires lesser cover than a married person who has children. Additionally, anyone who has loans and other debts against her/his name should opt for higher coverage. Income received through pensions and investments should also be taken into account while determining the level of cover one takes.

Calculate the income you need

Look for plans where the sum assured is three times your current income. This is so that when you are diagnosed with some critical illness and are unable to work, the policy payout will take care of all your expenses for a couple of years. In case you have any debts against your name, the benefits will pay for that as well.

Calculate the expenses you will incur

Getting an estimate of the expenses is another method of determining the coverage you need. Total the monthly expenses you are likely to incur in case you are diagnosed with a critical illness. Take into account the hospital bills, recovery treatment costs and household expenses and multiply the final estimate with twelve and the number of years to intend to stop working. The cover that you choose must at least cover all your expense.

Conclusion

As you decide on the coverage amount, bear in mind the inflation rates. Without factoring in future inflation levels, you could end up with a policy that only meets a fraction of your future expenses.

Finally, don’t forget to compare policies of different providers. Prices vary depending on the features and benefits offered by policies. The critical illnesses covered under each policy are also different. Make sure to take into account the type of illnesses covered, sum assured, claim settlement ratio and the payment procedure while selecting the critical illness policy.

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Think Ahead, Get a Critical Illness Policy

Varghese — Wed, 07 Dec 2016 12:59:00 GMT

Think Ahead, Get a Critical Illness Policy

07-Dec-2016 07-Dec-2016'

Varghese

“Thanks, but I have a health insurance policy”. This is the common rebuttal we get from customers when we approach them with a Critical Illness plan. Unfortunately, Critical Illness is one of the most underrated forms of Insurance in India, for it is assumed that critical illness is similar to health insurance or a mediclaim policy, but in reality, critical illness policies work very differently from a health cover. Moreover, customers don’t realize the importance and relevance of having a Critical Illness policy in today’s fast-paced life.

India is often known as the Coronary Heart Disease and Diabetes Capital of the world. What’s more disturbing is the strong prevalence of these lifestyle diseases among youngsters in the age group of 25-40 years. Obesity, unhealthy eating and sleeping habits, high stress, pollution, smoking, and physical inactivity are factors responsible for these diseases.

So How Is a Critical Illness Policy Different from a Health Cover?

Helping Hand - While health plans compensate for the cost of treatments and surgeries, critical illness insurance pays out lump sum amounts when the policyholder is diagnosed with one of the critical illnesses listed in the plan. This gives you the freedom to use it the way you want to. Treatment of a life-threatening disease can be both extensive and expensive. Health insurance will only cover the hospitalization, medication, and diagnosis expenses, provided you comply with the terms and conditions. Also, the limit of your health policy may not suffice and there may be several incidental expenses that your policy may not cover. This is where a Critical Illness policy comes in handy.

Lump Sum Amount - The lump sum amount offered can be used for your treatment, to clear debts, or to pay for your daily household expenses. During the course of the treatment, most patients are forced to give up their jobs or take a sabbatical, which results in loss of income. A Critical Illness policy helps you overcome this barrier and allows you to continue the treatment without any hiccups.

Low-Cost Coverage - A Critical Illness policy is an inexpensive product that costs approximately one-third of your annual health insurance premium. This means that a healthy 30-year-old can get a cover of Rs 5,00,000 for a premium of just Rs 2,000 per year, which works out to approximately Rs 5.5 per day. Yes, you read it right - just Rs 5.5/day! Moreover, you can avail tax deductions on a critical illness policy under Section 80(D).

Considering the healthcare inflation rate of around 15%, the cost of treatment and other medical expenses are bound to increase significantly. As a result, the health cover you have today may not suffice for a big treatment in the future. A combination of health insurance and critical illness insurance is a must in today’s time. So, start early and get a policy when you don’t need it, or else you may not be eligible when you actually need it.

To know more about Critical Illness policies, call us at 86559-86559 or email us at support@oneinsure.com to avail the best deals.

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Benefits of Buying a Critical Illness Policy

Shweta — Tue, 09 Aug 2016 09:36:00 GMT

Benefits of Buying a Critical Illness Policy

09-Aug-2016 09-Aug-2016'

Shweta

Buying a Critical Illness Plan is the best option to get over the shortcomings during a financial crunch.

It acts like a helping hand when you require the most. Such policies are beneficial for those individuals who have higher responsibilities or the once who are the primary bread earners of the family. Such individuals can’t afford to fall ill as this might hamper their finance’s or those who abstain from taking any risk pertaining to their health conditions.

However, there are few who are not aware of the ramifications of not buying a Critical Illness Plan. Allow us to share a few advantages of purchasing a Critical Illness Policy.

Treatment Cost is way expensive

If you are cognizant of the current medical cost, then it would be easy to say that, “Cost of Health Care Treatment will upsurge year on year, but are you prepared to handle the situations in case of an emergency?”

As per statistics, Health Care Inflation is between 15-20%. Your current Health Insurance Plan may not be sufficient to bear the expenses in the event of a major critical disease. An Acute Illness can lead to loss of income, disability, change in lifestyle or even loss of ability to work. Sometimes even a simple treatment procedure might wipe out your savings. In certain situations, buying a Critical Illness policy will facilitate you to get away from these shortcomings.

Let us look at the estimated cost for certain major illness/diseases for the next 15 yers.

Estimated Cost for Certain Illness/Diseases:

*Health Ailments*	Approximate cost in 2010	5yrs -2015	10yrs- 2020	20yrs- 2030
*Health Ailments*	Approximate cost in 2010	15% inflation	10% inflation	10% inflation
Kidney Transplant	Rs. 1,57,000	3,15,000	4,07,218	10,56,000
Open Heart Surgery	Rs. 2.75,000	5,53,000	7,713,000	18,50,062
Liver Transplant	Rs. 10,00,000	20,11,357	25,93,742	67,27,500
Chemotherapy	Rs. 31,000	62,350	80,406	2,08,000
Dialysis	Rs. 24,000	48,273	62,000	1,61,460

*Please Note: Above prices are indicative and may vary depending on the hospital you choose.

If we look at the above prices, it includes the cost for treatment of an Illness or Procedure. However, it does exclude the cost for hospitalization, medical bills, and post recovery expenses.

Broadly speaking, if you are insured under a health insurance policy, it will only take care of your hospitalization expenses. On the other hand, there are certain other expenses (Like – Post-treatment cost, Household expenses, Maid expenses, School fees, etc.) which you might have to pay from your pocket.

In such circumstances a Critical Illness insurance may sound like a better option. It offers a lump sum amount upon diagnosis, irrespective of the actual billing. The claim amount is paid irrespective whether the insured opts to undergo a treatment or not.

Balancing Act:

The main purpose of buying a Critical Illness Plan to pay for the expenses treatment post diagnosis. Normally, a critical illness policy is much cheaper than an Indemnity/ Health Insurance Policy.

Let us explain you with an example.

A Comprehensive Health Insurance Policy for a 25yrs old Individual with a Sum Insured of Rs. 5 Lakhs will cost around Rs. 5,500/-(One Year Cost). Whereas, a Critical Illness Plan with the same cover will cost around Rs. 1,500/- (One Year Cost). A Critical Illness Plan acts as a supplement to your current health insurance policy.

As said earlier, while an indemnity / health insurance plan will cover your hospitalization expenses, a critical illness policy will pay a lump sum benefit on diagnosis of a major diseases/ illness.

It is advisable to buy a combination of both a Comprehensive Health Insurance Cover and a Critical Illness Plan to support your future health care needs.

Recovery time post the treatment:

Once you have undergone the treatment, the time required to recover is around 3-4 months. This is quite more than your allotted paid leaves. During the recovery, there are lot of other expenses which you might have to handle –

Maid Expenses
Expensive Medical Treatment or Recuperation Aids
Loan Repayment against property, car, personal loan, etc.
Utility Bills
Rent
Household Expenses
Child’s Education Expenses

So, when the outflow increases your manifold, your income will virtually come to a stop. The situation might be worse if you are laid-off from your work due to the illness. In any case, if you are a self-employed, during the recovery time there is a possibility of losing your business as you won’t be in the position to put in your best efforts.

Having a Critical Illness might lessen your burden by keeping the cash outflow until the time your recover from your illness.

Along with the above benefits there is certain additional benefit you might get while choosing a Critical Illness Plan:

Tax Benefit: Premium Paid is eligible for tax benefit under section 80C (Life Insurance) & section 80D (Health Insurance) of Income Tax Act of 1961.
Free Health Check-up: A Critical Illness Policy offers free health checkups to assess your overall health and diagnose any illness at an early stage.
Renewal Age: In a Life Insurance Plan most of the policies offer long-term coverage up to 75 years of age, whereas, in a Health Insurance plan the maximum age for entry is 65yrs but the renewal age is Life Long.
Flexible Payout option for the various critical illnesses covered under the policy.
Certain Policies come with options where the cover continues even after claiming benefits on selected critical illness.

Certain points to remember before purchasing a Critical Illness Cover:

Read the list of the Critical Illness coverages included in the Policy Document
Carefully read the risk coverage offered along with the terms & conditions of different insurance companies before choosing the right product.
Analyze your lifestyle and make a note of the critical illness you might be susceptible to.

If you want to reduce your financial burden buying a Critical Illness Policy is a wise decision.

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Critical Illness Policy Buying Guide

Wed, 03 Jun 2015 11:09:00 GMT

Critical illness in your family may result into a financial disaster if you are not adequately insured. A good critical illness policy is the financial cushion that you and your family need during such a medical situation.